San Francisco’s uber exclusive Presidio Heights neighborhood is no stranger to record-contending real estate. In the past five years, over a dozen homes there have sold for more than $10 million — second only to Pacific Heights, according to data reported to SFAR MLS. Indeed, many of its significant private residences rival those found on Billionaires Row in opulence, pedigree and appeal to the world’s one percent. 3450 Washington Street has it all.

The nearly 10,000 square foot single-family home built by noteworthy architect Albert Farr was listed at $45,000,000 when it landed on the market in late September 2022. A sale at that price would make it the city’s most expensive home, surpassing the off-market purchase of 2920 Broadway Street last year. On a dollar-per-square-foot basis, it would be in the extraordinary company of recent sales at One Steuart Lane and in fact set a new high for all residential property types in San Francisco.

This week, however, the asking price of 3450 Washington Street was reduced to $39,500,000, and the probability of it achieving either record was all but eliminated.

Commissioned by Else Guggenhime, widow of fruit packing tycoon David Joseph Guggenhime, the circa 1929 mansion was later owned by infamous strikebreaker John “Blackjack” Jerome and his  second wife Daisy Jerome for almost 50 years. University of Phoenix founder John Sperling and his son Peter purchased the home in 2001. It was then sold in 2014 to its current owners, Mark Armenante and Young Sohn, co-founders of software company Vlocity (acquired by Salesforce in 2020 for $1.33 billion).

Since 3450 Washington Street hosted the 2010 San Francisco Decorator Showcase, it has been “completely reimagined by Handel Architects,” and “renovated ‘down to the studs’ by Matarozzi Pelsinger with the highest level of craftsmanship rarely seen.” Formal reception and entertaining rooms, six ensuite bedrooms, an internationally-inspired kitchen, cigar room, sauna and steam room, library, 3,000-bottle wine cellar, an auto gallery, and elevator serving all four floors are but a few of the estate’s superlative amenities. Needless to say, no expense was spared on finishes and fixtures throughout.

Deep-pocketed buyers looking for a trophy single-family property in San Francisco today have options, and 3450 Washington Street is the most expensive one. If it can land a full-priced offer, it could still secure its spot among the city’s top three sales of all time. It may also be the top sale of 2022 if a buyer acts fast. But the longer this property sits on the market, the more pressure to accept a lower offer its seller will face.

Case in point, three nearby single-family homes initially seeking close to $30 million recently sold after each spent more than a year courting prospective buyers. Every one of them traded at more than $10 million below their first list price. Should a similar scenario shape up for 3450 Washington Street, it could well be looking at a purchase price closer half of the $39,500,000 it’s chasing today.