Ron Jankov is hosting Christmas for 30 relatives at the Palacio at Biltmore Estates in Phoenix, his $43 million part-time home.
But you don’t have to be related to this investment tycoon to stay at his house — he rents it out for $3,000 a night.
“I only live in Phoenix part-time, so it made great sense for me to cover some of the caring [upkeep] costs through rentals,” said co-owner Jankov, CEO and founder of San Francisco-based global investment firm GlobalLink1 Capital, and former CEO and president of Santa Clara-based semiconductor company NetLogic Microsystems, which sold for $3.7 billion in 2011.
Built in 2005, the Palacio at Biltmore Estates mimics classic Spanish architecture with dark wood, coffered ceilings, intricate woodwork and tilework, opulent chandeliers, over 50 Persian rugs, multiple fireplaces and antique furniture.
“The pool and Jacuzzi are made with the best tiles and add a beautiful blue to the tan background of the main house,” said Jankov about his home, which overlooks the Waldorf Astoria Arizona Biltmore golf course, where he grew up playing golf. The Waldorf Astoria Arizona Biltmore is a Frank Lloyd Wright-designed resort, a favorite of names like Marilyn Monroe, Irving Berlin and every president from Herbert Hoover to George W. Bush, according to the website.
The eight-bedroom and 11-bathroom mansion features the finest amenities, like a three-story moroccan wine cellar and a dry sauna. The 19,000-square-foot mansion offers a card room, billiards room, putting green, music room, in-home theater, bar and gym. A resort-like pool and jacuzzi, fireplace and barbecue area extend the luxury outdoors.
“There are panoramic views of the Golf Course and Camelback Mountain, aided by the fact that the entire house was elevated with granite rock underneath, making ground level 10 feet above the surroundings,” said Jankov. The home also has views of Squaw Peak.
It was listed for $7 million when Jankov noticed it in February 2012. Alyona Fedorova, co-owner of the property, negotiated the price down to $4.25 million in a Deutsche Bank National Trust foreclosure. It was a steal — the original investment in the property was over $13 million in construction costs.
“He fell in love with the mansion and was passionate to make an offer on the house. I negotiated a great deal as at the time we started the process to buy the house,” said Fedorova, who calls herself Jankov’s business partner and best friend.
When Jankov moved in, the property was like-new; no one had lived in the house since it was under construction from 2002 to 2005, he said. Today, Zillow estimates the home to be worth $43.3 million — 10 times the $4.25 million Jankov paid in 2012.
“It is rare to have access to a house built with no budget constraints and only the finest materials and craftsmanship… the house is truly remarkable and one of the finest in the state of Arizona… The house is so special, every time we stay there it creates a great memory,” said Jankov.
Sarah Paynter is a reporter at Yahoo Finance. Follow her on Twitter @sarahapaynter
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