Exclusive: Locksley Hall in Belvedere Sells for $47.5M, Shatters All Records

Once the most expensive home for sale in California at $65 million, Locksley Hall in Belvedere sold today for $47.5 million, just $1.5 million shy of its latest asking price of $49 million. The sale breaks the record for the highest reported single-family home sale in San Francisco proper by $12 million, and the highest reported sale in Belvedere by around $22 million.

The estate—a three-story, 9,235-square-foot abode with a poolhouse, rose garden and panic room—is located on the southern crest of Belvedere Island with jaw-dropping views of San Francisco and the Golden Gate Bridge.

The gigantic (by Bay Area standards) estate was built circa 1895 by San Francisco banker C.O. Perry, and was purchased in 1995 by mining mogul Robert Friedland and his wife, Darlene, for $5.5 million. The couple then sank approximately $30 million into the renovation and restoration of the historic landmark over the next nine years. Interior designer Suzanne Tucker took care of the interiors, while Stephen Suzman Design handled the landscaping.

As Curbed reported late last year, "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 buildings."

· The Most Expensive House In California [Forbes]
· 440 Golden Gate [Neal Ward]
· Belvedere Manor with Panic Room Keeps Calm, Lists for $49M [Curbed SF]