Bill’s Hovel By The Lake 7 Years Later, Gates And Family Finally Moving Into Unfinished $50 Million Home

It was supposed to cost up to $10 million and take maybe two or three years to build. Now, seven years later and after spending at least five times that much, Microsoft Chairman Bill Gates and his family finally are moving into their dream home.

The 40,000-square-foot waterfront home on Lake Washington, just east of Seattle, reportedly has cost the computer software mogul more than $50 million.

Microsoft spokesman John Pinette confirmed Thursday that Gates, his wife, Melinda, and their 1-year-old daughter, Jennifer Katherine, are moving into the home this week.

“Construction is going to continue on the house in some areas that aren’t completely finished, and we expect that to be all done by the end of the year,” Pinette said.

“Bill and Melinda are excited to be moving into their new home. And because this is his private residence, Bill wants to thank the media in advance for their cooperation in respecting his family’s privacy at home and that of his neighbors.”

Workers are still installing some of the high-tech equipment Gates talked about in his book “The Road Ahead,” Pinette said. For example, residents can wear electronic pins that signal their location within the house, so heating, lighting and other comforts are automatically set to their tastes.

“It’s a private residence and I think it’s going to remain that way for the foreseeable future,” Pinette said.

“I think Bill as an executive will use the home in the same way many other executives use their homes. Occasionally he’ll entertain there for business as well as personally, but there are no plans to let the public in. It’s their private residence and they’re going to be treating it that way.”

Designed by architects James Cutler and Peter Bohlin, the house makes extensive use of wood, stone and glass, with much of the mansion underground. The estate spreads over 5 acres and includes a forest and trout stream.

Among other things, the mansion features a 60-foot pool, a sauna, a 1,700-square-foot guest house, a trampoline room, a 20-seat theater, an arcade, a 24-screen video wall, a sport court, a dock for water skiing, two spas, a formal dining room and library, and a reception hall for 100 people.

Modifications and detail work stretched out the construction project that started in 1990. As the cost grew, however, so did the wealth of Gates, the world’s richest private citizen. Since 1990, the value of his stake in Microsoft also has grown fivefold, to approximately $38 billion.