It's been awhile since we've checked in with San Francisco's most expensive residential property, the 21,888 square foot French limestone mansion on Billionaire's Row. Let's play catchup for those not familiar with the ongoing saga that is 2845 Broadway. In 2004, Peter Sperling of the Apollo Group and The University of Phoenix purchased the original structures for $32,000,000. At the time of purchase the home was less finished than it is now, but you can clearly see it's still far from being "move-in ready." Mr. Sperling's people did some work on the house, but stopped for some reason and put it on the market for a staggering $65,000,000. Not a typo. $65,000,0000. Is it happy hour yet? Because we need a drink.
Because a house on a hill that's asking $65M has a very limited buyer pool, it should come as no surprise that the big and beige abode sat on the market for years (years!) without a single offer. What's odd is that in September of 2007 the Chronicle published a story on the property and said that the Sterlings "are purists when it comes to their homes. They do not buy homes to flip them." And that "the Sperlings have told Barrett that if the house at 2845 Broadway doesn't sell, they'll take it off the market, complete construction and call it home - or at least call it one of their homes." Shoot forward to present day and that's just not what's happened.
During its time on and off the market the mansion took several price chops. Currently, it's asking $38,500,000, just $500,000 more than (a finished) 2901 Broadway down the street. That makes 2845 Broadway the most expensive home currently for sale in San Francisco.
· Housing for Billionaires [Curbed SF]
· Flipping Limestone [Curbed SF]
· $65 million will buy you an unfinished mansion on S.F.'s Gold Coast [SFGate]
· 2845 Broadway [Redfin]
· $17M Off For Prestigious Billionaire's Row Mansion [Curbed SF]