T
homas Coates, chairman of Jackson Square Properties and a prominent political donor, has sold his Ross estate for $23.5 million in an off-market deal, according to public records. This marks the largest residential sale in Marin so far this year. Coates purchased the 1-acre property at 9 Upper Ames Avenue in 2021 for $20 million, with only minor updates made since then.

    The buyer was identified as 9 Upper Ames Avenue LLC, which shares an address with the Fremont Group. The signature on state filings matches the vice president of client services at a San Francisco-based private investment office for the Bechtel family, worth approximately $10 billion according to Forbes. The sale surpasses this year's top Marin sale and nearly doubles the price of the second-highest sale in Belvedere.

    Home prices in Marin have seen a slight decline this year, with a median of $1.6 million in July, but sales volume has increased by 15% from last year. Jackson Square Properties owns apartment complexes with around 19,000 units across seven states. Coates also made a notable donation to the mayoral campaign of Mark Farrell earlier this election cycle.

    A Ross listing that was initially priced at $20 million is now in contract, suggesting another high-end sale may be on the horizon. The transaction was handled by Tracy McLaughlin of The Agency, who represented one side but declined to comment due to a non-disclosure agreement.