As we first reported earlier this month, the sale of 2840 Broadway quietly closed escrow in August, selling to a couple from the ‘hood and not to Larry Ellison as was misreported and then widely republished.
While the deed for 2840 Broadway was recorded with a “confidential” sale price and its transfer tax was hidden, tax records have caught up with the sale and suggest the property was purchased for $33,000,000.
While the sale price wasn’t unsubstantial for the 17,000 square foot Pacific Heights property, it was $7,000,000 below the supposed $40,000,000 that Ellison never paid.
Why did the buyer overpay?
I have not reviewed the tax records, but tax records do not always capture unusual details of a transaction.
What were the unusual details?
Denis posted this on the other thread over the weekend.. 1950 psf. And I’m sure they will put several MM into it as well.
Is this the most expensive SFR ever sold in San Francisco? I did a little bit of research based on tax records, and I can’t see anything in the hood that I know sold for more. Personally, I would like to the thank the new owners for the almost 400k dollars they will pay annually in property taxes on this pace – compare that to the paltry 30k the former owner was paying.
The Bebo guys have the top property tax bill in SF coming in at 336k on their $29M ‘make me move’ offer. So this home is most certainly in the Top 3 and perhaps the top SFR sale in SF. Bienoff’s 3277 Pacific @ $25M in 2005 is up there as well.
I thought Benioff lived at 3294 Jackson Street not on Pacific?
He also owns a property on Jackson behind his compound on Pacific.
dude:
if $33 million is the reality (do you know if it is?), then more like $540,000 in Prop Taxes. that’s great news for the public school system!
Apparently the home changed hands again, this time for around $71 million in an off-market transaction, according to The Wall Street Journal. Citing anonymous sources, The Journal identified a Trust linked to Laurene Powell Jobs as the buyer. According to Kevin Truong at The San Francisco Standard in his Jul. 12, 2024 story headlined This billionaire is the new owner of San Francisco’s most expensive home, third ‘graph:
According to Truong’s story, “The previous record for the most expensive home sold in San Francisco was in 2021 for $43.5 million.”
The missing comma after “Lindemann” had me re-reading and puzzling for several seconds there.
, and her husband Roger Barnett,
Good catch! I get it. Without the comma it reads as if George Lindemann and Roger Barnett were Sloan’s parents, when in fact Sloan Lindemann Barnett was married to Roger Barnett, the executive at nutritional supplements company Shaklee Corporation. Her father, George Lindemann (who made his fortune in oil and gas, not collecting art), was married to Frayda Lindemann and he died in 2018.
If he had any doubts, Kevin Truong could have confirmed all of this by going and reading any news site’s coverage about some objects in the Lindemann Barnett collection from a few years back and the resolution of a mini scandal around it, e.g., The Family of Billionaire Collector George Lindemann Has Returned $20 Million Worth of Looted Antiquities to Cambodia, fourth ‘graph:
I don’t know about the reference to a “$42 million San Francisco mansion”, maybe they own another one here that they paid that much for or 2840 Broadway was appraised at that level during the pandemic-driven squeeze.
Inevitably , someone is going to whine about inequality and blah blah. She liked the house, and the price is essentially meaningless when you have that much money. Like everyone, she only has so much time left, so why not live where she wants? The property taxes and (no doubt) renovations will boost SF’s income.
Interesting – This house is 17,000 square feet. The Jackling House in Woodside, owned by her late husband Steve Jobs, was also 17,000 square feet. He spent years trying and finally succeeded in getting approval to demolish the Jackling House so he could build a more modest house of 5,000 square feet on the site. As he passed away shortly after the demolition, the new house was never built.
Last I read about that (circa 2016), Laurene Powell Jobs proposed building a new estate that would total 15,689 per ft.² on the property that was previously the site of the historic Jackling House. According to her planning documents filed with the town of Woodside, the new estate would “not just include a sumptuous new residence, but would create an agricultural wonderland where the family would be able to raise livestock, press olive oil, make wine, and plant a large vegetable garden”. Maybe this purchase means she’s changed her mind and she’s doing a reverse of the “Green Acres” lifestyle change.
As it appears via Google Earth, the former Jackling House parcel @ 460 Mountain Home Road in Woodside, has been under construction for about two years now. So it looks like she’s just stashing cash in hard assets for her next generation to utilize. If I had that amount of funds available, I would probably be doing the same. Maybe their son, Reed, will be the one to use the newly bought Pacific Heights house for himself as he grows his VC business. Pretty amazing that it all started with Steve Jobs being given up for adoption as an infant, and it led to him building what ended up being one of the world’s greatest companies!
Thanks for sharing that info about the Woodside estate, I should have guessed that she’d just keep both properties. She probably still owns and will keep owning the home they lived in together in Palo Alto as well. Just going by what I’ve read, when you’re in that rarefied air of wealth, you rotate living between four, five or even six different homes and live only a few months in each one per year.
This sounds quite a bit more elaborate than what Job’s envisioned, as quoted in your link:
“Everything is neat, tight, pragmatic, and in its place.” Which is Jobs vision whether an Apple product or a residence.
Excellent link by the way.
This is nothing like how Steve Jobs lived.