Lurie family estate sells for $28.5m in San Francisco

A San Francisco mansion sold for $28.5 million this month, setting a new record for the city.

The eight-bedroom property in the Presidio Wall neighborhood was listed at $18.5 million on October 2. It closed on October 22 for a price $10 million higher than the asking amount. The home sits on Cherry Street and was built in 1966.

Architectural firm Whisler-Patri designed the house. SF Gate previously described the firm as one of San Francisco’s most active architectural offices. The property features a large footprint for the city, including a private garden and a three-car garage.

The Janice R Lurie Trust and Robert A Lurie Trust sold the home. The San Francisco Business Times reported that the property had remained in one family for more than 40 years. Robert Lurie previously owned the San Francisco Giants baseball team.

The sale reflects rising costs linked to the artificial intelligence industry. High salaries in the sector have pushed housing prices up, making it difficult for even high earners to find homes. The San Francisco Chronicle reported that competition has intensified at the top of the market. Compass data shows that more than 140 homes sold for $1 million or more over their asking price in the first six months of the year. That number was eight in the same period a year earlier. In September, nearly 92% of single-family homes sold above their asking price.