898 Francisco

Well, it looks like our attempt to kick the weekend off on a somewhat lighter note has gone awry (and that Sleepiguy’s surprise was entirely justified). And contrary to what we initially reported twelve hours ago (so much for that scoop), 898 Francisco has not sold.

We repeat, 898 Francisco has not sold. Instead, the list price on the house has simply been reduced from $7,900,000 to $7,700,000. Our apologies for the confusion and any potential letdown (and yes, we know it’s awfully hard to re-cork that champagne).

It was nine months ago that we first reported the property hitting the market, and to which a plugged-in reader added that it was owned by Nicolas Cage (who had likely purchased the house and an adjoining parcel for $9,400,000 seven months prior). And all of one week later, the Wall Street Journal “scooped” us by reporting that the property had been taken off the market.

Four days later, however, we countered with the scoop on the property’s return. And now, after 273 days on the market, we can only report that the list price on the house has been reduced $200,000 (which really isn’t the story we had hoped to run).

Comments from Plugged-In Readers

  1. Posted by Morgan

    This follows his sale of his main residence in Newport Beach which was sold for 35 million about two or three weeks ago. He had bought that house previously two years before for 25 million, so there are other “special” markets besides San Francisco. By the way he did no “improvements” to the Newport Beach house, in fact quite the opposite from my understanding.

  2. Posted by Satchel

    I’ve heard that Nicholas Cage has been a very savvy real estate investor, and his success with the Newport Beach is an indication I guess. We obviously don’t know all the details, but it looks like he’s taking a loss on this SF property (assuming the parcel doesn’t sell for over the isting price – pretty safe bet I’d guess after 273 DOM. Pretty big opportunity cost on $9MM+. I mean, he could have thrown it in the safest treasury ladder last year and earned a minimum of $500,000 (much more, of course, if he was skewed long-dated on the ladder).
    Does anyone know if he is in general real estate liquidation mode? $50MM+ out in a few weeks seems pretty big. I bet he talks with some smart advisors/investors. I wonder who is telling him to cash out, even at a “loss” in SF…..

  3. Posted by Sleepiguy

    This house needed a lot of work…. I’m honestly surprised that it sold that close to asking.

  4. Posted by SocketSite

    It looks like our attempt to kick the weekend off on a somewhat lighter note has gone awry. And contrary to what we initially reported twelve hours ago (so much for that scoop), 898 Francisco has not sold. Instead, the list price on the home has simply been reduced from $7,900,000 to $7,700,000. Apologies for the confusion and any potential letdown.

  5. Posted by vox

    I’ll nominate this place for most frequently photographed/painted house in SF. Any other contenders?

  6. Posted by Jeffrey W. Baker

    Not even close. I’m sure the Painted Ladies on Alamo Sq. Park are much more frequently photographed, filmed, painted, and viewed in general.

  7. Posted by vox

    Jeffrey,
    That’s a very good call. Although since Full House went into reruns I think the clicks are falling 😉
    I’m going to delist this Francisco St. spot in lieu of the houses on the curvy strip of Lombard (just a little further up Hyde). I live nearby; my house gets photographed at least 10X a day in sympathy.

  8. Posted by me

    This monster looks like a damn barn WTH???

  9. Posted by L

    Very sad to see some misguided fool painted the woodwork all white. It’s so sterile.

  10. Posted by EBGuy

    Hmmmm… according to UPI: U.S. actor Nicholas Cage owes $6.35 million in unpaid back taxes, court papers filed by the Internal Revenue Service reveal….The lien filed in July prompted Cage, 45, to begin liquidating his properties in the United States and abroad. To date, the movie star has sold a castle in Germany and is trying to sell homes in New Orleans, Las Vegas and elsewhere.

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