Former Kimpton CEO and current senior advisor to Shorenstein Realty Service Mike Depatie has sold his Pacific Heights home for just under $10 million, according to property records. The price represents about 35 percent less than what he had asked when it first came to market in 2022.
The sellers were represented by Compass agent Neal Ward, who declined to comment.
The buyer’s agent is unknown but the buyer is Sherman Tran, according to public records. Tran is a doctor who specializes in pain management and is the founder of the Campbell-based Spine and Sports Surgery Center. He is also the general manager of Tranente One, a multifamily and retail owner and manager, according to his LinkedIn. He is currently selling his Los Gatos home for just under $5.8 million.
Depatie, also a founding partner of hospitality investor KHP Capital Partners, and his wife Holly bought 2500 Divisadero, on the corner of Divisadero and Pacific, in 2013 for $8.8 million, according to property records. They spent $2 million on renovations for the 9,000-square-foot home and had thought they might live in the six-bedroom, five full-bath home forever, the couple told the Wall Street Journal when the home first listed for $16 million in April 2022. Instead, they made the move to Napa with their youngest son during the pandemic and decided to live there full time.
Over the last two years, the home underwent several price cuts and was last listed at $12.45 million one year ago. That listing was removed in mid-December and it appears to have sold off market.
Before the Depaties’ two-year renovation, the 1933 home, designed by famed architecture firm Willis Polk and Company, was also chosen as the 1999 Decorator’s Showcase and its top floor was opened up during that time, according to Ward’s listing notes. Another renovation, designed by Andrew Skurman, took place in 2006 and included the addition of radiant heat, a lower-level guest apartment and a new kitchen and dining area.
Those renovations took place while the three-story property was owned by hedge funder and activist investor Jeff Ubben. Before that, it was also the home of the Canadian Consulate until 1994.
The Tudor Revival was built for the Bissinger family, and matriarch Marjorie Walter Bissinger was the co-founder of the city’s Asian Art Museum and a patron of several other arts organizations. On the top floor, she had a stage for her children to perform plays. The audience seating area is now a billiards room with a bar and the stage has been repurposed as a media room.
The Depaties were frequent hosts to notable figures in the arts, tech and politics over their decade in the home. The guest room on the third floor, now set up as a home gym, had played host to Martha Stewart so often that they referred to it as “The Martha Stewart Room,” Holly Depatie told The Robb Report.
Despite the many renovations, some original features remain, including ironwork on the exterior that has symbols of fog and water to represent San Francisco. Hand carved woodwork on the main floor is also original, though the Depaties painted it black rather than the traditional white for an “edgier, sexier feeling,” she said.
Ward’s listing page for the home shows the woodwork both ways: the actual black and a virtually staged white version. There is also a virtually staged option where the private courtyard off the main level with its water feature and fire pit is transformed into turf.
Kimpton Hotels & Restaurants is a hospitality brand acquired by InterContinental Hotels Group, or IHG, for $430 million in 2015. Depatie was CEO of Kimpton at the time.
Read more
Residential
San Francisco
A day in the life of luxury San Francisco home agent Neal Ward
Residential
San Francisco
Largest SF home sale so far this year closes with $24M price tag
Residential
San Francisco
Pacific Heights penthouse sells for $16M, same as 2014 price