San Francisco just saw the sale of its most expensive condo till date. This bank owned condominium broke history by fetching a price of $28 million, much less than the initial asking price of $70 million! The property was developed by real estate investment developer and manager, Victor MacFarlane, who created this 20,000 square feet home by combining three apartment shells. This place is spread over two stories and has a gorgeous entrance foyer boasting of a two storey waterfall. That is definitely one impressive entrance.
But that is not all. The condo has six bedrooms and twelve baths. The living room area has a 22 foot roof and 3000 square feet of terrace space. The master suite is spread over an impressive 2,500 square feet area and comes with a gym, sauna and steam room. To cosy up the place there are four fireplaces, a home theatre and a big library. A subsidiary of Bank of America, Second Step Asset Management was the seller of this property. The listing was shared with Gregg Lynn, Louis Silcox and Bernadette Lamothe of Sotheby’s International Realty of San Francisco.
The place had been listed for quite some time. Infact MacFarlane had to sell it to Bank of America in a deed-in-lieu of foreclosure when he failed to find a buyer after bringing down the price several times. Broker Katy Dinner believes that the price is too steep when seen on the price-per-square-foot basis but adds that the buyers paid this much not just for the space but also for the view, a combination which is hard to find in San Francisco. Gregg Lynn infact calls the purchase as “a great value†as it was supposedly created at a price of more than $56 million. It is not however clear who the new owners are.
Via: ABC News
