Sandra Lerner

Lerner is a northern California native.

In 1975, she received her bachelor's degree in political science from California State University, Chico. In 1977, she received a master's degree in econometrics from the Claremont Graduate University. In 1981, she received a master's degree in statistics and computer science from Stanford University.

In 1996, Lerner purchased Ayrshire Farm, a 600-acre (2.4 km2) estate in Upperville, Virginia. The circa-1912, 42-room Edwardian mansion of native fieldstone has since been restored and was used for a variety of social functions under Lerner's direction. Ayrshire Farm's mission has been to farm sustainably and profitably, promoting the benefits of locally produced, humanely-raised meats and organic produce to the consumer, the community, and children through education, outreach, and example. The farm was the first in Virginia to meet both Certified Humane and Certified Organic standards.

Lerner placed a portion of her stock earnings into a start-up venture capital limited partnership called "& Capital Partners." One of the companies it funded was Urban Decay Cosmetics, with the tag line "does pink make you puke?" In February 2000, Moet-Hennessy Louis Vuitton (LVMH), the French luxury goods conglomerate, acquired the firm. It was spun off from LVMH in December 2002.

Lerner also owns Hunter's Head Tavern in Upperville, Virginia, and Gentle Harvest in Marshall, Virginia.

In 1992, through the foundation she shares with Leonard Bosack, Lerner invested money into the restoration of the Chawton House, which was once owned by Jane Austen's brother, Edward Austen Knight. In 2003, it opened as the Centre for the Study of Early Women's Writing, 1600–1830. In 2016, Lerner resigned from the board of trustees and withdrew the financial support of her foundation.

In November 2011, Lerner published a sequel to Jane Austen's Pride and Prejudice, titled Second Impressions, using the pen name of Ava Farmer (for "a Virginia farmer"). In August 2017, Lerner released Caticons, a book of art imitating cats. Cat news website, The Purrington Post, said that the book was a "Must have" for cat lovers.

In September 2023, Lerner wrote the foreword to Founder vs Investor: The Honest Truth About Venture Capital From Startup To IPO, a book about the toxicity in relationships between venture capitalists and startup founders.