Cherry Street mansion sells for $28.5 million, shattering San Francisco records

San Francisco residents face a sharp increase in housing costs as an eight-bedroom mansion on Cherry Street sold for $28.5 million this month. The final price exceeded the original $18.5 million list price by $10 million, setting a new record for the city. The home is located in the Presidio Wall neighborhood and includes a private garden and a three-car garage.

The property was built in 1966 with a design from Whisler-Patri, a firm that SF Gate described as one of San Francisco’s most active architectural offices. The Cherry Street estate had remained in one family for more than 40 years. The San Francisco Business Times reported that the Janice R Lurie Trust and Robert A Lurie Trust handled the sale. Robert Lurie previously owned the San Francisco Giants.

The listing went live on 2 October and closed on 22 October. The sale aligns with a wider trend where the artificial intelligence boom drives up real estate prices. High-paid employees in the sector have pushed costs so high that the Guardian reported it remains difficult for those with six-figure incomes to find housing.

Competition at the upper end of the market has intensified according to data from Compass cited by the San Francisco Chronicle. In the first six months of 2026, more than 140 homes sold for $1 million or more above the asking price. A year earlier, that figure was eight. The Chronicle noted that almost 92% of single-family homes sold above asking in September.

The record sale underscores the pressure on the local housing market. Buyers are competing aggressively for limited inventory in sought-after neighborhoods. The $10 million premium paid for the Cherry Street home illustrates the gap between listed prices and final closing values in the current climate.