Foreclosed home in SF sells for $35 million

Exterior of the St. Regis in San Francisco shows two-story bank-owned penthouse that has reportedly sold for $35 million.

By Martha C. White

Homeowners usually dread having foreclosures in their neighborhoods because it tends to put a drag on the value of surrounding properties, but they might not mind living next to 188 Minna St., in San Francisco.

Among the nearly 4 million homes Barclays Capital estimates banks own today, this one stands out. For one thing, there's the waterfall in the foyer. And the 2,500-square-foot master bedroom with a hallway just for closets. And the 22-foot glass walls that look out on San Francisco's Arts District. And the fact that this penthouse condo is the most expensive bank-owned residence in the country.??

Foreclosure website RealtyTrac says the average foreclosed home sells for $182,489.

According to San Francisco real estate blog SocketSite.com, lender Bank of America, which picked up the deed to the 20,000-square-foot penthouse in lieu of foreclosure back in July, just sold the condo for $35 million. That's half of what the original owner, developer Victor MacFarlane, was seeking for the unit back in 2008, although he did slash the price to $49,000,000 the following year. Perched on top of the St. Regis at 188 Minna, this six-bedroom, seven-bath (plus four half-baths) palace is practically a private hotel: there's a full gym with a sauna and steam room, 13-seat movie theater, 2,900 square feet of terrace space and parking for six cars.?

There are no details on the buyer yet, but here's one parting thought: If the real estate agent earned a standard 6 percent commission on this deal, she'll pocket $2.1 million.

Source: http://bottomline.msnbc.msn.com/_news/2011/12/16/9493683-most-expensive-bank-owned-home-in-the-country-sells-for-35-million

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