One of America's richest towns where the average home costs $4M is on brink of bankruptcy over property fight

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One of America's richest towns where the average home costs $4M is on brink of bankruptcy over property fight

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A picturesque California community full of Silicon Valley billionaires which was once dubbed America's richest town is on the brink of going broke. Portola Valley, about an hour drive south of San Francisco, is home to 4,500 people. Nestled on the eastern slopes of the Santa Cruz Mountains, the median cost of buying a home in the ritzy enclave sits at a whopping $8.35 million, per Redfin. The small Bay Area community is known for its influential residents including LinkedIn co-founder Reid Hoffman and recently-retired Nike CEO John Donahoe.
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