SF’s most expensive listing takes a $5.5M markdown

Presidio Heights home owned by billionaire cloud company co-founders drops to $39.5M

Compass' Antoine Crumeyrolle with 3450 Washington Street (Compass)
Compass' Antoine Crumeyrolle with 3450 Washington Street (Compass)

The most expensive listing in San Francisco’s residential market just knocked millions off its $45 million asking price. Now listed at $39.5 million, 3450 Washington Street in Presidio Heights still has the highest ask in the city as luxury agents report “circling” buyers with few offers in the waning days of the year.

Since coming to market in September, the nearly 10,000-square-foot French Normandy-inspired 6-bedroom, 8.5-bath has had more than 15 showings, according to listing agent Antoine Crumeyrolle of Compass. Buyers loved the attention to detail in the down-to-the-studs remodel of the 1929 Albert Farr-designed brick-accented home, he said. It was seismically updated during a 2016 renovation by its sellers, which property records show are billionaire cloud computer co-founders and married couple Mark Armenante and Young Sohn.

Yet even with the updates, the home is still on the market after 60 days, Crumeyrolle conceded. The price reduction “is a sign to let buyers know that the sellers are serious about selling the house sooner than later,” he said.

Armenante and Sohn, who co-founded cloud companies Vlocity and Veeva Systems, bought 3450 Washington Street for $18 million from University of Phoenix founder John Sperling and his son Peter in 2014, according to loan documents and title records. Their 2016 renovation includes a new lower level outfitted with a sauna and steam room, a three-car redwood-paneled garage, and a 3,000-bottle temperature-controlled wine cellar, which hides a secret cigar room behind its mirrored back wall.

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When the home first listed, Crumeyrolle said the couple decided to sell because they have multiple properties and were not using this one.

There are now no homes listed above $40 million in the city, and just three others listed for more than $30 million. At the end of August, a Pac Heights penthouse dropped its asking from $45 million to $35 million and is still on the market at the lower price. Battery Social Club founders Michael and Xochi Birch listed their Billionaire’s Row home with its own English pub for $35 million in October.

In Sea Cliff, a pool home overlooking the ocean came to market in September for the first time in 35 years asking $32 million and remains on the market at that price. Its neighbor, formerly owned by Sharon Stone, was briefly the most expensive listing in the city when it came to market asking $39 million in May. It was removed without a sale at the end of July.

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