It’s a fascinating time for those who have followed the rise and fall of Theranos, a now discredited blood testing startup founded by Elizabeth Holmes.
Opening arguments for the criminal fraud trial of Ramesh “Sunny” Balwani, Holmes’ ex-lover and former President and Chief Operating Officer of Theranos, are set to begin. Balwani recently sold the Silicon Valley mansion where he and Holmes lived together for five years.
The limited series The Dropout, which tells the story of Theranos’ eruption of flames, also airs on Hulu, starring deep-voiced Amanda Seyfried as Holmes.
The excitement for Theranos is high once again, and that has made us curious about the real estate around its masterminds. Where have Holmes and Balwani taken up residence while hiding their romance from the world? What is Holmes’ current living situation as she awaits conviction on her four fraud convictions?
It all went down in the San Francisco Bay Area, so let’s head west and take a look at the places that Theranos’ most notorious characters call home.
Atherton, California, mansion
In 2014, Theranos’ valuation increased to $9 billion and Holmes’ net worth increased to $4.5 billion on paper. But a year before she (briefly) became the world’s youngest self-made billionaire, she invested in really swanky real estate with Balwani.
The secret couple paid $9 million for a provincial French home in Atherton, a lavish Silicon Valley enclave. You made the purchase through your HMFR LLC. At the time, Holmes was CEO of Theranos while Balwani served as President and Chief Operating Officer.
The five bedroom, 5.5 bath mansion was built in 1936 and offers plenty of privacy thanks to a gated entrance and tall trees throughout the property. The 6,800 square foot main house is reminiscent of a European country house and sits on 1.16 acres of grounds with gardens, a pool and a gazebo.
Things went downhill for Theranos in 2015 when the U.S. Food and Drug Administration began investigating the company and the Wall Street Journal ran a series exposing the flaws in the company’s blood-testing technology. The following year, Balwani left Theranos and the company closed its medical laboratory operations.
In 2018, Holmes and Balwani found themselves in a world of legal trouble: the Securities and Exchange Commission brought charges of civil securities fraud, and Holmes and Balwani faced criminal fraud charges by the Justice Department. That same year, Balwani bought out Holmes’ 50 percent interest in HMFR LLC for $7.9 million and became the sole owner of the Atherton mansion. It is not known if he lived there from that point on.
Balwani sold the home in January 2022 for $15.8 million. He is currently on trial on fraud charges related to deceiving Theranos customers and investors.
Apartment in San Francisco
Sometime in the last five years, Holmes moved from her suburban palace to a more modest San Francisco apartment. In 2017, she met her current partner, hotel heir William “Billy” Evans. At some point in their relationship, Holmes and Evans lived in the Lombard Place apartment in the Russian Hill neighborhood.
It’s not known how long they rented the apartment, but according to CNBC, they moved out in April 2019.
The two-bedroom, two-bathroom apartment is quite a distance from the mansion that once belonged to Holmes, but by any standard it seems well-appointed. The shoebox-sized kitchen might be a turn off, but the real selling point is the gorgeous views of the Golden Gate Bridge and San Francisco Bay.
We can’t say for sure how much Holmes and Evans paid to rent this home, but it was previously available for $5,395 a month.
Woodside, CA, estate
Holmes’ trial began in September 2021, and on January 3, 2022, she was found guilty of one count of conspiracy to defraud investors and three counts of wire fraud. During the trial, Holmes and Evans were living together at the $135 million Green Gables estate in Woodside, California.
We may never know how Holmes managed to hole himself up in yet another palatial living situation. However, the location of the couple’s historic home was released after Evans received a traffic summons for failing to display a license plate in March 2021, according to San Mateo County court records.
Green Gables, also known as the Fleishhacker Estate, was built in 1911 by Mortimer Fleishhacker, a San Francisco businessman. The 74-acre property features seven residences: a 10,000-square-foot main house and six additional houses that are more modest in size. According to reports, Holmes and Evans lived in one of these more modest houses.
The Fleishhacker family has owned Green Gables for 110 years but decided to sell it a few years ago. They initially listed it without a price but did not receive a worthwhile offer. The property was put back on the market in February 2021 for $135 million. The listing expired in early March.
Holmes’ sentencing is scheduled for September and she faces up to 20 years in prison. So if she still lives in Green Gables, she’d better enjoy it while she can.
https://www.marketwatch.com/story/real-estate-of-the-theranos-scandal-heres-where-elizabeth-holmes-calls-home-11648847129?rss=1&siteid=rss Theranos scandal real estate: This is where Elizabeth Holmes is at home