An Alamo Square mansion built for an heir to the Colgate fortune just sold for six figures above asking.
The home at 924 Grove Street sold to an unnamed buyer for $7.5 million, more than $700,000 over the asking price of nearly $6.8 million, Mansion Global reported. The home, known as the Colgate Mansion, hit the market in late April and found a buyer last month, with the sale closing last week. Compass’ Mollie Poe and Declan Hickey held the listing. The unidentified sellers bought the home in 2009 for $2.9 million.
The 1903-built home was constructed for Joseph Colgate-McQueen, a member of the family behind the toothpaste empire. While the Colgate Mansion’s historic facade has been kept intact over the years, the interior underwent a large-scale structural renovation roughly two decades ago that created a modern look and more open floor plan.
The manse spans roughly 5,500 square feet across four floors, each with its own outdoor space. The main level boasts a formal living room overlooking the street as well as a connecting dining room and open kitchen as well as a breakfast nook. Five of the home’s six bedrooms are on the third and fourth floors, with the top level housing the primary suite complete with a skylit bathroom, deck with city views and another room that could be used as an office, a sitting room or a nursery. The lower level, which has a sixth bedroom and a theater, provides access to the backyard. The property also has a restored two-room carriage house.
The artificial intelligence boom in San Francisco has led to a so-called mansion shortage in the city as well-to-do buyers in the tech industry fight over a limited supply of high-end homes. These homes, as a result, have been finding buyers quickly and often commanding sales prices well above asking. Earlier this spring, home prices in San Francisco reached a record high with a median sale price in March of nearly $2.2 million, up from previous record highs in spring 2022 before the market fell into a post-pandemic valley, according to Mansion Global.
— Chris Malone Méndez