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.”