A decomposing 122-year-old Victorian home has been sold as the “worst house in the best building” in San Francisco for nearly $2 million — a remarkable price the realtor said was the result of a bid at an auction.
A $1.97 million cash offer for a 2,158-square-foot (200-square-meter) developer was completed in the Noe Valley neighborhood last week. On the Zillow Gone Wild social media page, some commenters marveled at the price while others questioned the value of a home with wood windows, peeling paint, and an unstable foundation.
One commenter joked: “It’s actually a parking space. No wonder it sold for nearly 2 million!”
Todd Wiley, who represented the seller, said the property sold for hundreds of thousands of dollars higher than other similar lofts in the area as a result of the complex sentry sale.
Wiley said a judge approved the sale of the home after placing its elderly owner under guardianship. The man’s family, concerned about the way he lives, hired a licensed agent to handle the sale while paying the proceeds for his ongoing care, according to Wiley.
The house initially received the highest bid of about $1.4 million, and a trustee judge approved the offer, leading to a roughly seven-week process whereby the house remained on the real estate market, generating huge interest.
At the auction, a probate judge limited the bid to increments of $10,000.
“That kept things low and kept five to six bidders in the game,” Wiley said. In the end, two people said, “It was that auction environment that drove him to go where he was.”
They really wanted it but the data point didn’t support this sale. He said.