One of San Francisco’s wealthy northern enclaves, known for attracting tech executives, drew two major trades totaling $32 million last week as the city’s mansion shortage tightens.
At the corner of Jackson and Locust streets in the tree-lined Presidio Heights neighborhood, the founder of a popular themed restaurant chain off-loaded his five-bedroom, five-bathroom mansion for $21 million. Richard “Dick” Bradley, co-founder of Victoria Station, and his wife Monene sold the property to 3501 Jackson LLC, a Delaware-incorporated company, according to public records. It’s unclear from public records who is behind the company which purchased the home in an off-market deal that closed June 8. Bradley purchased the home for $11 million in 2007 from former Charles Schwab CEO David Pottruck.
Bradley helped found the Victoria Station, a railroad-themed restaurant chain that had 100 locations in the U.S. during its heyday in the 1970s. The company filed for bankruptcy in the 1980s. The Bradleys have since become well-known philanthropists, backing organizations like the Culinary Institute of America and setting up scholarships at Bradley’s alma-mater, Cornell University.
One day later and five blocks away, a tech executive and his wife closed on a deal to become the newest residents in Presidio Terrace, a neighborhood that has played home to families such as the Feinsteins and Pelosis.
Woodrow Levin, founder and CEO of tech software company Extend, and his wife Gretchen purchased the five-bedroom, four-bathroom mansion at 4 Presidio Terrace for $11 million, according to public records. San Diego-based FundLoans Capital provided a $6 million loan as part of the transaction.
The sale means the departure of one of the neighborhood’s most prominent residents: economist and physician David Brailer and his husband Matthew Rhoa. Brailer, CTO at health insurance powerhouse The Cigna Group, formerly served as the country’s first health information technology czar under President George W. Bush. In that role, his work incentivized the adoption of digitized health records.
The trades mark the fourth and fifth home sales over $10 million in the Presidio Heights area this year. Amid the surge of wealth created in the region by the burgeoning artificial intelligence industry, San Francisco has experienced what some have called a mansion shortage, in which millionaires are outstripping the number of desirable properties on the market. The city’s median home price reached $2.2 million this year, an all-time high.
The forthcoming IPOs from AI behemoths Anthropic and OpenAI are expected to create a whole new batch of millionaires and billionaires later this year, further tightening the region’s luxury market.
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