George Shultz penthouses set record for SF condo sale
Two Russian Hills units sell for $29M
A pair of Russian Hill penthouses owned by former Secretary of State George Shultz and his socialite wife Charlotte Mailliard Shultz closed in an all-cash deal at their combined asking price of $29 million this week.
As TRD suspected, the two condos in the Joseph Eichler-designed Summit highrise at 999 Green Street sold to a single buyer, listing agent Karen Mendelsohn Gould confirmed, making the combined sale the biggest condo deal in San Francisco history and by far the biggest residential deal in San Francisco so far this year.
Most buyers looking at the property were primarily interested in the views, space and location, said Gould, who co-listed with fellow Compass agent Max Armour. The units’ notable former owners, who died last year, “was like the special rose on the top of the cake — or the cherry on top of the sundae — it’s exceptional without, but that is just what makes it go over,” she said via email.
For the winning buyers, who outbid two other offers, the home’s history was a major selling point, according to their agent Gregg Lynn of Sotheby’s International Realty.
“It was a huge determinant,” he said. “They loved the story of who lived there, the events, the powerful fundraising that went on there. When you’re in there, you can feel the power and the energy of the last 35 years,” he said.
Even at the record-high price, the buyers — who Lynn could not disclose, but who he described as “empty nesters” from out of town looking to spend more time in San Francisco — felt like they got a deal, he said. He represented the St. Regis penthouse that had held the condo sales record since 2011 at $28 million and said a few years ago the Shultz’s penthouses would have gotten 10 offers, not just three.
“My clients recognized that there are less buyers out there today,” he said. “Everybody’s out of town, and the Nasdaq is down.”
The properties were listed separately at the end of May at $17 million, or more than $3,100 per square foot, for the over-5,000-square-foot, three-bedroom, 4.5-bath north penthouse and $12 million, or nearly $2,500 a square foot, for the 4,900-square-foot three-bedroom, four-bath south unit. The couple used the larger penthouse as their main residence, while the south penthouse, with its large wraparound terrace, was a guest quarters and entertaining space. The units are each on two levels on the top of the approximately 25-story building, and cannot be easily combined because their layouts don’t align.
Lynn said combining the two units isn’t impossible and that his buyers will be exploring all the options as they get settled into their new home, one of several that they own.
“They live in other places, but they’re going to step up their lives here,” he said.
Even as the market slows, Lynn said the deal is a big indicator that San Francisco is still an attractive place to live, even for those who can afford to live anywhere.
“Chalk one up for San Francisco’s future,” he said. “This is a very very good, needed sign about San Francisco real estate.”