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Belvedere Manor with Panic Room Keeps Calm, Lists for $49M

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Locksley Hall, the enormous Belvedere estate built around the turn of the last century by banker C.O. Perry and renovated extensively by mining mogul Robert Friedland and his wife, Darlene, has popped back up as an off-market listing seeking a whopping $49 million. The megamanse—a three-story, 9,235-square-foot estate with a poolhouse, rose garden, and, lordy, a panic room—is located on the southern crest of Belvedere Island with the requisite glorious views of the Golden Gate and Angel Island. The library has its own full bath, the kitchen has a butler's pantry, and at some point in the prior century Julian Morgan stopped by to design the bronze gate. According to the Wall Street Journal, the Friedlands picked up the manse in 1995 for $5.5 million and then spent $32 million renovating the historic landmark over the course of nine years. Suzanne Tucker spruced the interiors, and Stephen Suzman Design did the landscaping.

The property last appeared on the downlow in 2009 seeking around $70 million, we hear, which means the new ask represents a serious price chop of $21 million. At $49 million, the manor is far above the island's median list price of $4.5 million, with a price per square foot somewhere around, oh, $5,305. It's got four bedrooms, six full bathrooms, three powder rooms, and a one-bedroom, one-bath apartment. One bonus for prospective billionaires is the property tax situation: Because this is a historic spread, 440 Golden Gate falls under California's Mills Act, which reduces property taxes in exchange for preserving historic buildings. That should take the edge off, right?

· 440 Golden Gate [Neal Ward Properties]
· Mining Magnate Sets $65 Million Sale [WSJ]