343 acres sold in Los Gatos for $13 million — at $37,880 per acre

A land deal, measured in acres

The highest-priced transaction recorded among 323 Los Gatos sales in the last twelve months was not a house. It was a 343.19-acre parcel at 25373 Spanish Ranch Road, sold on 2026-02-19 for $13,000,000 — or $37,880 per acre. There is a 1,800-square-foot, 48-year-old structure on the property. Computing what the buyer paid per floor square foot would produce a number — $7,222 — that tells you nothing useful about this transaction. The land is the asset.

The subject record

Where $13 million sits in the Los Gatos market

Among 323 sales recorded in the last twelve months in Los Gatos, this is the highest. Nothing else comes close: the next-highest recorded sales in the broader 250-transaction window over the last 180 days topped out at $7,800,000. The Spanish Ranch Road sale is 1.67 times that figure.

The city's median sale price across 250 transactions in the last 180 days was $2,394,500. The $13,000,000 here is 5.4 times that median. The median lot size in that same sample was 10,129 square feet. Spanish Ranch Road's lot is 14,949,356 square feet — roughly 1,476 times the median lot. The price premium, at 5.4x the median, is large in dollar terms but modest relative to the land area involved, which is the point: rural acreage does not scale linearly with urban residential lot pricing.

No year-over-year comparison is available — zero comparable sales were recorded in the same 180-day window one year prior.

Recent comparable sales

The comps below are the six most recent Los Gatos sales within the 1,440–2,160 square foot size band — matched on structure size because no acreage comps exist in the dataset. Treat them as context for the residential market surrounding this land, not as pricing references for the parcel itself.

Across these six sales, prices run from $1,140,000 to $3,200,000 and per-foot rates from $750 to $1,562 — a range wide enough to confirm that structure condition and lot context drive residential pricing here more than size alone. None of them share a meaningful pricing unit with 25373 Spanish Ranch Road.

Cross-sectional read

The 109 sales in the 1,440–2,160 square foot size band — the bracket the structure at Spanish Ranch Road technically falls into — carried a median price of $2,100,000 and a median per-foot rate of $1,111. Applying those figures to this sale would be a category error. The buyer did not pay $13,000,000 for 1,800 square feet of built space. They paid $37,880 per acre for 343.19 acres in the Santa Cruz Mountains. The structure is incidental, possibly a caretaker's residence or future teardown depending on the buyer's intent.

Because no acreage sales were recorded in the comparable window, there is no per-acre trend line to work from. This transaction stands alone in the dataset.

What it means, depending on where you sit

Buyer: You have acquired the largest recorded land position in Los Gatos by a considerable margin, at a per-acre rate well below what any in-town lot trades for — the city's median lot of 10,129 square feet implies per-acre values many times higher when extrapolated. Whether $37,880 per acre reflects the remoteness of the parcel, its zoning constraints, or a negotiated discount from ask is not in the record.

Current homeowner in Los Gatos: This sale does not move your comp set. The market you live in — median price $2,394,500, median lot 10,129 square feet — operates on entirely different economics than a 343-acre ranch transaction.

Undecided: If you have been watching Los Gatos for a standard residential purchase, this sale tells you one thing worth knowing: land at this scale trades at a fraction of the per-unit price that town lots command, and it does so quietly. The headline number is $13 million. The story is the denominator.

Tim McMullen · Tim McMullen, Broker · CA DRE #02016832
[email protected] · (415) 691-9272