Getty Mansion Sells For $12.5M, One Million More Than In 2002July 10, 2015
The Pacific Heights mansion at 2900 Vallejo Street which William and Vanessa Getty purchased for $11.5 million in 2002, listed for $16 million a little over a year ago and reduced to $14.5 million in November, has just closed escrow with a reported contract price of $12.5 million.
Designed by Louis M. Upton, the 8,675-square-foot home was constructed in 1912 and has since been updated and remodeled, but without (yet) being gutted, with gracious entertaining areas, lavish living rooms, and some rather nice views and terraces which overlook the bay and Golden Gate bridge.
2900 Vallejo is the fifth most expensive home to sell in San Francisco this year, with the $31 million sale of 2701 Broadway still leading the way without a challenger in sight.
Comments from Plugged-In Readers
Always loved that house, great corner. Best of luck to the new owners!
This obviously isn’t a great outcome. I think the terrible floor plan hurt this place. The location really couldn’t be better. My guess is it’ll be gutted within a year. Really surprised to see 2520 Pacific down to the studs after a 23.5 million sale.
How many mansions do the Gettys own in Pacific Heights?
As many as they want.
I love rich people.
“The” Getty Mansion
A really nice home.
I’m curious why they didn’t white box it. A contemporary remodel would’ve netted a price closer to 2750. Hell, a savvy buyer with deep pockets would be better off buying this place for close to 30 than the Divis, er, Broadway property. In spite of my preservationist tendencies, I think this house calls for an overhaul. I look forward to seeing what the buyers come up with. The more I think of it, this was a great deal for the buyers.
What WILL be interesting to see in the next decade or so is what happens with some of the higher-end remodels. SF is a long, long way from hitting, say, LA numbers for our “mansions,” but buyers are spending unprecedented sums on the interiors on the A+ blocks of D7… like 20, 30 million on the Gold Coast homes. Barring a total economic crash, I bet within 5 years, there will be an off-market 50+ million sale.
To add to Denis’s comments, I am down in Newport Beach attending a conference, and glancing through the home advertisements in the Pelican Resort magazine at home prices in southern Orange County remind me that what we think in San Francisco as expensive, is all relative when one looks at better neighborhoods in Southern California. 12 million is entry level for better comparable neighborhoods of Newport Beach and Laguna Beach. In fact, if you see what better Westside Los Angeles trophy homes are priced at right now, San Francisco is a bargain.
This is very interesting. Why are we constantly told that SF is second or equal to NY, if LA houses are more expensive? Is this a matter of medians versus averages?
the homes in LA that are more expensive are far far bigger. some are 40,000 sq ft on several acres. we dont have that type of land here
Honestly, you think that would show up in a lower ppsf for the mega mansions, but it really doesn’t. 3k per foot? meh.
SF is bargain basement compared to the prices in the most desirable LA cities. I’m guessing it’s because of mix. Entry into the SF market is probably harder because inventory is so low and our population is so small. Honestly, here you don’t get much bang for your buck.
I sure can’t wait to see what Jay Paul has been up to with 2901 Broadway.
2520 Pacific was likely bought by Troon Pacific, which indeed is the main (only??) high end spec house builder in town.
Hmmm. Interesting. On the surface that seems a fairly risky venture…. But maybe not. Troon has done really well in delivering what buyers want from high end homes.
This mansion almost has no appreciation during the last 13 years. Is it only this mansion? Or most of the Pacific Heights mansions have underperformed the market?
It’s hard to say since apples-to-apples at this end of the market are extremely rare… A quick summary at the ultra-high end shows the typical 4-5% annual increase.
I think a few things hurt this property. First, the floor plan was really awkward. The living room and master were on the same level, the kitchen was strange… The late 90s remodel was not kind to this place. The flow from room to room was poor and the additions were unfortunate. As I said in the original thread, I’d love to see the original floor plans for this place. I would imagine it scarcely resembled its current incarnation. It also had angled views. At that price point, you’d probably want dead on views of the bay, hence the higher sale price of 2950. I’m also wondering if the notoriety of the owners hurt.
Again, if this was completely redone as a contemporary showstopper, it would’ve pulled 20-25 easily. 2680 Green sold for 12 and that’s just an ok address compared to this place.
Where are Billy and Vanessa going to live? Maybe move in with mom and dad on Broadway.
Has anyone else noticed that homes furnished by Ken Fulk do not sell well?
Interesting to see 2900, 2950, and 2898 Vallejo have all been completely gutted and are down the studs.
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