Everybody knows it's expensive to live in San Francisco, but the cost of real estate may finally be too high for even its wealthiest residents. Business Insider reports on a mansion in Cow Hollow, a posh neighborhood on the edge of "Billionaire's Row," that's been on the market since 2008—with an asking price that has actually increased from $27.5 million to $29.5 million. The address is 2820 Scott Street, and the 14,360-square-foot Italian-style villa built in the early 1900s has seven bedrooms, 11 bathrooms, a library, a private courtyard, eight marble fireplaces, stunning views of the Golden Gate Bridge and the Palace of Fine Arts, and yes, living quarters for the hired help.
The owners tried to sell the house in an auction in March and started the bidding at $20 million, but no one bit. The Sotheby's International Realty listing shows what you can get with a cool $30 million in San Francisco, but apparently even wealthy locals think $2,000 or so per square foot is too high. (For the record, that would put a 500-square-foot home at $1 million.) Late last year, Forbes called it the priciest listing in the city and noted that it was built for "prominent locals" Eugene and Olive Grace. Its current owners, Ken and Dorothy Paige of Paige Glass, bought it in 2005 and took on a serious restoration, including an overhaul of the wiring, plumbing, and heating systems. Maybe a dozen wealthy families could all go in on this one together, dorm-style. (One-bedrooms in SF are more than $3,000 a month.)
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