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.
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