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San Francisco’s most expensive listed home sells for well below asking

A mansion is seen from the front.
Courtesy Compass/Christopher Sturman. | Source: Christopher Sturman/Compass

A massive home near San Francisco's Presidio sold today for $5 million under its asking price, according to a Compass Real Estate representative.

The six-bedroom property at 3450 Washington St. closed on Tuesday at $34.5 million—one of the biggest luxury home sales in the last year—clocking in at over 9,000 square feet.

The buyers, represented by Stacey Caen and Joe Lucier of Sotheby’s International Realty, negotiated the home down from its listing price of $39.5 million, which originally made it the most expensive publicly listed San Francisco home as of March 7, according to Redfin.

“We are delighted together with our sellers to have closed on 3450 Washington today," said Compass real estate agent Antoine Crumeyrolle. "The $34.5 million achieved by this sale represents a record for residential sales in 2023, and underscores San Francisco’s continuing appeal as a global city."

3450 Washington St. as seen on Google Street View

Compass did not disclose who purchased the French-style home, stating they were bound by a nondisclosure agreement. The Presidio Heights home is just a few blocks away from the recently listed Princess Diaries house.

The property was first put on the market in September for $45 million, before the owners lowered the listing to $39.5 million in November 2022. The home last sold for $18 million on Feb. 14, 2014.

Boasting bay views and Calacatta Oro marble baths, the residence also includes new amenities such as a state-of-the-art spa with sauna and steam room, a 3,000-bottle temperature-controlled wine cellar, a hidden cigar room, an elevator servicing all levels, a redwood-paneled three-car garage, two chef's kitchens, a private motor court and a commissioned sculptural chandelier by Lindsey Adelman.

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The residence was commissioned by Elsa Guggenheim in 1929, and the architects were Albert Farr and his partner Joseph Francis Ward. Farr and his firm designed buildings throughout the Bay Area, particularly in the San Francisco neighborhoods of Russian Hill, Pacific Heights, Sea Cliff and St. Francis Wood, according to Compass.

Many of Farr's designs involve a facade of brown wooden shingles, unlike this brick-facade residence. More recently, the home was completely renovated by Matarozzi Pelsinger Builders and Handel Architects, the renovations were completed in 2016.

The luxury real estate market continues to fluctuate in the San Francisco Bay Area. Ultra-luxury home sales (properties worth upward of $4 million) declined in the second half of 2022, after a pandemic boom that saw pricey homes flying off the market. The city's overall median home sales price between 2021 and 2022 also dropped for the first time in a decade.