Seller Lops $6M Off Price of House on SF’s Billionaires’ Row

The family of the late philanthropists Fritz and Lucy Jewett has lopped $6 million off the price of a 10,200-square-foot mansion on San Francisco’s Billionaires’ Row. The new ask: $32 million.

Their son, George Jewett, has cut the price of the landmark mansion at the top of the famed Lyon Street Steps at 2990 Broadway in Pacific Heights, next to the Presidio, the San Francisco Business Times reported. It once was the priciest home listing in town.

Listing agents Joe Lucier and Stacey Caen of Sotheby’s International Realty said the haircut was a tactical response to the “confidence” of wealthy buyers within the city’s luxury market.

“The reasoning around that is that two recent sales on Broadway over the past couple of months have really framed what the current market is, and we’ve reduced into that framework to sell this house,” Lucier told the Business Times.

Jewitt listed his parents’ home in June for $38 million, the most expensive home then listed in San Francisco.

In July, Laurene Powell Jobs closed on a 17300-square-foot mansion at 2840 Broadway for $71 million, a city record.

In August, Stone Real Estate Holdings bought a mansion a half block away with a basement British pub at 2799 Broadway for $29.15 million. Sources said the buyer behind the LLC was Greg Peters, co-CEO of Netflix, who last month sold 4,392 shares at $725 per share.

The Jewitts, heirs to the Weyerhaeuser lumber fortune, built the four-bedroom, 10-bathroom estate in 1987, where they hosted such guests as Nancy Pelosi, former President George H.W. Bush and Britain’s Prince Philip.

The last house on Outer Broadway, designed by Sandy Walker, has sweeping views of the Golden Gate Bridge, Marin Headlands and Alcatraz. It’s on the market following the death of Lucy Jewett last year at age 94. Her husband Fritz died in 2008.

George Jewett III took over ownership of the 0.2-acre property in 2010, according to property records.

The white, four-story mansion with curved bay windows has a grand entryway with a dramatic winding staircase, solarium, a full-service bar and a seven-car garage. There are numerous living rooms with 13-foot ceilings.

An outdoor balcony runs the width of the house, which has a gym and spa.

The listing marks the first time since the home was built that it hit the open market.

“The seller is a very astute real estate observer and he’s positioning the property for a fall market sale,” Lucier told the Business Times.

— Dana Bartholomew