September 26, 2011

The Confidential Sale Price For 2840 Broadway On Billionaire’s Row

2840 Broadway Aerial

As we first reported earlier this month, the sale of 2840 Broadway quietly closed escrow in August, selling to a couple from the 'hood and not to Larry Ellison as was misreported and then widely republished.

While the deed for 2840 Broadway was recorded with a "confidential" sale price and its transfer tax was hidden, tax records have caught up with the sale and suggest the property was purchased for $33,000,000.

While the sale price wasn't unsubstantial for the 17,000 square foot Pacific Heights property, it was $7,000,000 below the supposed $40,000,000 that Ellison never paid.

2840 Broadway Quietly Sells On Billionaire's Row (And Not To Ellison) [SocketSite]
Another Big Billionaire's Row Home Coming Soon: 2840 Broadway [SocketSite]
Ellison Report Kicked To The Curb [SocketSite]

First Published: September 26, 2011 12:00 AM

Comments from "Plugged In" Readers

Why did the buyer overpay?

I have not reviewed the tax records, but tax records do not always capture unusual details of a transaction.

What were the unusual details?

Posted by: john at September 26, 2011 7:07 AM

Denis posted this on the other thread over the weekend.. 1950 psf. And I'm sure they will put several MM into it as well.

Posted by: eddy at September 26, 2011 10:39 AM

Is this the most expensive SFR ever sold in San Francisco? I did a little bit of research based on tax records, and I can't see anything in the hood that I know sold for more. Personally, I would like to the thank the new owners for the almost 400k dollars they will pay annually in property taxes on this pace - compare that to the paltry 30k the former owner was paying.

Posted by: Denis at September 26, 2011 1:44 PM

The Bebo guys have the top property tax bill in SF coming in at 336k on their $29M 'make me move' offer. So this home is most certainly in the Top 3 and perhaps the top SFR sale in SF. Bienoff's 3277 Pacific @ $25M in 2005 is up there as well.

Posted by: eddy at September 26, 2011 2:00 PM

I thought Benioff lived at 3294 Jackson Street not on Pacific?

Posted by: MarinBoy at September 26, 2011 4:14 PM

He also owns a property on Jackson behind his compound on Pacific.

Posted by: eddy at September 26, 2011 5:39 PM

dude:

if $33 million is the reality (do you know if it is?), then more like $540,000 in Prop Taxes. that's great news for the public school system!

Posted by: Bob M at September 27, 2011 7:17 AM

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