Again in 1975, Don and Doris Fisher have been having fun with the early success of the shop they based six years earlier – The Gap. That yr they splurged $211,000 (equal to $1.07 million at present) to purchase a house 30 miles south of San Francisco within the city of Atherton. Supposed to be their summer season house, the couple added onto the property through the years, rising to about eight acres. Atherton within the mid-Nineteen Seventies was largely a summer season escape for individuals from San Francisco. Since then, the stylish suburb has grown to change into one of many priciest enclaves within the Bay Space and is house to, amongst others, legendary former enterprise capitalist Marc Andreessen and former CEO of Google Eric Schmidt.
The Fisher household has put their longtime house available on the market for $100 million. If it sells for even close to that quantity, it should set a residential gross sales file for the city. The present highest value paid for a house within the stylish city is a 12-acre unfold that bought in 2011 for $53 million.
The Fisher property is among the 10 largest in Atherton. Don and Doris Fisher bought the primary piece of their property in a probate sale on the day after Christmas 1975. Over the following three many years, the Fishers spent $17.5 million placing collectively the eight acres the property is at present:
The predominant house has 5 bedrooms, 4 loos, a tennis court docket, a pool, and a pool home on 4 acres. An adjoining two-acre parcel has a lushly landscaped backyard that covers the remainder of the property. The property has 4 gated entrances and a number of wells to water the intensive gardens.
The Fishers spent their summers on the Atherton house yearly till 2009 when Don Fisher died. The property was his favourite place on this planet. The Fisher property additionally has a sculpture backyard with paths, flower beds, and bushes. The couple is well-known for being severe artwork collectors. Proceeds of the sale of the Atherton property will probably be distributed to the Doris & Donald Fisher Basis, in line with a household consultant.
The Fishers based the Gap in 1969 after Don Fisher could not discover a pair of denims that match. The couple raised $63,000 to open the shop and made a revenue of $2 million within the first yr of operation. The couple went on to discovered Outdated Navy, Banana Republic, and Athleta. Their retail empire is among the largest on this planet with 3,494 mixed shops throughout the globe as of late July 2021.
Immediately or not directly via varied household trusts, Doris and her sons William, Robert, and John personal round 43% of the corporate’s shares. On the peak of the corporate’s efficiency, the Fisher household obtained $100 million a yr in dividends alone. The household is among the 30 largest landowners within the US, proudly owning 440,000 acres in California alone.