A high-profile transaction has taken place on San Francisco's luxe Billionaires' Row, marking the first sale of a tightly held property since its construction. Closed CI Investments LLC, based in West Hollywood, is the new owner of a 10,200-square-foot mansion at 2990 Broadway, which sold for $26.5 million on Tuesday after being listed for $38 million in June 2024. According to The Real Deal, the sale price eventually decreased, reflecting a cooling in demand from a red-hot market.
The mansion, known as the Jewett House, was built in 1987 by the late philanthropist Fritz and Lucy Jewett. With a lineage tracing back to the Weyerhaeuser lumber fortune, the property has entertained notable figures such as former President George H.W. Bush and Prince Philip. Compass agent Pete Rodway represented the buyers, although specifics about them have been withheld due to a non-disclosure agreement. However, Rodway did note to The Real Deal a "huge amount of confidence in the continued resilience of the higher-end residential market," suggesting renewed buyer activity in the tech sector and adjacent industries.
This grand home stands as the last on Outer Broadway before the Presidio and is lauded for its panoramic views of the Golden Gate Bridge, the Marin Headlands, and Alcatraz. A listing on Zillow highlights the allure of the property, which includes a full-service bar, library, butler's pantry, a seven-car garage, and manicured gardens. This architectural piece by Sandy Walker represented a connoisseur's collection of stately residences on the north side of Broadway.
The tides of San Francisco's property market have seen record-breaking sales in recent years, with Laurene Powell Jobs purchasing a mansion at 2840 Broadway for $71 million in July. The Jewett House's sale doesn't approach these heights, but it does signal a dynamic start for luxury properties in the city. According to city records cited by The Real Deal, this year saw an off-market purchase using an LLC for an 8,300-square-foot home at 260 Sea Cliff Avenue, sealing the deal at $30 million. Despite this high-roller activity, the market has seen a fair amount of price slashing, as this recent sale underscores, a change from just a few months prior when properties were vanishing quickly, sometimes with multiple offers.
