This $26 million SF mansion has been on the market for two years. Why hasn’t anyone bought it?

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One of the most expensive homes listed in San Francisco features sweeping views of the North Bay, a seven-vehicle “car lot” and an accessible elevator to each of the mansion’s four floors.

With a listing price of $25.8 million, the 118-year-old corner mansion at 2698 Pacific Ave., which is one block from the city’s Billionaires’ Row, has only housed less than half a dozen families since its creation. built in 1904. It was first owned by a wealthy oil tycoon. Decades later, the property a block north of Alta Plaza Park fell into the hands of the physician who founded orthomolecular medicine.

The mansion’s extravagant visuals — from the second-floor “Green Room” that features gold ceiling accents and a chandelier to the third-floor bathroom with pearl ceramic sinks — make it an “Instagram dream,” said Herman Chan, the owner’s agent. “Each room is a different backdrop.”

The ornate ceiling of the portico entrance is encrusted with detail.

Samantha Laurey/The Chronicle

No corner of the mansion is spared from lavishness — even the dog washer in its fourth-floor utility room is covered in navy blue marble tiles.

Still, the nearly 11,000 square foot mansion has been on the market since December 2019, according to Zillow. The extended list shows the complexity of how the pandemic has affected sales of high-end luxury homes.

Across the country, sales of these lavish properties have surged during the pandemic, with listings site Redfin showing a 60% increase luxury home sales from 2020 to 2021. The jump in these sales is largely attributed to people wanting more space or privacy during a pandemic, but it also illustrated how the wealthy were still spending in an age of economic uncertainty for many Americans.

Yet in San Francisco, the sale of luxury homes (defined by listings of $4.5 million or more) increased “only” 31% over the same period. Meanwhile, the median sale price of luxury homes in San Francisco fell 3.2%, the only city among the nation’s 49 most populous with a decline in that category. (New York City was excluded from the data.)

“There was a bit of pushback” from buyers, Chan said. “Much of this can be attributed to the pandemic. Over the past year, I think ultra, ultra high net worth people are exploring other cities.

The grand staircase is a stately and stately element that is suitable for making a grand entrance.

The grand staircase is a stately and stately element that is suitable for making a grand entrance.

Samantha Laurey/The Chronicle

Through market fluctuations, the mansion located at 2698 Pacific Ave. remained unsold, but not for lack of attention.

A video tour of the mansion by a popular real estate YouTuber has over a million views with thousands of comments from viewers who have admired its “breathtaking” interior designs.

The owner’s agents regularly respond to reservation requests. Influencers drawn to the mansion’s exorbitant backdrops want this to be the site of their next photo shoot. Couples looking to celebrate their nuptials in grand fashion want to descend the grand staircase from the mansion’s third floor. Startups hoping for a big fundraiser want to woo donors with its lavish excess.

Most requests are politely turned down, Chan said, although a “big Hollywood star” film production company is tentatively scheduled to film a scene at the mansion this summer.

A dozen members of the film’s production team recently visited what was once called the “Mack Mansion” – named after Julius Mack, the oil tycoon and financier for whom the estate was originally built by the famous father-son team Newsom & Newsom. The film crew fell in love with the view of the bay from the top floor of the house, Chan said.

The view from the rooftop terrace of the penthouse suite at 2698 Pacific Avenue is one of the selling points of the $25.8 million mansion.

The view from the rooftop terrace of the penthouse suite at 2698 Pacific Avenue is one of the selling points of the $25.8 million mansion.

Samantha Laurey/The Chronicle

Much of the mansion’s recent fanfare came after it hosted the prestigious Decorators Showcase in the spring of 2017. A team of 28 elite interior designers descended on the mansion, each choosing a room from the house to renovate. A second-floor bathroom now features all-black walls with turquoise tiling and a marble sink with gold faucets. The library room across from the mansion’s green room features modern orbital-style light fixtures with a wood-beamed ceiling.

The interior fittings, much of which remains in place, have appealed to the current owners, who no longer live in the house. They bought the mansion for $16 million in the fall of 2017 after attending the decorators showcase earlier that year.

Now they’re asking $25.8 million for the next owner, a price Chan says matches that of another luxury mansion on the market that hosted the 2019 showcase.

A bathroom in the penthouse features an array of designer touches.

A bathroom in the penthouse features an array of designer touches.

Samantha Laurey/The Chronicle

The Mack Mansion and its elegant decors have garnered followers on social media over the years. The property, however, has been on the market since before San Francisco’s first shelter-in-place orders.

While there’s no single answer as to why, Chan said the pandemic likely played a leading role.

But, Chan said, “there’s always an appetite for great properties, especially for Bay Area legacy families.”

Ricardo Cano is a writer for the San Francisco Chronicle. Email: [email protected]: @ByRicardoCano

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