As we first reported at the beginning of the year:

Purchased by Nicolas Cage by way of an anonymous trust for $9.4 million back in 2006, the Russian Hill mansion at 898 Francisco Street resold for $8.5 million in July of 2008, which included the undeveloped lot fronting Hyde Street behind, the development of which could dramatically impact the six-bedroom home’s “glorious” Bay views.

And while not (yet) listed on the MLS nor official inventory, 898 Francisco is now back on the market with a $12 million price tag.

But that doesn’t include the aforementioned Hyde Street parcel which is now being offered for an additional $3.5 million and is zoned for development up to 40 feet in height.

Subsequently listed on the MLS as expected, the asking price for the mansion at 898 Francisco Street has just been reduced to $10.95 million while the asking price for the adjacent parcel is now down to $3 million “if purchased with the home.”

Comments from Plugged-In Readers

  1. Posted by Harambe

    No offense to traditional lovers, but there’s nothing special about this house. I’d even venture the empty parcel behind is a more prized possession.

    Side note: even if I had the $13.95m to purchase these parcels, the idea of being relentlessly haunted by the ghost of Nicolas Cage would keep me far, far away.

    • Posted by civ-e

      but if you like attention and high-profile, this lot/house by far is the most visible and noticeable on the whole block, mostly due to it being on the corner. i’ve walked up and down the block many times and from memory i can’t tell you what any other building looks like except this one.

    • Posted by oh my

      Well the views seem “special”.

  2. Posted by Joel S.

    How noisy is that corner, when the cable car passes through?

    • Posted by Count Marco

      Cable cars don’t make noise. They make music.

  3. Posted by soccermom

    This place is a national treasure. I expected it to be gone in 60 seconds.

    • Posted by emanon

      Peggy Sue got married and is leaving Las Vegas. I hear the newlyweds want to relocate in San Francisco….

    • Posted by jack

      I hope it has a view of the rock. Otherwise, it will have to face off other houses in the same price range. Unless someone is moonstruck with this house. Hey, it could happen to you.

    • Posted by Elitist Pig

      Hey, it could happen to you. It doesn’t take much adaptation to see that San Francisco is the real city of angels, a family man can’t do much better as a back drop for some 8MM home movies. Though, I do hear that the traffic can cause you to drive angry, not Bangkok dangerous, but still enough to make a potential buyer feel left behind.

  4. Posted by Sutro_Tower

    Well there’s a Kick-Ass view of The Rock from the dining room. This home is perfect if you’re The Family Man type or Wild at Heart.

  5. Posted by denis

    This is a situation clearly analogous to the Vallejo St. debacle. You’d have to be a special kind of stupid to buy the main house without the lot. Any development on the lot would alter the main property’s views, light, and air. Likewise it has the potential to impact all the residences down Francisco resulting in a nightmare neighborhood fight for the developer. Whatever…

  6. Posted by SocketSite

    UPDATE: 898 Francisco Street has just been listed anew with an “original” price of $10.95 million and an official “1” day on the market according to all industry stats and reports.

  7. Posted by SocketSite

    UPDATE: After two years on the market with an already reduced asking price of $10.95 million, the list price for 898 Francisco has just been reduced by another million to $9,950,000.

  8. Posted by SocketSite

    UPDATE: Having undergone “a major first-floor renovation with finishes designed to flow seamlessly with the original period charm & detail,” including a new kitchen, the sale of 898 Francisco has finally closed escrow with a contract price of $8,825,000.

Comments are closed.

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