A San Francisco tech CEO bought a 10,800-sq ft Russian Hill mansion for $20 million during the pandemic, complete with a $1 million three-story chandelier and a garage lift for five cars. After three years on the market, it sold for $9.99 million in November 2023, a nearly $10 million loss.
Yikes, this might be the most brutal loss on a single-family home in San Francisco history. A tech CEO and his wife bought this gigantic 10,800-square-foot home in Russian Hill during the pandemic for $20 million. The home was absolutely gorgeous and featured a rumored $1 million chandelier spanning 3 stories of the home down a limestone staircase and a rooftop with insane views. The home was flawless, didn't really need much renovation at all, but they did spend a couple hundred thousand dollars upgrading the smart home system like the AV system. They also spent some money adding a lift to the garage, changing it from a 3-car garage to a 5-car garage. After becoming empty nesters, they put the 5-bedroom home back on the market in October 2020 for what they bought it for, about $20 million. But the home sat, sat, sat, didn't sell until November of 2023 when it went for $9,990,000. That is freaking brutal. And whoever bought the house got the steal of a lifetime. Follow me for more Bay Area real estate.
