The Most-Expensive Bank-Owned Home in America

most expensive bank owned home

Who says the mighty can't fall? One of the country's premier listings -- the penthouse apartment of the St. Regis Hotel in San Francisco -- is now owned by a subsidiary of Bank of America and expected to be re-listed at $35 million, half what the asking price was, according to the listing agent. The unit is known as the Museum Tower Penthouse.

The two-story apartment has about 20,000 square feet and was heralded as the lap of luxury -- it has an entry way with a two-story waterfall feature -- when it was first brought to market in 2008. We know the rest of that story, right?



The six-bedroom, 12-bathroom home with 360-degree views of San Francisco and the bay, will be staged and another attempt to sell it made -- this time by the bank, who is spending $500,000 on the staging. The penthouse has a 2,500-square-foot master suite with a gym, steam room and sauna and there are 3,000 square feet of terraces.

The unit was never lived in. It was built by a developer who spent about five years combining three apartments into one superbly finished unit -- a good idea perhaps about a decade ago. There was an interim Hail Mary price drop to $49 million.

Gregg Lynn, Louis Silcox and Bernadette Lamothe of Sotheby's International Realty of San Francisco have the listing. Lynn says that about 220 pre-qualified buyers toured the property during the past three years. There about a dozen he thinks will be "extremely interested" to hear about the new price.

Also see:
Bank of America Donating Foreclosed Homes

Protesters 'Liberate' Foreclosed Homes


For more on
foreclosures and related topics, see these AOL Real Estate guides:

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Joe

Sometimes you just have what is known as functional obselescene.

August 04 2011 at 9:36 PM Report abuse rate up rate down Reply
scruffy212

i dont want this house, no roof, lol

August 01 2011 at 7:16 PM Report abuse rate up rate down Reply
elj1207

no

August 01 2011 at 6:19 PM Report abuse rate up rate down Reply
Beth

Who wants to buy this for me?

August 01 2011 at 4:56 PM Report abuse rate up rate down Reply
1 reply to Beth's comment
Papa Hunk

I wish I had enough money to buy it for you.

August 01 2011 at 7:16 PM Report abuse rate up rate down Reply
Greg

I need an attic and a basement.

August 01 2011 at 4:36 PM Report abuse rate up rate down Reply
roborose2005

...the Bank WHO is spending $500,000...? Does this writer know that a bank is not a person, or is this just sloppy grammar? The writer also doesn't make sense in the last sentence, having left out a word.

Are there no writing skill requirements for these posters?

August 01 2011 at 11:55 AM Report abuse rate up rate down Reply
jos.hoge

lets go back to ---cash--- when you pay cash--no one can come and take it from you---all my property,, and assets are payed for--no credit cards -- one bank ( only to cash payroll ) then i yank it out--banks have never held my money for longer then a weekend---------

July 31 2011 at 1:50 AM Report abuse +2 rate up rate down Reply
jos.hoge

woverc7507 please go on.... the country needs to here the truth --- washington only reports what's good for there own paychecks--not ours

July 31 2011 at 1:46 AM Report abuse +3 rate up rate down Reply
jos.hoge

woverc7507 now your talking

July 31 2011 at 1:44 AM Report abuse +1 rate up rate down Reply
woverc7507

the government does not need to be overthrown. rather, they need reminded that they work for us. we need to start with these dozen things.
1. bring all troups in non combat bases home to our bases and quit paying for bases overseas
2. withdraw from the world trade organization and start tarriffs, ie: Nike you build shoes in USA for $7 and in China for $1, tarriff of $6.
3. Forget about illegal immigration: stop all immigration until our unemployment is corrected
4. All local, state and Federal employee salaries plus benefits should equal no more than 75th percentile of public sector jobs.
5. Number of government employees assigned to a task should be at similar numbers a topp 100 corporation would have IE: increase efficiency
6. All illegal immegrants in jails should be tagged in some way and immediately deported rather than us paying to jail them
7. No foreign government or business can meet with our leaders or be within 50 miles of DC except to avoid a war issue.
8. Close our borders
9. If you draw state funds, rather than sitting at home, restart FDR's plan, and you must show up and do work everyday
10. stop our present trade plans, Obama signed a deal that allows S. Korea unlimited car sales in the USA, however, we can only represent 1% of car sales in their country
11. I could go on and on.

July 31 2011 at 12:44 AM Report abuse +8 rate up rate down Reply
1 reply to woverc7507's comment
Pop & Cookie

To #4 add, they should also pay into social security. For one thing that will stop them from taking it away from those of us who have paid into it our intire working lives.

July 31 2011 at 4:31 AM Report abuse +3 rate up rate down Reply