Sky high property prices are the norm these days in San Francisco and a 16,000-square-foot mansion sold for $31 million has just assumed the title of the biggest residential sale so far this year.
The home is located at 2701 Broadway in San Francisco's highly exclusive Pacific Heights neighbourhood and has been sold by serial entrepreneur Michael Klein and his wife Roxanne.
The couple had previously listed the property for $39 million and are believed to have paid about $27 million when they purchased it in 2012.
Sitting at one of the highest elevation points in Pacific Heights the house provided unparalleled panoramic views stretching from the Golden Gate Bridge to the San Francisco City skyline, reports Zillow.
Originally built in 1910, it underwent a full restoration in 2002 which sought to preserve the classic architecture but also instill a modern and balanced atmosphere with style and character.
The 16,400 square feet the home includes seven bedrooms, seven full baths, and four half-baths over five levels accessible via elevator.
The property also includes two kitchens, two family rooms, two offices, three rooftop terraces, a basketball court, plus a two car garage.
Klein had made his fortune by founding and then selling three telecommunications companies before starting a guitar manufacturer called Modulus Guitars, reports Curbed. It isn't known who the new owners are.
The $31 million price tag has edged 2701 Broadway past the penthouse at 2006 Washington St., which reportedly sold for about $30 million in April.
The power of San Francisco's white hot property market currently knows no bound and the median home price continues its climb well past $1 million.
The driving force behind the unbelievable real estate transactions happening across San Francisco is the city's massively competitive property market.
The technology's industry's rapid growth coupled with 49-square-mile San Francisco's constrained supply of housing is a big part of the story behind the city's ascension to a rarified real estate bracket already occupied by New York City.
Properties in the city’s ritziest neighborhoods such as Pacific Heights and Presidio Heights are nearing a median price of $6 million.
Sales of luxury homes hit a record high in March, with 89 homes going for $2 million or more. The most expensive home on the market is the penthouse condo in the luxury Lumina tower listed for $49 million.
(dailymail.co.uk)
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