March 26, 2012
The Super Confidential Sale Price And Raw Scoop For 2701 Broadway
Having originally been listed for $32,000,000 this past September and withdrawn from the MLS in January having been reduced to $28,500,000, the sale of 2701 Broadway closed escrow on the last day of February without a reported contract price.
The "super confidential" sale price, according to a plugged-in tipster, however, has since been recorded at $27,000,000.
The buyers of the 16,000 square foot Gold Coast corner home? Nope, it’s not a Pincus nor another web wunderkind, but rather local celebrity chef Roxanne Klein and her old-school entrepreneur turned new-school environmentalist husband who once toured with The Dead.
∙ 2701 Broadway: Despite The SFPD A Plugged-In Reader Reports [SocketSite]
∙ 2563 Divisadero (AKA 2701 Broadway) Coming Soon? [SocketSite]
First Published: March 26, 2012 8:30 AM
Comments from "Plugged In" Readers
A fantastic piece of property!
Posted by: MarinaBoy at March 26, 2012 9:47 AM
So who purchased the property?
Posted by: Who at March 26, 2012 9:48 AM
Nancy Oakes & Bruce Aidells??
Posted by: jaybee at March 26, 2012 9:59 AM
UPDATE: Apparently our headline hint didn’t do the trick with respect to the buyers, since updated above.
Posted by: SocketSite at March 26, 2012 10:23 AM
I thought Roxanne Klein got a divorce?
Posted by: Who at March 26, 2012 10:32 AM
I thought they got divorced.
Posted by: tipster at March 26, 2012 10:35 AM
So where I wonder does Marc Pincus live anyway?
Posted by: eddy at March 26, 2012 10:41 AM
Posted by: Joshua at March 26, 2012 10:47 AM
Posted by: eddy at March 26, 2012 11:00 AM
Well I certainly didn't make the connection. But for the sake of the remaining readers who didn't get the headline hint, from The Los Angeles Times Living foods' guru Roxanne Klein saw her marriage and restaurant crumble. Now she's dishing up a comeback:
Two years ago, she was the hottest thing on the American food scene. People called her a revolutionary. Comparisons to Alice Waters were made.
Her elaborate take on so-called "living" foods—a then almost laughably obscure branch of veganism in which fare cannot be heated above 118 degrees Fahrenheit lest it lose certain attributes—had almost single-handedly turned the phrase "raw cuisine" into something other than a punch line for carnivores. There was the cookbook with Charlie Trotter, the clamor for reservations at her restaurant in Marin County, the national press coverage marveling not only at her cooking, but also at her translucent complexion and wraith-thin physique.
And to top it off, there was Klein's seemingly blissful marriage, which had underwritten her rise to celebrity chefdom. No interview was complete without a mention of Michael Klein, the wealthy environmentalist who had supplied both her best connections and her bankroll. Rich hippie. Tech fortune. Harvard degree. Buddy of the Grateful Dead. Did yoga with her. Even without the amazing food, the image was of a counterculture dream team—her with her talent, him with his drive.
Then in 2004, it all went, as it were, right into the juicer. The Kleins abruptly shut down the restaurant and stopped promoting Roxanne as a brand unto herself…the fine-dining end of their business had never made money; in fact, when it opened, the Kleins said they didn't care about cash and billed it as a nonprofit.
Soon enough, the real reason for their troubles became public: The owners of Roxanne's were splitting up.
You can go read the whole thing, but that's enough to get you to understand the headline if you don't keep up with local celebrities or you aren't a foodie. That article was published back in 2006, so I'm sure enough time has passed for either a large-ish divorce settlement that would deliver her enough money to buy this place, or a reunification or perhaps some other resolution, who knows.
Congrats to them on their closing. Maybe she's found some way to deduct part of the expense of owning this place because she'll throw big parties there and promote herself or her products or services or whatever.
Posted by: Brahma (incensed renter) at March 26, 2012 11:20 AM
The good news for us all, their new tax bill of $300,000+ should be able to care and feed at least one new city employee who will then provide us with great services.
Posted by: unwarrantedinlaw at March 26, 2012 11:22 AM
Remember this from when it originally came on. This house is beautiful. Hot link to the real estate pRon!
Posted by: North Sider at March 26, 2012 11:31 AM
Having been in the home, no pictures do this place justice. Dare I say it is worth the sale price. The master is to die for.
Posted by: Ryan at March 26, 2012 12:14 PM
I bet it wasn't even close to $27 mil.
no different than a lot of props in the surrounding area not trading for the "recorded price" .. many ways to massage a "recorded price" for the unsophisticated
just one example: 2849 Pacific a few years ago ($12 mil - not even close)
Posted by: johnny at March 26, 2012 12:24 PM
I'd bet it was $27M. Why not?
And why do you think 2849 Pacific was fabricated? It's "reported sold" as $14M, fyi. I suppose they are fabricating their 140k annual tax bill also?
Posted by: eddy at March 26, 2012 1:03 PM
When we write "recorded," as in above, we’re talking about the contract price recorded with the assessor’s office for tax purposes, a number we rarely have a reason to doubt.
When we write "reported," we’re talking about the sale price that was agent reported on the MLS which isn’t always the most accurate.
With respect to 2849 Pacific, while the "reported" sale price appears as $14,000,000, the sale price actually started with a twelve as we first reported back in 2009 and which tax records confirm today.
Now back to 2701 Broadway...
Posted by: SocketSite at March 26, 2012 1:52 PM
2701 is a fantastic house! The top floor is amazing with an office to die for!
Posted by: MarinaBoy at March 26, 2012 2:41 PM
a truly sophisticated real property professional or investor knows that "recorded" numbers are not always transparent in documenting the economic exchange between the Buyer and the Seller.
from and operating company perspective, think of it as "market capitalization" versus "enterprise value"
and btw, I am not insinuating anyone is "fabricating" anything here.
I'm only interested in true valuations.
For example, the "buyer" of 2849 Pacific in 2009 were/are sophisticated investors and in my opinion, and I am virtually certain of this, the buyer's true economic cost was Not $12 mil.
Posted by: johnny at March 26, 2012 4:03 PM
Well they sure are paying taxes on a $12M basis and that is the comp and recorded value with the city unless someone proves otherwise. So feel free to produce information that verifies your virtually certain opinion. I would be interested to know, as I'm sure would many others.
Posted by: eddy at March 26, 2012 8:16 PM
There are a lot of "truly sophisticated" readers on this blog who have been involved in all sorts of transactions, but gotta go with eddy on this -- either put up or shut up...
Posted by: Joshua at March 26, 2012 8:29 PM
Josh: tell me the difference between market capitalization and enterprise value.
Posted by: johnny at March 28, 2012 5:43 PM
How about we stay on topic and not ask questions that anyone can google in 5 seconds on a simple finance 101 topic? You obviously have nothing other than than a virtually certain opinion. You may very well be correct that there was some cash back; seller financing, or other back ended deal. Maybe the house came with a free Maybach and a used learjet. But either make a formal allegation or just stop making unsubstantiated claims.
Posted by: eddy at March 28, 2012 5:57 PM
you're hilarious! but wasn't the Q for josh?
Posted by: johnny at March 29, 2012 6:40 AM
" anyone can google in 5 seconds "
Guy who makes up fake facebook friends to help Team Realty
Then blames "The Internet" when caught now wants substantiation and googling
Posted by: ReadingForRealtors at March 29, 2012 10:37 AM
Who got caught and for what? I missed this entirely.
Posted by: tipster at March 29, 2012 10:50 AM
@tipster, I made up friends that work for facebook apparently and got "busted" red handed by the internets on the thread where i called you the biggest troll of all time or somehting like that. I take that back, fyi. I was wrong about that.
Posted by: eddy at March 29, 2012 11:08 AM
yeah, I'm gettin a bellyache from all the laughter!!
Posted by: johnny at March 29, 2012 11:49 AM
Anyone have a link to the thread? I don't recall this discussion. Glad you figured it out eddy.
Posted by: tipster at March 29, 2012 11:55 AM
Posted by: eddy at March 29, 2012 12:05 PM
Posted by: tipster at March 29, 2012 12:10 PM
tipster and "Who"…according to Carolyn Said, staff writer for The Chronicle, re: The Klein's divorce:
Roxanne Klein exploded on the national scene just after the turn of the millennium, making "living foods" almost mainstream, and briefly had an eponymous Larkspur restaurant.So there you have it. Hope this helps.
Her raw-food empire crumbled when the couple split up. Michael Klein married Michael Douglas' ex-wife Diandra, and lots of drama ensued. He left Diandra and remarried Roxanne. Michael Klein now runs Modulus Guitars, co-founded by his buddy Bob Weir of the Grateful Dead.
Can't imagine the guitar business is going that well, residual wealth must have been involved in the purchase of 2701 Broadway.
Posted by: Brahma (incensed renter) at July 23, 2012 11:16 PM
Love the link to the FB discussion. Especially tipster's insight that SF was being passed by. lol. Fast forward 6 month. Comedy gold.
Posted by: lol at July 24, 2012 8:25 AM