Inside Elizabeth Holmes and Sunny Balwani’s Former Atherton Mansion

Theranos founder Elizabeth Holmes and former Theranos executive Ramesh “Sunny” Balwani sold their Atherton, California, home at 227 Park Lane for $15.8 million in April 2022. For a figure once described as America’s youngest self-made female billionaire, the grandeur of the property reflected the image of success that surrounded Theranos before the company collapsed.

The sale took place after Holmes was convicted in January 2022 of defrauding investors while leading the failed blood-testing startup, and before she was sentenced to more than 11 years in prison. The estate offers a striking look at the luxury lifestyle connected to the Theranos era, including the rooms, gardens and entertaining spaces where business associates and employees were reportedly hosted.

More Than Just “The Dropout”

Even for those who did not follow the Theranos scandal as it unfolded, the story became widely known through “The Dropout,” the dramatized series starring Amanda Seyfried as Elizabeth Holmes. The show brought renewed attention to Holmes’ rise, the company’s claims, and the legal consequences that followed.

Holmes founded Theranos in 2003. The company later gained enormous attention for promising to transform blood testing by using only a very small amount of blood. By 2015, Theranos was valued at $9 billion, but that valuation was built around technology that prosecutors later argued did not work as claimed.

Holmes and Balwani purchased the Atherton property in 2013 for $9 million, during the period when Theranos was still seen by many investors and media outlets as one of Silicon Valley’s most promising health technology companies.

A French Provincial Dream

The home at 227 Park Lane is a French Provincial-style estate located in one of Silicon Valley’s most exclusive neighborhoods. Atherton is known for privacy, large lots and some of the most expensive real estate in the United States.

The estate sits just one block from the Menlo Circus Club, a long-established private club associated with the area’s wealthy residents. The location alone made the property a notable address, even before considering the size and design of the residence.

Exterior Landscaping

The grounds are carefully landscaped and designed to complement the European character of the house. Behind the main residence is an inlaid stone motor court, giving the arrival area the feeling of a traditional French country estate.

Formal gardens, mature greenery and carefully maintained hedges create an elegant setting. The landscaping also adds a sense of separation from the surrounding neighborhood, enhancing the property’s privacy.

Complete With Outdoor Living Space

The Atherton climate makes outdoor entertaining a major part of the home’s appeal. Multiple exterior living areas provide space for dining, relaxing and hosting guests.

One outdoor sitting area opens toward the pool, creating a natural flow between the home, the gardens and the recreational spaces.

Two Floors of Luxury Living

The main home spans two floors and includes five bedrooms, five full bathrooms and staff quarters. A detached garage provides parking for four cars.

The estate also includes a guest house and an additional office, making it suitable for both private living and business-related gatherings. During the Theranos years, Holmes and Balwani were known to host employees and associates at the property.

Privacy on a 1-Acre Lot

The 6,866-square-foot residence sits on a 1-acre lot. Originally built in 1936, the home was designed with both elegance and seclusion in mind.

Large mature trees, manicured hedges and layered landscaping help shield the estate from the street and neighboring properties.

Purchased by an LLC in 2013

Holmes and Balwani purchased the property through an LLC in 2013, reportedly splitting ownership equally. The entity was named HMFR, an abbreviation connected to the phrase “This, Too, Is My God’s Glory.”

The home became more than a private residence. It also served as a place where Theranos employees, executives and associates were entertained during the company’s high-profile years.

The Interior

Inside, the French influence continues through artistic wall finishes, parquet flooring, crystal chandeliers and classic architectural details. The foyer features three sets of French doors, one of which opens directly to the gardens.

The living room includes a carved stone masonry fireplace with a chimneypiece reportedly brought from a French chateau, adding to the home’s old-world character.

The Living Room

The living room combines exposed beams, parquet floors, garden views and a substantial fireplace to create the atmosphere of a country chateau. Despite the scale of the estate, this room has a relatively intimate feel.

The Library

The library features hand-finished walls, vivid green paint and a full bar. When the home was listed, the room was staged more as a polished entertaining space than a traditional book-filled library.

The Dining Room

The dining room is bright and formal, with white walls, elegant furnishings, artwork and wainscoting. A dramatic chandelier anchors the room and reinforces the estate’s classic style.

Like many areas of the house, the dining room opens toward the gardens, connecting indoor entertaining with the surrounding landscape.

The Kitchen

The kitchen has a warmer, more rustic look than the formal dining room. It includes distressed antique-style cabinets, terra cotta tile countertops and two tiled islands with sinks.

Casual seating gives the kitchen a relaxed, brunch-friendly atmosphere while still fitting the overall French country design of the home.

The Wine Cellar

The wine cellar is built for entertaining, with a tasting counter, temperature control and a porthole-style view toward the grounds. It is one of the home’s most specialized luxury spaces.

The Bedroom Suite

The property includes five bedrooms in total. Many of the sleeping spaces are decorated in pale tones, giving them a bright and airy appearance.

The upstairs primary suite includes a high ceiling, chandelier, fireplace, large windows and two walk-in closets.

The Bathroom Suite

The primary bathroom is expansive, with a jetted tub, a two-person steam shower, multiple vanities and a private commode. Like many rooms in the estate, it overlooks the gardens.

The Guest House

Located near the pool, the guest house adds flexible living and entertaining space. Its position overlooking the water makes it one of the most charming parts of the property.

The Pool

The pool sits beside the guest house and is framed by hedges and greenery. The layout allows guests to move easily from the guest quarters to the outdoor entertaining area.

Guest House Interior

The guest house interior continues the French-inspired design with distressed cabinetry, a compact kitchen and an open floor plan. It is fully appointed for visitors, including its own kitchen area.

Outdoor Sitting Area

The outdoor sitting area includes its own fireplace and bar and looks out over the pool. It was clearly designed as a comfortable place for relaxed entertaining.

Other Bedrooms

Some of the secondary bedrooms have more distinctive personalities. One room shown in the listing features a medieval-inspired style and appears to have been decorated as a child’s room.

Draperies

The home includes carefully selected details throughout, including flowing draperies that frame the windows and emphasize the views of the gardens.

Chandeliers

Crystal chandeliers appear in many of the rooms, reinforcing the estate’s formal and traditional character.

Tropical Gardens

The gardens include lush planting, sculptures and water features, adding to the estate’s secluded and resort-like atmosphere.

After the Atherton Mansion

Holmes did not always live at 227 Park Lane after purchasing it. In 2017, she was reported to be living in Lombard Place Apartments, a San Francisco apartment complex with the tagline “Iconic Charm. Modern Living.”

Lombard Place Apartments

Like many San Francisco properties, the building has an attractive exterior while the interior is more modest than the Atherton estate. The apartment was described as having hardwood floors and city views.

The Entryway of Lombard Place Apartments

The building’s entryway has a classic look that shares some visual similarities with the more formal style of the Atherton mansion.

The Living Room

The apartment was described as having two bedrooms and two bathrooms, a significant contrast to the scale of 227 Park Lane.

The Kitchen

The compact kitchen stands in sharp contrast to the spacious, custom kitchen in the Atherton home.

The Bathroom

Holmes was said to be living in the San Francisco apartment in 2017, around the time she met her now-husband, Billy Evans.

The Laundry Room

The laundry area reflects the smaller scale of the apartment. During the later stages of her legal case, reports suggested Holmes was again staying in a much larger estate.

Green Gables Estate

According to reports, Holmes and her husband were staying at Green Gables, a Woodside estate valued at $135 million, during her trial.

A 74-Acre Estate

Green Gables is a 74-acre property built in 1911. It includes multiple residences, with a main house measuring about 10,000 square feet and containing nine bedrooms. Additional homes are also located on the estate.

One of the Green Gables Houses

Each house on the Green Gables property has its own character. One residence was designed in the 1930s by architect William Wurster and was created to blend naturally with the surrounding landscape.

Holmes’ Washington, D.C., Area Home

“The Dropout” also depicts Holmes’ family move back to the Washington, D.C., area after her father lost his job at Enron. The home and the circumstances surrounding it have been discussed publicly, including comments from family friend Richard Fuisz, who said he provided the family with a property rent-free.

A Childhood of Wealth

The Holmes family reportedly moved into the Washington, D.C., area property at 1287 Ballantrae Farm during Holmes’ senior year. The home reflected a comfortable lifestyle and was far from modest.

A $2.75 Million Property

The property later sold in 2021 for $2.75 million. As of 2022, it was estimated to be worth more than $3.5 million.

A Far Cry From a Modest Estate

The property included features associated with luxury living, including a hunting lodge-style space.

French Doors Throughout

The Ballantrae property includes seven bedrooms and 5.5 bathrooms across 8,952 square feet. Like the Atherton mansion Holmes later owned with Balwani, it features French doors that open toward the exterior.

Sentencing for Theranos Founder Elizabeth Holmes

Elizabeth Holmes was sentenced on Nov. 18, 2022, to 11 years and three months in prison for defrauding investors in Theranos. The company had claimed it could detect diseases and other health conditions using only a few drops of blood, but those claims were found to be false.

Holmes, who had given birth to a son in 2021 before her trial began and was pregnant with her second child at sentencing, was ordered to report to prison in 2023. The story of 227 Park Lane remains one of the most visible symbols of the wealth, image and ambition surrounding Theranos before its downfall.