After more than two years on the market, 2724 Pacific in (where else?) Pacific Heights has finally sold for $23.889 million, making it the biggest sale in San Francisco in 2015, thus far. The 1894 mansion, designed by E.A. Herman, started off asking $30 million back in November 2012. After two years and no nibbles, the 13,500-square-foot home underwent a sizable price cut in January, down to $21.75 million.
According to Curbed, that price drop reflected the market realities as well as the removal of one of the parcels of land that was originally included in the sale at the $30-million price point. The property was still being sold with two parcels (.36 acres), so it was still quite a large piece of land, by San Francisco standards. But Curbed believes that the third parcel may have come back into play in the final sale: “Property records show a total of three parcels accompanying the sale, so it’s possible that the buyer netted the entire package for a tidy sum well below the old $30-million sticker price.”
Who is the lucky new owner of this seven-bedroom, seven-bath home with space to entertain up to 500? According to Curbed, the buyer has hidden behind an LLC. (The seller is former Pacific Stock Exchange chairman Doug Engmann.)
Curbed also points out that 2724 Pacific may not hold the title of “Year’s Biggest Sale” for long. The site reports that the tenth-floor penthouse unit at 2006 Washington, also in Pacific Heights, has quietly gone into contract at a mind-boggling $30 million. If true, this would be the most expensive condo or co-op sale in San Francisco history, but we won’t know for sure until the sale is final. For the moment, 2724 Pacific is still the belle of the real estate ball.