Purchased by the Catherine Schwab Revocable Trust for $15,000,000 in 2004 and priced at $20,000,000 in 2011, the nearly 12,000 square foot Hellman Mansion at 2020 Jackson Street has just sold for $12,750,000 with an official “4 months” on the market.
Call it 15 percent below its 2004 price despite a bit of designer updating along the way.
Once again, The Julius Kraft designed home was built in 1902 by Wells Fargo Bank President Isaias Hellman as a wedding gift for his daughter and served as the makeshift headquarters of Wells Fargo following San Francisco’s great quake and fire in 1906:
∙ The Hellman Mansion Officially Hits The Market Listed For $20 Million [SocketSite]
∙ Schwab’s 2020 Jackson Street Returns For A Skosh Less Than In 2004 [SocketSite]
∙ 2012 Decorator Showcase Sneak Peek And Kitchen Before And After [SocketSite]
It’s telling that this opulent place sells for about as much as or less than more modest homes in Presidio Heights with half the square footage. It really was unlivable and uncomfortable for a present day family. I could see it being bought by a Russian zillionaire as a vacation home, or maybe it would work as a consular residence, but that’s about it.
I copied some parts of the kitchen for my remodel and it turned out great. Thanks Socketsite!
It could be a $20M home if someone decided to take a proper crew to it and do a major job. But I think the price it sold for is probably about market for that home in that quality. I like this block quite a but; and the stretch of homes up on Washington as well. There was some dust up a few homes down on a big expansion project. There are a few homes sold in Presidio Heights that are really really surprising. How one of those homes on Jackson sells for 8-9M and this goes for 12ish is beyond me. In some regard, I think this home was a ‘good deal’. It will be interesting to see how the remaining homes north of 7M fare on the market over the coming months.
The ironic thing is that it would probably cost $10 million to turn it into a $20m home. The lower floor with the kitchen, family room, and access to the outdoor space needs to be better integrated into the rest of the house. That would involve a lot of prohibitively expensive structural work. Unfortunately, the East of Fillmore (EaFi?) blocks haven’t really caught up with the rest of Pacific & Presidio Heights. Danielle Steel’s home is probably the only house in that area that can compete with outer Broadway.
My predictions for D7: I think the Toboni house will sell for 8.5ish. The Alioto mansion is a total wreck and may sell for 11. Nina’s Vallejo house will sell at asking. The Locust home for 7.2 and the Green St. home will be withdrawn. There are a few more mansion types coming up (some of which were initially listed 4/5 years ago w/o a sale), so I think there will be a glut of 7+m properties this spring and nothing in the 2.5-4 range. None of the sellers NEED to sell, so I expect there will be a bit of testing the waters and when offers at asking don’t materialize, the properties will just be pulled. On the other hand, I expect a few unlisted view properties to move for crazy money.