Pacific Heights Mansion Fetches Nearly $30 Million

A Pacific Heights mansion that was once the priciest listing in San Francisco has traded hands as the already-hot spring market continues getting hotter.

The six-bedroom home at 2830 Pacific Avenue was initially listed in 2023 for $35 million before dropping to $27.5 million last spring and ultimately selling last week at that price, the San Francisco Business Times reported.

The seller was listed in records as Helena Trust, an entity tied to Hennessey Capital President Rajiv Ghatalia. Ghatalia bought the property in 2010 for nearly $8.4 million. The buyer is an LLC dubbed Almost Heaven, linked in state business records to the address of San Francisco-based financial services firm Andersen, though the buyer’s identity is unknown. Ghatalia and his wife are downsizing after their children moved out, according to the Business Times.

The Georgian Colonial home was built in 1910 and spans roughly 9,400 square feet. A 2012 renovation brought the home into the 21st century with a seismic retrofit, updated systems and a 1,500-bottle wine cellar. The home also has one of the first residential elevators in the city.

The sale arrives as fresh trophy listings continue to hit the market this spring. Homes priced above $5 million are seeing increased competition, driven in part by tech wealth and limited inventory in the city, which industry observers view as a symptom of the artificial intelligence boom as deep-pocketed buyers in the tech industry move into town. That surge in demand at the higher end of the market has led to a so-called mansion shortage, especially in tony neighborhoods like Pacific Heights.

Late last month, a Russian Hill mansion tied to Gap’s founding family hit the market for the first time. That home at 888 Francisco Street is listed for nearly $17.3 million. Also last month, a Pacific Heights property sold for $56 million, representing the priciest sale in the city so far this year, while another Pac Heights home at 2602 Jackson Street hit the market for $22.5 million. It’s not just single-family homes, either. A penthouse sold last month for more than $10 million, the Business Times reported.

— Chris Malone Méndez