Richard DiCerchio Costco Mansion For Sale - $11.3 million

Richard DiCerchio’s Medina Groat Point Mansion

Costco’s Richard DiCerchio’s Medina Groat Point Mansion is for sale for $11.3 million. From the listing agent’s (Wendy Lister, CBB) summary: “Gold Coast Royalty! Standing ovation spectacles...Olympic peaks, Seattle's spires, incomparable Mt. Rainier cone. A Demetriou signature: a fusion of home, lake and R David Adams' symphony of blooms. An early greatroom inspiration for your circle of friends...tremendous, sleek overscale cuisine center. The Nano wall at waterside level a Malibu inspiration opening the brilliant fireside Nutron lit pool for fresh air moonlight/sunshine swims. Astonishing! Movies, sport bar. Deep water dock.”

The estate has 9,000 sq ft on 0.65 acres with 118 feet of waterfront, 4 bedrooms and 5.25 baths. DiCerchio is Senior Executive Vice President and COO of Issaquah-based Costco. He joined the company in 1983 as VP, Operations. He was appointed Executive VP in 1986, COO – Western Region in 1992, and his current position in 1997.

More information is in Lake Washington 130 Homes on page 90.

Groat Point Medina

J. Lennox Scott’s Mansion

Looking across tip of Groat Point east towards Bellevue

Groat Point marks the Medina entrance to Meydenbauer Bay. This has been the site of many famous mansions. The first (McGilvra) house was built in the 1800s. In 1928 Miller Freeman purchased and moved into a 14 room mansion on this site. Miller was the owner of a Seattle publishing house and several journals. He was instrumental in getting the Lake Washington Ship Canal built in 1916. He is the father of Kemper Freeman and grandfather of Kemper Freeman, Jr. The Kempers have been responsible for major development of Bellevue. Kemper Jr. founded Kemper Development Company which is the major developer of downtown Bellevue.

The Point was subdivided into multiple lots. The property and mansion on the southwest corner of the Point is owned by J. Lennox Scott. Lennox is Chairman and CEO of John L. Scott Real Estate. The company was founded in 1931 by his grandfather and has become one of the largest and most successful regional real estate companies in the nation.

The next lot to the northwest is for sale for $11.3 million (2/15 post). It belongs to Richard DiCerchio, Senior Executive Vice President and COO of Issaquah-based Costco.

The property and mansion on the southwest corner of the Point was owned by Bruce McCaw and sold in January 2011 (2/13 post) to Michael V. Griffith, Trustee, for an undisclosed buyer for $15.3 million. Last year I received a rumor that J. Lennox Scott was negotiating to buy the property for investment purposes and to consolidate the tip of the Point and use part of the site for income-producing lavish events. This is a spectacular event site with 300° views that include downtown Bellevue, Mt. Rainier and the Olympics with the top of the Seattle skyline in the foreground. The location is only minutes from downtown Bellevue.

More information is in Lake Washington 130 Homes on pages 88 to 90.