Behind the $28.5M Fixer under Wraps on Billionaires RowNovember 25, 2015
Billionaire developer Jay Paul bought the 12,000-square-foot fixer mansion at 2901 Broadway for $28.25 million in December 2012. The former Decorator Showcase property had been on the market for six years and was originally priced at $55 million.
Under wraps ever since, the interior of the mansion has been gutted and all the circa 1927 systems have been removed and replaced. Everything inside is being redone, including a new dedicated room for art in the basement and theater on the first floor, and the home’s exterior stucco and all windows will be replaced. And then there’s the new subterranean swimming pool and spa.
Yes, the former tennis court behind the home has been demolished, around a third of the rear yard was excavated up to 30 feet, and a 1,500-square-foot pool and spa room, with 28-foot-high walls and skylights above the pool, is being added to the property.
Thanks to Proposition 13, the annual property tax bill for 2901 Broadway was running around $7,800 prior to the 2012 sale. The property tax bill for the under-construction mansion was $333,636 last year.
There’s no official word on whether or not Jay Paul, or rather 2901 Broadway, LLC, plans to occupy the mansion once it’s finished or will attempt to flip the property. But as always, we’ll keep you posted and plugged-in.
Keep in mind that a contractor had estimated that the substructure and engineering work for the home could break seven figures alone, and that was before the plans for the pool were revealed.
Comments from Plugged-In Readers
As a young punk in San Francisco in the 60’s I’d look up at that “castle” and wonder who lived there, a rich old lady and her cats?, a Czech Prince? , Herb Caen? Good to see my fantasy house be updated and preserved. I like that the tennis courts were demolished….. with maybe an English garden in their place? What I wouldn’t do to see the finished product.
There’s been a veritable army of workers on this place. I can’t recall ever seeing quite as many subs on a job at one time.
I’m usually all about preservation, but the home was austere and forbidding. The stonework, while interesting, wasn’t spectacular or unusual. The above ground floors were surprisingly compact… Maybe 7k square feet. The lower levels were terrifying. White boxed or not, whatever happens here will be an improvement.
I wouldn’t be surprised if there was 20+ put into this house. It’s happened on far less substantial properties than this.
By gutted, you mean all the woodwork, stone and the grand staircase are likely all gone? Can’t wait to see the bland contemporary sterile box that will inhabit this beautiful building.
I visited the mansion for the 2007 Decorator Showcase & have the handout book with pictures & floor plans. Maybe the house will be featured in a future Decorator Showcase so we can see the big changes.
The house was great looking but nearly unusable in its prior state. The kitchen was in the basement, and the bedrooms were surprisingly small. Andrew Skurman is a very talented architect, and I suspect the result will be a very fine house, not a sterile mid-century box. Hope the guy plans to live in it, instead of doing a flip.
Just looked up Skurman’s work. His work is exceptional and gives me incredible hope for this stunning Gold Coast home. I’m incredibly happy architects like him are still around; work is a nod to the Gilded Age.
I have known Skurman for years and have long praised his work, including on socketsite. There is no risk whatsoever that we will see a white box. It will be a house fit for the ages. The whiteboxifying flippers should hire Skurman’s firm if they want to do work worthy of San Francisco.
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