CFAH

188 Minna Penthouse: Actual View

As a plugged-in tipster reported in September:

The St. Regis service elevators have been working overtime for weeks shuttling men and material up to the top. I would expect this to return very soon…and very finished. Now let’s see what Victor (MacFarlane) does with the price.

As a plugged-in tipster reports today:

No more renderings…it looks like the project is complete.

And as far as we know, no new adjustments have been made to the $49,000,000 ask (which at one time was the asking price unfinished).

188 Minna Penthouse Bath

UPDATE: From the listing agent:

Five years of design and build at the penthouse completed nearly five months ago. It’s now a world-class entertaining home rivaled only in size or luxury by a few penthouses in NYC, London, HK & Shanghai. Our marketing efforts have been focusing on prospective purchasers — a number of them local — who toured or inquired while it was under construction. We’re pleased with the response so far — several buyers have returned multiple times with advisors, architects, designers, etc.

Cheers. And do not forget those invitations to the housewarming…

Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but had no prior knowledge of this post.

Comments from Plugged-In Readers

  1. Posted by Paul Hwang

    Awesome! Life is better at the top.

  2. Posted by The Milkshake of Despair

    The scale of this place really threw me off. When I saw that top photo I immediately thought “Why did they decide to go with three foot wide glass panels ?” Then I realized that those ceilings are probably 17-20′ tall.
    I wonder whether the listing agent asks to see the prospective buyer’s Masters of the Universe membership card before keying in the code to the lockbox.

  3. Posted by Rillion

    Is there a helipad for Bruce Wayne to land his helicopter on?

  4. Posted by Joshua

    Now that’s a wonderful space…

  5. Posted by ex SF-er

    there are a lot of nonluxury boring condo boxes that are called “luxury”
    this isn’t one of them. this place is awesome. I love almost everything about the place.
    no rent vs buy calculations required here!
    will it sell here? who knows… but it’s gorgeous.

  6. Posted by tipster

    2005 Purchase—–$30,000,000
    Carry (5 years@6%)$10,000,000
    Finishing@$400psft)$8,000,000
    Property Tax, HOA $2,000,000
    Commissions,staging$2,000,000
    Total————-$52,000,000
    If it sells at asking, how exactly do they make any money?
    It’s lonely at the top.

  7. Posted by asiagoSF

    11 toilets, how many bidets?
    the master bedroom alone is twice my entire rent-controlled apartment 🙁

  8. Posted by eddy

    Help, I’m lost in the closet and I can’t get out.
    Seriously, this place is done fantastically. I think they’ve achieved the goal of “price is not an issue” status and did a great job utilizing the space. Makes Gs pad look like the outhouse to this place.

  9. Posted by joh

    6 parking spaces for a single unit? What happened to parking ratios?

  10. Posted by Scooter

    Worth the price of admission for the closet alone. Amazing.

  11. Posted by Carlitos Way

    A whole new level of House Porn. Just spectacular.

  12. Posted by Robby0

    Amazing place! I never knew it was Victors unit, I suprised he made a (bad) investment like this

  13. Posted by EBGuy

    Now THAT’S a soaking tub…

  14. Posted by jlasf

    Is there a buyer for this?
    1) Wants a place in SF.
    2) Wants a condo, not a house.
    3) Wants a condo without a GG or Bay Bridge view.
    4) Wants a condo downtown.
    People say it has St. Regis service. But the person who
    can afford this already has a house staff and manager
    for each property they own.
    Tom Perkins went for a place at the Millennium.
    http://www.luxist.com/2009/09/24/tom-perkins-buys-in-at-the-millennium-tower/
    I would guess a foreign buyer at some point.

  15. Posted by Lori

    Like the others, I love the closet. I’m left wanting more of the kitchen. The pics need to show me more. Why the small couches and chairs in groupings? I would have loved to see a ginormous lounging couch instead. The marble bathroom pictured is divine.
    As I usually have at least one nitpick, they need to do a spell check on their property description. And lose the “e” in the word “story.”

  16. Posted by SausalitoRes

    second what jlasf said.
    $49 million would buy (at least) two or three of anything available on Billionaire’s Row, Presidio Terrace, or Russian Hill.
    I guess its hard to find a home with 20,000 square feet. So if you need that, your options are somewhat narrower.

  17. Posted by annony

    If it sells at asking, how exactly do they make any money?
    Duh! They’ve ALREADY made their money–they’re in the spending phase now.

  18. Posted by looker

    Seriously, if I could live anywhere in the world I’d pick this place. SPECTACULAR!

  19. Posted by curmudgeon

    “Amazing place! I never knew it was Victors unit, I suprised he made a (bad) investment like this”
    Why so surprised? He made a terrible investment in Stuvesant Town/Peter Cooper Village. Oh, but that was on behalf of CalPERS. Goodbye $500 million…..
    That man’s real estate cred is in serious jeopardy.

  20. Posted by curmudgeon

    “Duh! They’ve ALREADY made their money–they’re in the spending phase now.”
    Yes, money made from “real estate advising” to pension funds that lost millions and millions… Oh, am I bitter? lol

  21. Posted by kthnxybe

    Dittoing SausalitoRes and jlsaf. It’s a beautiful space but you could seriously buy a nice house with bridge views and the house next door for your staff and a weekend place outside of the city for this kind of money.
    I would guess that a place like this would really be best suited corporate entertaining? When you have a *really* important out of town guest that you’re not just going to put up at the local Motel 6? Or you know, like how those big yachts in St. Tropez are rented to wealthy Russians for the summer?

  22. Posted by Mole Man

    This is an outstanding showcase of artisan crafts, but what is it for? Certainly no one needs so much space or such great features, and it is so large and well appointed that help would be needed for basic upkeep. Corporate events might be held here, but is there really a need? Indulgent luxuries have been generating bad press. It could be a backdrop for fashion and design promotions of various kinds, but those can make use of many other cheaper spaces.
    Growing up on the East Coast and visiting family in the Rust Belt we were familiar with many grand former homes of robber barons and their enablers. Back in the day they tended to remain empty not just because the taxes and upkeep were daunting, but because there were far fewer extreme rich, and even they had more modest tastes. Great houses tended to remain unoccupied for long periods and eventually got turned into apartments or something else that serves more of the public, usually after being completely taken down. Back when the show Dallas first came on TV and inspired spasms of greed and gluttony worldwide many homes of famous film and TV stars in Hollywood were actually quite small. Through replacement and renovation there are essentially no modest homes left in Hollywood. House mania runs broad and deep now as never before.
    There will always be rich people and show offs and rich show offs, but this peak of super rich combined with the idea that one’s residence is important and relates strongly to character may not endure. What then will happen to this space? Is it destined to be drawn and quartered by force of the marketplace?

  23. Posted by redseca2

    Is there a pet restriction?

  24. Posted by curmudgeon

    Lovely thought, mole man, but I want to see the income disparity trends reverse more convincingly than they have thus far to predict that we are past the era of mega-opulent housing for the rich.
    You are quite correct that the era of the robber barons and their ilk ended (convincingly with the crash of 29, which was the LAST time income was so skewed in this country). For a generation, there was nothing to do with many of the Palaces that the mega rich built between the late 1880’s and the 1920’s. On the East coast, many of the grand suburban estates of the wealthy were literally bulldozed for the levittowns of the 50’s and 60’s.
    I agree with nearly everyone on this board who applauds the craft, but questions the market for this extravagance atop the St. Regis. When this is subdivided into 1 br apartments, maybe I’ll believe you that the tide has truly turned…. But i fear we are no where close to the resurgence of the great american middle class.

  25. Posted by SocketSite

    An UPDATE from the listing agent:

    Five years of design and build at the penthouse completed nearly five months ago. It’s now a world-class entertaining home rivaled only in size or luxury by a few penthouses in NYC, London, HK & Shanghai. Our marketing efforts have been focusing on prospective purchasers — a number of them local — who toured or inquired while it was under construction. We’re pleased with the response so far — several buyers have returned multiple times with advisors, architects, designers, etc.

    Cheers. And do not forget those invitations to the housewarming…

  26. Posted by snider

    would anyone know the monthly HOA? (as if that would matter to the buyer)

  27. Posted by Salarywoman

    $100,000.00
    +/-
    Just kidding.

  28. Posted by anoncensorious

    I would still pick the penthouse at 999 Green instead. Same dramatic 2 story living room as this St. Regis unit, but much more dramatic views of the bay and city, AND, a part of town that is a lot more desirable to take a stroll around in the evening. Of course the 999 Green penthouse is not 20,000 square feet however.
    I agree with others that if space is what you are after, why not a bayview mansion on outer Broadway or outer Jackson/Washington in Presidio Heights for less than half the cost?

  29. Posted by John

    20,000 sqft…..
    It needs an indoor tennis court and/or swimming pool.

  30. Posted by noearch

    Just a thought, but….ah….maybe a certain wealthy buyer would “prefer” a large penthouse in the sky…vs. a house and land?
    Just saying.
    But I really don’t get the drift of Molemans commentary…am I reading some jealousy and resentment? I hope not.
    We will always have very wealthy people. They are not all bad people. They are just a part of our free market system and society. I, for one, welcome them.
    By the way, it IS truly an exceptional piece of design and execution.

  31. “I, for one, welcome them.”
    Well that settles it. This penthouse will be purchased by our new insect overlords. 50 million ants, each coming up with a buck apiece.

  32. Posted by Louis

    est = $35 MIL

  33. Posted by pedro

    Posted by: Lori at May 19, 2010 12:18 PM
    second what jlasf said.
    $49 million would buy (at least) two or three of anything available on Billionaire’s Row, Presidio Terrace, or Russian Hill.
    I guess its hard to find a home with 20,000 square feet. So if you need that, your options are somewhat narrower.
    =======================
    I thought there was a place on BR for $55M and another (no longer listed, but available I’m sure) for $65M.

  34. Posted by David Anderton

    I was originally concerned when this property sold that the buyer would not be able to recover their initial investment. This is often what happens when an investment is made with the ego alone.
    I understand how “sexy” a spec. property like this is but I would have voted instead for flipping four Pacific Heights homes within a year.
    I wish the buyer the best and I hope they will be very happy there. Perhaps they will have many fundraisers over the years and raise $500m for great causes. I sincerely look forward to attending!

  35. Posted by Theleinman

    “”2005 Purchase—–$30,000,000
    Carry (5 years@6%)$10,000,000
    Finishing@$400psft)$8,000,000
    Property Tax, HOA $2,000,000
    Commissions,staging$2,000,000
    Total————-$52,000,000
    If it sells at asking, how exactly do they make any money?
    It’s lonely at the top. “”
    Great point!!!
    Check out the liens filed against this property.
    There in the public records. Cupertino Elect. was owed $250K last time I looked and I know there are lots more. Add that to the bottom line.

  36. Posted by Sir Knight Jack

    “I wish the buyer the best and I hope they will be very happy there. Perhaps they will have many fundraisers over the years and raise $500m for great causes. I sincerely look forward to attending!”
    You got that right David. Perhaps the S.F. Symphony in the living room. You’d certainly have the space!

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