San Francisco Home Sells for $29 Million, Less Than Three Months After It Lists

The property, which consists of two adjacent duplex penthouses in a summit condo in the Russian Hill area, has received multiple offers, said fellow Max Armor and listed compass Karen Mendel Songold. Greg Lynn of Sotheby’s International Realty, who represents the buyer, said one buyer bought both units but refused to identify the customer.

According to Lin, the sale represents the highest known price paid for a San Francisco condo home, but it’s not clear if the two units are separate and can be combined in their layout. .. Earlier records show that it was the sale of a $ 28 million penthouse at The St. Regis Hotel in 2011.

The summit’s apartments, totaling approximately 10,400 square feet, feature dramatic spiral staircases and steel floor-to-ceiling windows. The late Schultz owned them alongside social celebrity Charlotte Meiliard Schultz, a longtime Protocol Chairman in San Francisco. Mrs. Schultz bought a northern penthouse for $ 3.3 million in 1989 with her then-husband, the late real estate developer Melvin Swig. After she married Schultz, the couple bought the South Penthouse for about $ 5 million in 1997. Both died last year. 100-year-old Schultz and 88-year-old Mrs. Schultz.

Schultz used the penthouse in the north as its main residence, and the penthouse in the south served as guest rooms and entertainment spaces. The northern penthouse has approximately 5,400 square feet and three bedrooms. The southern penthouse has three bedrooms and a large wraparound terrace with views from the Bay Bridge to the Golden Gate Bridge. The apartments are not combined, but are connected by a corridor.

Over the years, Schultz has entertained fashion designers, politicians and senior officials, including another former Secretary of State Henry Kissinger and former British Prime Minister Tony Blair.

Lin believes the condo’s unobstructed 360-degree view and double-height living room have been put up for sale. “This happens to be the best view property in San Francisco,” Lin said. “It’s a very special place. It hasn’t been available for 35 years.”

Schultz was a prominent player in Republican foreign policy. He held cabinet posts in the Nixon and Reagan administrations and served as Secretary of State under President Ronald Reagan. After that, he was a Fellow of the Hoover Institution and Theranos Ltd, Now-Abolished Silicon Valley blood test company.

Since the pandemic, the San Francisco housing market has been recovering unevenly.The rent is Slow rebound Sales markets are slowing more than in other major US metropolitan areas, and more recently, in economic uncertainty. According to the compass, the median home sales price in San Francisco in June was $ 1.89 million, down from $ 1.95 million in June last year.

Unlike New York and Los Angeles, San Francisco doesn’t have a large number of new luxury condos. Also, during Covid, single-family home sales exceeded condominium sales. However, Mr. Gourde said there is still demand for luxury homes over $ 8 million. “There is still a line of people for that,” she said. “no stock.”

Write to EB Solomont [email protected]