The Most-Expensive Bank-Owned Home in America
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.
, 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.
Bank of America Donating Foreclosed Homes
Protesters 'Liberate' Foreclosed Homes
For more on foreclosures and related topics, see these AOL Real Estate guides: