Downtown San Francisco Penthouse Sells for $28 Million

At one time property had been valued at $70 million.

By Sajid Farooq
|  Monday, Dec 19, 2011  |  Updated 10:17 AM PDT
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Bank-Owned $35 Million SF Penthouse Sells

188 Minna St. was at one time reported to be the most expensive bank-owned residential property in the country at $35 million.

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The most expensive bank-owned residential property in the U.S. has sold for $28 million.

Real Estate site Socketsite first reported that the two-story penthouse at 188 Minna St. in San Francisco had a buyer last week.

At $35 million, the property was believed to be the most expensive bank-owned residential property in the country and if the final sale price was within $2 million of the asking price, it would be the most expensive residential condo transaction in San Francisco history.

Monday Socketsite reported that the property above the St. Regis sold for $28 million.

The home was initially listed for for $70 million in 2008 and the last asking price was $49 million. It was eventually deeded back to Bank of America in lieu of foreclosure.

Few details are emerging on who the buyer is because of non-disclosure contracts but Socketsite is quick to kill any rumor of Zynga CEO Mark Pincus -- who has two San Francisco homes on sale and whose IPO is going public Friday -- being the buyer.

The 20,000-square-foot home has 2,900-square-feet of terraces with panoramic views of the City and the Bay Area.

It has six-bedrooms, seven full bathrooms and four powder rooms. The master suite is 2,500-square-feet by itself and it has a fireplace, a gym with a sauna, a steam room and a powder room.

The rest of the home features a movie theater, an executive office suite and conference room, two laundry rooms, a game room and a two-story library.

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