New $35M listing joins San Francisco’s luxury market 

With San Francisco’s biggest listing going into contract last month, the city has a new property in contention for the most-expensive listing title. Located on the Gold Coast of Pacific Heights, 2830 Pacific Avenue is asking $35 million for the six-bedroom, 9,600-square-foot home. The price works out to more than $3,600 per square foot. 

Hennessey Capital Management Founder and President Rajiv Ghatalia has owned the home since 2010, when he bought it for $8.35 million, according to public records. Ghatalia started the San Francisco-based investment firm in 2012, and is a former partner at Goldman Sachs and Warburg Pincus.

Listing agent Max Armour of Compass declined to name the sellers but said via email that they are downsizing to another home in the city now that their children are out of the house. 

The couple began a two-year renovation shortly after their purchase, Armour said, which included a restoration of the 1910 home’s Georgian architecture, including its oak central staircase, as well as a seismic retrofit designed to take into account the home’s original features. Custom millwork, closets and art lighting were added throughout the home, as well as marble bathrooms. It now features a remodeled kitchen with Wolf oven and range and two Miele dishwashers, plus a Sonos sound system and Nest cameras. A later renovation in 2018 involved the complete repointing of the brick facade, and in 2020 Blasen Landscape Design redid the outdoor spaces. 

The Pacific Avenue home is a newcomer to the inventory-starved Northside luxury market, but there are two other listings already on the market that are also asking $35 million. The penthouse at 2006 Washington Street had been listed at $45 million when it came to market in October 2021 but dropped its ask by $10 million at the end of last summer. Bebo and Battery Club co-founders Michael and Xochi Birch listed their 2004-built Gold Coast house for $35 million last fall; it went off the market for the holidays and relisted in late January. 

Echoing other high-end agents, Armour said the spring market is off to an early start in the city, a big change from last year’s lackluster second half.

“Transaction numbers are up. Open house traffic is up. Mortgages are up,” Armour said. “It is a new year, which offers new perspectives. Buyers who have been on the sidelines for the past six months still don’t have a house.”