Several properties belonging to the estate of the deceased Paul Allen, one of the founders of Microsoft and a business titan in his own right have been traded this week. Five parcels on Mercer Island, located at 6555, 661 & 6451 W Mercer Way; 7775 Shore Lane & 6450 77th Ave. SE, were purchased for a total price of $67.1 million, according to public documents filed with King County. The buyer was an entity called MIE Holdings LLC, which was represented in the transaction by Lane Powell’s Mary Lee Moseley. Paul Allen’s estate was represented by his sister, Jo Lynn Allen.
Paul Allen, who passed away nearly four years ago, owned an expansive real estate portfolio, according to published reports, and for some time after his death, there was speculation about what would happen to his estate and if it may be sold off in the future.
Allen’s impact on the Puget Sound business community was perhaps the most impactful of any business person to date. Through his investment arm Vulcan Capital, Allen had a stake in technology and media companies, scientific research, real estate holdings, private space flight ventures as well as other sectors. Allen also owned the Seattle Seahawks NFL football team, the NBA Portland Trailblazers franchise and was co-owner of the Seattle Sounders FC of the Major League Soccer. Allen founded the Allen Institutes for Brain Science, Artificial Intelligence and Cell Science, as well as companies like Stratolaunch Systems and Apex Learning, according to his webpage in Wikipedia.
Allen’s properties on Mercer Island were coveted and exceptional in their location and prestige. Mercer Island is located at the center of Lake Washington, between the cities of Seattle and Bellevue. The city features leafy neighborhoods, acres of parks and forests, several public beaches and an active downtown with coveted retail and restaurants. Mercer Island is home to over 25,000 residents and has over 7,000 single-family homes. Based on MLS data, in 2021, 368 of these properties sold with a median sale price of $2,200,000, according to mymercerisland.com.