Auction Pulls In $13.6 Million for S.F.’s Priciest Vacant Lot
The priciest vacant lot in San Francisco, a weedy acre with a Pacific Heights address and a view of the Golden Gate, had a new owner Tuesday.
The winner of a high-stakes real estate auction was developer Mitch Menaged, who paid $13.65 million for the 1.1-acre former school site sitting within a block of the homes of the most famous names in San Francisco, including Getty.
“It’s probably the single remaining best site in one of the best cities in the world,” Menaged said. “The views, the location and the neighborhood are just spectacular.”
Menaged owns Historic San Francisco Homes, which has developed about 100 upscale homes in the area, valued at $1 million to $6 million.
He said he has no buyers or specific development project, although he is considering building mansions on one side of the lot and condominiums on the other side.
Menaged was one of 10 registered bidders who reportedly included agents for actors Don Johnson and Nicolas Cage and next-door neighbor Larry Ellison, chief executive officer of software giant Oracle Corp.
Until a decade ago, the L-shaped property was the site of Grant Elementary School, which U.S. Sen. Dianne Feinstein (D-Calif.) once attended.
Since the school was torn down, the San Francisco Unified School District had held on to the site, paying an annual $10,000 “unused site fee” to the state, until officials decided the market was ripe.
Lucian Blazej, head of facilities and planning for the school district, said the money will go to the renovation of other buildings.
“All of you who have seen this property know it’s a one-of-a-kind on this planet,” Blazej told bidders before the auction began. “And your bidding and your dollars will go to the benefit of the school district.”
Menaged said he has had his eye on the property since the school was torn down.
“I’ve been circling this property for 10 years,” he said. “This has always been the crown jewel of San Francisco real estate . . . always, forever, and it will remain that.”
