Ron and Ellen Shulman were perfectly happy in their Palo Alto home of nearly 20 years. But when a company controlled by Facebook founder Mark Zuckerberg said it would pay $14 million for the property, the offer was too good to pass up.
It was a classic Silicon Valley real estate dream come true. They had paid a fraction of that for the house.
So, the Shulmans packed up and headed for tony Atherton, eventually settling into a home assessed at just under $7 million. The couple planned to use a state law that allows residents over age 55 to transfer their property taxes, in this case from the Palo Alto home to the new house in Atherton, without increasing their tax payment.