
Silicon Valley is so synonymous with overpriced property that this absolute dump of a house in Palo Alto is on the market for an eye-watering $5million.

But the run-down house is described on Estately as an aspiring buyer’s chance to build a ‘dream home in the heart of Silicon Valley.’

And while the original four-bedroom home, built around 1923, on Waverley Street, certainly needs a lot of improvement, it seems that the land and its location is where the value lies.

It’s also less than a mile away – and on the same street – as the Tudor-style home Steve Jobs lived in for 20 years until the Apple founder’s death in 2011. Famous neighbors include Facebook CEO Mark Zuckerberg and Google co-founder Sergey Brin, who both have Palo Alto properties nearby.

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Silicon Valley is so synonymous with overpriced property that this absolute dump of a house in Palo Alto is on the market for $5million

The property, in the Professorville neighborhood of Palo Alto, was originally built in 1923, has four bedrooms and two bathrooms

The property, at 1027 Waverly Street, is close to the home Steve Jobs lived in for 20 years until his death in 2011 as well as the Palo Alto homes of Mark Zuckerbeg and Sergey Brin. Stanford University is also close by

The property on sale is just down the road from the home Steve Jobs (left) bought in the mid-1990s. Famous tech entrepreneurs who live nearby include Facebook CEO Mark Zuckerberg (center) and Google co-founder Sergey Brin (right)

The property offers prospective owners the chance to create their dream home on 10,000 sq ft of land or restore the original structure, described by the listing agent as an ‘architectural gem.’

‘If you love all the beautiful details of a past charming era, you should bring this home back to its original beauty,’ the listing says. ‘You could live in Palo Alto history!’

But despite its proximity to the greats of the tech world, as well as Stanford University, it appears the price has put off buyers.

Although described as having ‘unlimited potential,’ it was originally on the market for $5,498,000 – but its price has now dropped to $4,998,000.

And it’s not the first time the outrageous property prices in one of the country’s most expensive cities have caused a stir.

Last year, a tiny shack on just 180 square feet in the prestigious Barron Park neighborhood went on the market for almost $2million. It is not clear if the property ever sold, but the listing is no longer active.

The run-down house is described on Estately as an aspiring buyer’s chance to build a ‘dream home in the heart of Silicon Valley’

The property (pictured) sits on 10,000 square feet of land and famous neighbors include Mark Zuckerberg and Sergey Brin

The property is described as an 'architectural gem' that could be restored to its former glory with some hard work

The property offers prospective owners the chance to create their dream home on 10,000 sq ft of land or restore the original structure

'If you love all the beautiful details of a past charming era, you should bring this home back to its original beauty,’ the listing says

But it seems the price is putting off buyers as the price has already dropped from original listing price of $5,498,000