Sierra Ventures Co-Founder Ordered to Pay $5.75 Million For New House
What sort of houses do successful VC and PE execs live in? Really nice ones that are very expensive. An arbitration case sheds light on the lengths Jeff Drazan, the head of Bertram Capital, went to build a house in Woodside, Calif. Drazan co-founded Sierra Ventures and helped it raise eight funds before founding Bertram Capital in 2006. This past February, Drazan and his wife Stacy, had to fork over $5.75 million to Vance Brown Inc., a contractor, in a dispute over construction to the Woodside home, according to a story in The Alamanac. The Drazan’s ended up spending $18 million on the house, which initially was slated to cost $11.3 milllion. The Drazan's made "thousands and thousands and thousands" of alterations when constructing their new home and refused to pay for many of them, says Gregg Dulik, an attorney with Sedgwick, Detert, Moran and Arnold, who represented Vance Brown.
