A Gold Coast home formerly owned by Zynga founder Mark Pincus and his then-wife One Kings Lane founder Alison Pincus has slashed its asking price by a third — from $30 million to $20 million — as it returns to the market this week.
A price of $20 million represents $1,000 per square foot.
The couple bought the 20,000-square-foot home at 2950 Pacific Avenue in 2012 for $16 million, the Wall Street Journal reported at the time. It’s the first time the Dutch colonial has been on the market since it was built in 1907 and has been run by the same family.
The house was originally designed by architect Albert Farr, who along with other San Francisco mansions of the era created Jack London’s Wolf House in Sonoma.
The Pincuss put the eight-bedroom, 13-bath estate on the market in 2015 for $18 million. It was sold to developer Troon Pacific for the same amount they paid.
For five years, Troon has made its way through the city’s rigorous planning and permitting process, and the 115-year-old home is now “shovel ready” for a major renovation with approved architectural plans and building permits. Compass Agent Neil Ward. Permits allow two additional stories to be built below the structure’s total of six stories, according to city records.
Plans by Snohetta, the architectural firm that designed SFMOMA and the September 11 Memorial Museum expansion, would move the home’s entrance from Pacific to Broadway. That officially puts the house on “Billionaire’s Row,” a three-block stretch of Pacific Heights with some of the city’s best views and most expensive real estate.
Excavated development is estimated to cost about $6.5 million by the time permits are issued in 2021, an amount far less than it costs today as construction costs have skyrocketed and San Francisco has become a more expensive place to live. To build upon the earth.
Ward did not respond to a request for comment on the $10 million price cut, but according to Redfin’s chief economist, it’s not the first substantial drop for one of his high-end listings recently as the market softens across the city.
In late August, Ward cut $10 million off his Pacific Heights penthouse listing, saying in an email that he and co-listing agent Malin Giddings now want the $35 million property to be “present and ready for the fall market.” At a low price, the bungalow is still the most expensive residential property in the market in the city.
Big price cuts on luxury listings started popping up with more frequency this summer, and others have been pulled off the market entirely. A Ward-listed Seacliff home that previously belonged to Sharon Stone hit the market in May for $39 million; It went off the market in late July.