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Tech executive selling huge Bay Area estate, leaving the region

February 6, 2023 by www.sfgate.com

A sprawling 20-acre estate in Livermore just hit the market for $5.3 million.

Extensively updated by PayPal executive Dave Montez and his wife in the past five years, the property includes a four-bedroom, four-bathroom ranch home, a casita, an olive orchard and a "fully fenced playground village."

Montez said he grew up going to Frontier Village, an amusement park that operated near San Jose between 1961 and 1980, and used it as inspiration for "Olive Town," a space designed for his grandchildren to enjoy. It includes raised garden beds, a play structure and two play cabins on the acreage.

The land also features a working olive orchard. Montez said the previous owners brought the property's olive trees over from Tuscany more than 20 years ago and they produce a grassy, peppery olive oil that his wife has been bottling and selling. Bottling equipment is on site.

The estate has also been updated for sustainability and off-the-grid living. There's a large solar field and batteries to store power, in addition to two wells that supply almost all the water the property requires throughout the year.

Each room in the main home has been renovated and all the landscaping was redesigned when the couple moved in. There's also a pool, an outdoor kitchen, a workshop and a three-car garage.

"We turned this place into what feels like a resort," Montez said, "… so it's meant for having parties and celebrations."

The couple bought the property in 2018 for $2.25 million, also inheriting two steers and a wild mustang with the land, which Montez hopes the future buyer will keep. He said they've been great pets and they do a lot of maintenance on the land, eating grasses to minimize fire risk. Property owners get significant tax breaks under the Williamson Act​, a California land conservation program that benefits owners for dedicating land to agriculture and open space. He estimates their discount is around 50%.

Montez has been working fully remotely since the pandemic and he said he's getting closer to retirement. It felt like the right time to sell the home and move to the family’s home in Cambria, where they can enjoy the slower pace of life, he said.

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