San Francisco Luxury Home Price Cut to $27.5 Million

A Gold Coast home that was once the city’s most expensive listing is back on the market with a whopping $7.5 million price cut.

In 2023, the Georgian Colonial at 2830 Pacific Ave. with six bedrooms, six full bathrooms and two half bathrooms in nearly 10,000 square feet came to market asking $35 million. But the asking has been trimmed to $27.5 million, or just over $2,900 per square foot, in its recent return to market, which still makes it the most expensive single-family home publicly listed in the city.
Rajiv Ghatalia, founder and president of Hennessey Capital Management, has owned 2830 Pacific since 2010, when he bought it for $8.4 million, according to public records. Ghatalia started the San Francisco-based investment firm in 2012, and is a former partner at Goldman Sachs and Warburg Pincus. The tech-focused firm closed its initial public offering in January, grossing $190 million.

San Francisco Luxury Home Price Cut to $27.5 Million — (Max Armour)

As in 2023, the listing agent is Max Armour of Compass, who called the listing a “fresh beginning” after two years off the market and said the reception to the new price has been “very good, with numerous showings.”

Armour said the new pricing reflects “this next episode of San Francisco luxury real estate” amid a growing “overall positive vibe.” Last month, a slightly larger home next to the Presidio and just a few blocks from 2830 Pacific, sold for $26.5 million.

“We want to capitalize on this rising tide and find our buyer who is wanting a premier, renovated home on the Gold Coast,” he said.

Armour also spoke to TheReal Deal about the property in 2023, and did not name the sellers, but said they were downsizing to another home in the city since they were empty nesters.

The couple began a two-year renovation shortly after their purchase, Armour said at the time. The restoration of the 1910 home’s Georgian architecture, included its oak central staircase, as well as a seismic retrofit designed to take into account the home’s original features.

Custom millwork, closets and art lighting were added throughout the home during Ghatalia’s time, as well as marble bathrooms. It now features a remodeled kitchen with Wolf oven and range and two Miele dishwashers, plus a Sonos sound system and Nest cameras. A later renovation in 2018 involved the complete repointing of the brick facade, and in 2020 Blasen Landscape Design redid the outdoor spaces.

Though the Pacific Heights view property is still the most expensive single-family home listed in San Francisco, it is not the most expensive home overall in the city. At $35 million, that honor goes to the nearly 7,000-square foot 70th-floor penthouse at Jay Paul Company’s 181 Fremont that officially relisted last month. It originally asked $46 million in 2019.

There have been a handful of sales over $20 million in San Francisco so far this year, in both the co-op and single-family market. Last week, Unit 10 at 2006 Washington Ave. sold for $24 million, or over $4,200 a square foot. It was also once listed at $35 million, but dropped to $29 million last July and then again to $24 million in November.

It was the most expensive co-op sale so far this year, but the Shorenstein family has the highest officially recorded overall sale with a $30 million trade in Seacliff in January. In February, Sam Altman bought the Russian Hill home next door to his own for what was reported to the Multiple Listing Service to be $38.5 million, but listed in city records at $14 million.