Huge Russian Hill Spec House Sells for $27M — 40% Below Original Asking Price of $45M

We're learning that a large gated compound on Lombard Street in Russian Hill that was originally listed for $45 million in 2018 and subsequently reduced ended up quietly changing hands earlier this year for $27 million.

Curbed proclaimed 950 Lombard the "new most-expensive home for sale" in San Francisco when it hit the market in October 2018. And had it fetched that sky-high asking price it would have indeed set a record. But as Socketsite notes as they bring us the news about the March 2020 sale of the house, the most-expensive title is currently held by a mansion at 2920 Broadway, which sold for $39 million in October 2018. And, across the street at 2901 Broadway, a home that last sold for $28.25 million in 2012 and has undergone a reported eight-figure renovation is likely to set a new record when it goes up for sale.

950 Broadway is a six-bedroom, eight-bathroom shingle home that was originally designed around 1907 by famed SF architect Willis Polk. It was purchased for $4.5 million and renovated on spec over six years by developer Troon Pacific, with the principal architect being Babac Doane of Ken Linsteadt Architects. The renovation of the property was extreme enough that it incurred a slap on the wrist from a city, due to the fact that it was a designated historic resource, and the developer exceeded the scope of a renovation permit that had been granted when it began removing walls and exterior windows. As the Chronicle reported, that led to a $400,000 settlement with the city.

The house sits on two hillside lots and stretches the width of the block — the original address of the Willis Polk home was 841 Chestnut Street, and that is where the "back" of the house is now, facing the San Francisco Art Institute across the street.

As you can see in photos below, the Lombard Street entrance brings one to a guest house and an outdoor kitchen and dining area. The developer added an entire concrete lower level to the house, including a four-car garage and a wrap-around patio above with a cantilevered pool — a pool that has expansive views of the Bay.

*Lombard is at left, Chestnut at right. Photo: MLS via Socketsite*

By contrast, the frontage on Lombard Street does much to conceal what lies behind:

Below are some more photos for your real-estate-porn enjoyment, including the kitchen, outdoor kitchen, master bedroom, downstairs art gallery, spa with steam and dry sauna, and outdoor living spaces.