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Presenting America's Most Expensive Repossessed Property

Tyler Durden's picture


When one hears of foreclosed real estate or its sibling REO (real estate owned) aka repossessed property, typically visions of dilapidated shacks in Detroit, Las Vegas, or the Inland Empire come to mind. And with the average foreclosed home selling at $182,489 according to RealtyTrac, this is understandable. However, such a vision would be wildly incorrect when talking about the property located at 188 Minna St., in San Francisco, which just happens to be America's most expensive bank-owned home. As MSNBC reports, the property in question is quite unlike any other REO out there: because "there's the waterfall in the foyer. And the 2,500-square-foot master bedroom with a hallway just for closets. And the 22-foot glass walls that look out on San Francisco's Arts District." And while we don't know who the original owner is who happens to have walked away on this mortgage, we know which bank got stuck with it. Who else, but Bank of America. Luckily for the bank which recently tested a 4 handle stock price, this property won't be stuck on its books generating zero cash. "According to San Francisco real estate blog, lender Bank of America, which picked up the deed to the 20,000-square-foot penthouse in lieu of foreclosure back in July, just sold the condo. Listed at $35 million, 188 Minna St. was purchased for an eye-popping $28 million, making it the most expensive residential sale in the city's history." To be sure, whoever bought the REO from BAC likely got a good deal on it: "the bank's asking price is half of what the original owner, developer Victor MacFarlane, was seeking for the unit back in 2008, although he did slash the price to $49 million the following year." Which also means that Bank of America was likely largely was underwater on the "half off" sale, which also means a huge writedown on the paper value of the apartment. And one wonders why Bank of America trades at fractions of its book value.

Some more on the property:

Perched atop the St. Regis luxury residential tower, this six-bedroom, seven-bath (plus four half-baths) palace is practically a private hotel: There's a full gym with a sauna and steam room, 13-seat movie theater, 2,900 square feet of terrace space and parking for six cars.


There are no details on the buyer yet, but here's one parting thought: If the real estate agents involved earned a standard 6 percent commission on this deal, they'll pocket $2.1 million.

And for those curious to see just what a $28 million REO gets them, here are the pictures:


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Thu, 12/22/2011 - 19:38 | 2005769 Squishi
Squishi's picture

Oh Yeah! 

Thu, 12/22/2011 - 19:54 | 2005824 bank guy in Brussels
bank guy in Brussels's picture

Clear title, or robosigned legal limbo title subject to clawback?

Thu, 12/22/2011 - 20:04 | 2005849 Troll Magnet
Troll Magnet's picture

personally, i would never buy any real estate in san francisco.  


fuck that.

Thu, 12/22/2011 - 20:32 | 2005922 alphabrew
alphabrew's picture

Rehypothecate that shit, bitchez

Thu, 12/22/2011 - 20:53 | 2005964 Manthong
Manthong's picture


LOL.. First thing I thought of was a lot of broken pottery and statuary.

..and where's the range?

Thu, 12/22/2011 - 21:30 | 2006039 nmewn
nmewn's picture

lol...its got to be one of the ugliest buildings (inside & out) I've ever seen.

The architect, interior designer and money man must have been high on crack when they put this one together.

Thu, 12/22/2011 - 22:23 | 2006150 tom a taxpayer
tom a taxpayer's picture

Yes, more like a business office than a home to live in.

Fri, 12/23/2011 - 00:08 | 2006371 ClassicalLib17
ClassicalLib17's picture

Yeah,  booty crack.  Whenever you're talking designers, they're always gay, and their designs are always "cutting edge"   Those cocksuckers know how to waste more of the customers money than even the architect.  We had a customer once who just had to tell us that she and her designer were taking a late morning flight to New York to shop for bath towels.  You can't hardly make this stuff up.   

Thu, 12/22/2011 - 21:33 | 2006040 Pegasus Muse
Pegasus Muse's picture

What's with all these upscale apartments with the stark Post Modern Industrial look?  This place has the warmth and charm of an shopping mall.  Has some nice views though.  Too bad SF only gets 20 clear days per year.    

Thu, 12/22/2011 - 21:45 | 2006072 Max Fischer
Max Fischer's picture



Victor MacFarlane purchased the property (as an empty shell) in 2005 for $30M, and then did a multi-year, multi-million $$ renovation on it.  The $70M and $50M offering prices were just pie-in-the-sky attempts to make millions on the property after it had been refurbished.  In the end, not only did BAC not lose a dime, they made huge profits on the interest that was paid over 6 years.  MacFarlane lost his original down payment, interest paid, and any renovation costs that exceeded $5M, which probably wasnt' much. 

Max Fischer, Civis Mundi 



Thu, 12/22/2011 - 22:00 | 2006105 nmewn
nmewn's picture

I guess that explains the white paint with skid marks of color here &

Fri, 12/23/2011 - 01:58 | 2006528 caconhma
caconhma's picture

Somebody paid just $28 million.

Big deal if it were somebody else stolen money. Just look at Jon Corzine and his associates who got to spend more than $1,200,000,000  of MF Global customers stolen money.


Thu, 12/22/2011 - 21:20 | 2006024 economics1996
economics1996's picture

Civil war.

Thu, 12/22/2011 - 23:02 | 2006230 e2thex
e2thex's picture

Math is dead.

At $1000/foot and that's about as far maxed out as you can get it without literally having solid lapis lazuli sinks and solid gold faucets, we're talkin' $20 million.  Where's the other fucking $15 million? That's a lot  for location.  It ain't Central Park.

There has too be an architect or builder here that wants to comment on this RIP.

Thu, 12/22/2011 - 20:02 | 2005842 MiguelitoRaton
MiguelitoRaton's picture

Owner probably repurchased it from BAC at a discount.

Thu, 12/22/2011 - 19:38 | 2005770 HelluvaEngineer
HelluvaEngineer's picture

Sorry. My backyard with a tractor parked in it is way cooler.

Thu, 12/22/2011 - 19:46 | 2005793 Waffen
Waffen's picture

indeed, how would somone owning these feed thesmelves?

fuckign waste of money

Thu, 12/22/2011 - 19:50 | 2005809 spiral_eyes
spiral_eyes's picture

A soft landing for America 40 years from now?  Don’t bet on it.  The demise of the United States as the global superpower could come far more quickly than anyone imagines.  If Washington is dreaming of 2040 or 2050 as the end of the American Century, a more realistic assessment of domestic and global trends suggests that in 2025, just 15 years from now, it could all be over except for the shouting.

Thu, 12/22/2011 - 19:54 | 2005822 HelluvaEngineer
HelluvaEngineer's picture

40 years?  15 years?  What the fuck are you smoking?

Thu, 12/22/2011 - 20:01 | 2005839 Long-John-Silver
Long-John-Silver's picture

Next year sometime is more like it.

Thu, 12/22/2011 - 21:22 | 2006027 economics1996
economics1996's picture

At best, 2018.  The facade will come down in 2013.

Thu, 12/22/2011 - 20:15 | 2005869 Hugh G Rection
Hugh G Rection's picture

What was the mortgage payment? $200K?

fucking waste of money indeed!

Thu, 12/22/2011 - 23:17 | 2006268 Mesquite
Mesquite's picture

When I first saw the headline for this thread...Was thinking might be talking about The White House.!!

Anyway ZHrs, be safe n have a good holliday all..!!

Fri, 12/23/2011 - 04:02 | 2006584 tion
tion's picture

How do they feed themselves? They don't actually have to.  Call for room service from Vitrine.  Voila.  Been out of town for awhile and you don't want to come home to an empty fridge?  Call the concierge and ask them to have someone fill it for you. Voila. 

And if shit really hits the fan, I'm sure that anyone who could afford that penthouse can also afford a staffed farm in Chili or New Zealand or some other amazing place.

These folks live in a different sort of world.  The St. Regis is really nice, I'm not sure why people feel the need to hate on it.  Hell, I wouldn't mind living there if I could lol. 

Thu, 12/22/2011 - 21:17 | 2006017 Whoa Dammit
Whoa Dammit's picture

That place is butt ugly! I wouldn't pay two cents to live there. It would be like living in a frickin' office building.

Thu, 12/22/2011 - 19:41 | 2005776 holdbuysell
holdbuysell's picture

Sheezus. Just bring your toothbrush and move right in.

Thu, 12/22/2011 - 19:42 | 2005779 jcaz
jcaz's picture

Wow, only a 40% haircut?  BAC got off cheap on this one......

Thu, 12/22/2011 - 19:48 | 2005797 whoopsing
whoopsing's picture

It's nice ,but not 28 big nice. 49?  Pffff

Thu, 12/22/2011 - 22:07 | 2006119 FifthSense
FifthSense's picture

That's a good point; Room for a lot of people and probably looks much bigger in the pictures (They always do). But when you're expecting a a nice 49 it better be something out of the ordinary.

Thu, 12/22/2011 - 22:45 | 2006198 whoopsing
whoopsing's picture

But in a sense it is extraordinary,just think how levered up the original note was ?

Thu, 12/22/2011 - 19:49 | 2005802 Sudden Debt
Sudden Debt's picture

To bad I don't have 6 cars or otherwise I would have bought it.
If they took a cheque...
From a bank in Zimbabwe...
And in Zimbabwe dollars....

Thu, 12/22/2011 - 19:51 | 2005803 Sudden Debt
Sudden Debt's picture

And no Helipad?!?

What is this? The 17th century?!?!

Thu, 12/22/2011 - 19:57 | 2005829 Long-John-Silver
Long-John-Silver's picture

At one time I had more than 6 vehicles. I was a collector of Air cooled Volkswagen vehicles. I bought, sold, and traded them continuously for years. Then VW quit producing them and then for some stupid reason they became collectable for a few years. When the price for parts quadrupled overnight the fun was over. I sold my collection, parts, and tools when prices had peaked a couple of years into that idiocy.

Thu, 12/22/2011 - 20:55 | 2005972 UP Forester
UP Forester's picture

Kind of hard to find a place up here with less than 6 vehicles.

Of course, only two are daily drivers (usually 10-15 years old), a plow truck, a couple of parts cars, that one you've been "meaning to fix for a while," and one or two that are parked for a friend/relative "temporarily" for a couple of years....

Thu, 12/22/2011 - 21:18 | 2006019 whoopsing
whoopsing's picture

Maine ?

Fri, 12/23/2011 - 04:11 | 2006588 tion
tion's picture

Hmm I wonder what fraction of a percent of the U.S. population knows where the UP is...I was just considering this earlier today while conversing with someone about growing money on trees.. :)

Fri, 12/23/2011 - 04:15 | 2006590 UP Forester
UP Forester's picture

My avatar isn't quite a dead giveaway, as it's left off of a lot of maps, eh?

Thu, 12/22/2011 - 19:50 | 2005808 Long-John-Silver
Long-John-Silver's picture

Mr. Ponzi will feel right at home in his new digs. I'm sure the prior Mr. Ponzi was greatly saddened when he had to move out.

Thu, 12/22/2011 - 19:51 | 2005810 Dapper Dan
Dapper Dan's picture

This slide show will work for me, I am getting tired of explaining to people all the reasons why America is in trouble and that they should prepare for the worst.

Now I just have to show them this.

Thu, 12/22/2011 - 19:51 | 2005812 Alex Kintner
Alex Kintner's picture

A flippin' dream house fer shure.

Thu, 12/22/2011 - 19:54 | 2005820 doomandbloom
doomandbloom's picture

no swimming pool?

Thu, 12/22/2011 - 19:59 | 2005835 Long-John-Silver
Long-John-Silver's picture

Each full bath has one.

Thu, 12/22/2011 - 19:54 | 2005823 hamstercheese
hamstercheese's picture

All I see here is a bunch of man made stuff.  Stuff. No people, experiences or nature, just stuff. So what.

Thu, 12/22/2011 - 19:58 | 2005827 DormRoom
DormRoom's picture

looks great.

Thu, 12/22/2011 - 19:59 | 2005836 sangell
sangell's picture

Victor Macfarlane was CAlPERS real estate advisor and was responsible for some huge losses including this turkey.


Thu, 12/22/2011 - 20:14 | 2005867 tahoebumsmith
tahoebumsmith's picture

Definitely CALPERS jingle mail... So whats a 15 million dollar loss when your already in the hole about 3 TRILLION? LOL Cali is toast.

Thu, 12/22/2011 - 20:04 | 2005850 Racer
Racer's picture

UGH that is pretty naff for all that dosh!!!!

Thu, 12/22/2011 - 20:05 | 2005851 lolmao500
lolmao500's picture

Yeah but does it protects you against nuclear attack and zombies? Can you grow your own food? Can you hunt?

Didn't think so.

Thu, 12/22/2011 - 20:21 | 2005887 Eally Ucked
Eally Ucked's picture

Why not? Hydroponics, and you can populate your bedrooms with midget pigs. Zombies? First they have to get on the top of the building, somebody will be victim before you. Do you have nuclear shelter on your property?

Thu, 12/22/2011 - 20:59 | 2005987 UP Forester
UP Forester's picture

Doesn't everyone have a root cellar?

Thu, 12/22/2011 - 20:09 | 2005858 walcott
walcott's picture

the whole my house is a freaking museum space concept bitchez is history.

Thu, 12/22/2011 - 20:11 | 2005860 Zero Govt
Zero Govt's picture

It's in San Fransico it Nancy Peloski-Trotskis house?

probably no Executive Bonus from her failure on the Super Committee and couldn't keep up the mortgage payments

Nancy must be sobbing tears into the leather seats of her taxpayer DC-SanFran commuter Lear Jet

Thu, 12/22/2011 - 20:52 | 2005963 slewie the pi-rat
slewie the pi-rat's picture

here's a map of her district California’s 8th Congressional District & Map (CA-8) -

nancy>congo>since 1987!  as former House Speaker, she is the highest "ranking" woman in the history of US politics

wouldn't it be ironic if when TSHTF the motto of the forces for change becomes:  "we've got to do something!"

Thu, 12/22/2011 - 20:10 | 2005861 tahoebumsmith
tahoebumsmith's picture

And when the big one hits the Bay area and all that glass comes crashing down on you, I guess the 28 million dollars you paid really won't matter much... will it?

Thu, 12/22/2011 - 20:12 | 2005863 lizzy36
lizzy36's picture


Enough room so you never have to see or speak to the loved ones you are living with. Including the 2500 square-foot master bedroom. 

Actually maybe perfect for whatever russian oligarch (pure speculation on my part) bought it. He can install his whole family + mistress under one roof.

Thu, 12/22/2011 - 21:05 | 2006000 slewie the pi-rat
slewie the pi-rat's picture

at first i thought they had to go w/ a panoramic photo approach to get the whole shower in! [2nd from last]

...then i realized those were some exceptionally clean shower doors...

Thu, 12/22/2011 - 22:13 | 2006129 Ned Zeppelin
Ned Zeppelin's picture

For all its apparent slendor, it looks . . . boring. Where's the yard to play catch wth the kids, or the dog?

Thu, 12/22/2011 - 20:18 | 2005865 walcott
walcott's picture

frame #11

That piece of crap xxx carved granite. It looks old so it must be valuable .

xxx translation 666 again. 

Or the stupid 6's in the gameroom. The 666 bullshit is way over the top now.

Thu, 12/22/2011 - 21:42 | 2006060 Joseph Jones
Joseph Jones's picture

Especially considering the real meaning of "666" in the Scriptures.  In 1st AD Arabic spell the name "Nero Ceasar", the Roman Ceasar of that era when John the beloved apostle of Christ wrote Revelation (dated about 65AD).  Asign numbers to each letter, add the numbers and the sum total = "666".  1st believers could not toss Nero's name around freely due to the obvious risks of being members of a group that could not and would not agree with Nero's self-proclaimed deification. 

Also of possible interest to Bible students: many in the 1st C wrongly thought Nero died by a stab wound in battle.  Later news announced that Nero's wounds healed and he survived (unfortunately for 1st C believers).  John in Revelation mentions "...he who was stung and was dead but is raised to life..." (or similar), perfectly natural poetic/metaphorical language for 1st C Greek to describe Nero.  

More ironic than the misuse/abuse/silliness of "666" as described above is the simple fact that all Scripture is fulfilled, meaning Jesus already came back (spiritually) in 70AD when Rome destroyed the Temple.  There is no "end of time" in Scripture, but certainly is "the time of the end" which is the end of the Mosaic/Levitical era and ushering in of a "better covenant" of grace through Christ.  

OT prophecy such as Malachi and the extra-biblical War Of The Jews (Jews wrongly translatted, the word Jew did not exist till 1775AD, should be "Hebrews" or "Israelites") by the Hebrew Josephus perfectly aligns with the Revelation (not Revelations plural) story of God's final judgement against physical Israel (the people).       

Thu, 12/22/2011 - 22:14 | 2006132 Ned Zeppelin
Ned Zeppelin's picture

Ohhhhhh  Kaaaaaaay (backing away slowly)

Fri, 12/23/2011 - 00:37 | 2006435 Bolweevil
Bolweevil's picture

at least JJ presented an argument. Walcott is latching on to the crazy train. Did you see the sixes?

Thu, 12/22/2011 - 20:19 | 2005882 Freewheelin Franklin
Freewheelin Franklin's picture

Pier Shops at Caesars. $135 million dumped on BAC by Taubman. Assessed at about $50 million. I think Bank One purchased it from BAC.


Or are we only talking residential here?

Thu, 12/22/2011 - 20:19 | 2005883 SemperFord
SemperFord's picture

No matter what anybody says that pad would get you laid like crazy!

Thu, 12/22/2011 - 20:23 | 2005892 slewie the pi-rat
slewie the pi-rat's picture

in the top picture, you see a beautiful norCal sunset and to the right of the building, a kind of purple smog;  i think that is san jose...  L0L!!!

in about the 8th photo, we have the the divan & chairs w/ the nice tall library-like wooden wall on the right and--are those clay and ceramic pots up there?  that invokes the popular local respose: "i wouldn't want to be sitiing there when the big one hits"

Thu, 12/22/2011 - 21:20 | 2006014 Joseph Jones
Joseph Jones's picture

Best I can tell the background may be modified.  If I'm correct, to the right is N and the background view is W toward Twin Peaks, the Pacific Ocean unseen beyond that about 6 miles distance.   

Thu, 12/22/2011 - 20:35 | 2005933 Great Depressio...
Great Depression Trader's picture

I love this site!

Thu, 12/22/2011 - 20:47 | 2005953 wisefool
wisefool's picture

Donald "mainstream" Trump vs. Ron "racist" Paul.

Wake the fuck up fox news! even you have a purpose!

Thu, 12/22/2011 - 21:00 | 2005980 Joseph Jones
Joseph Jones's picture

Location is same as Old Fire Station 1, closed and relocated only 15 years ago...what a relic that thing was. even 35 years ago!  Lotso bag ladies and self-medicating schizos back in the day at that corner!  Bless em all.

Engine 1 regularly the busiest US Engine company, 30+ runs per day, the proverbial zoo.   

Thu, 12/22/2011 - 21:36 | 2006052 Bunga Bunga
Bunga Bunga's picture

I would like to fart into all of the sofas there.

Thu, 12/22/2011 - 23:21 | 2006279 ucsbcanuck
ucsbcanuck's picture

With your username - wouldn't this be a great place for one of your soirees?

Thu, 12/22/2011 - 23:22 | 2006282 ucsbcanuck
ucsbcanuck's picture

With your username - wouldn't this be a great place for one of your soirees?

Thu, 12/22/2011 - 21:37 | 2006053 haskelslocal
haskelslocal's picture

Looks like an Orbitz hotel add, rating 4.8.

Thu, 12/22/2011 - 21:46 | 2006081 wisefool
wisefool's picture

can we get a convoy together with marching bands in the back?

"Id fight shatner"

Pelosi (the husband) vs. Boehner in a proxy IRS (idiots with guns) war might decide what her hymen was for.

-Sent from my Ipad.

Thu, 12/22/2011 - 22:06 | 2006117 chump666
chump666's picture

hmmm the Obama crack up boom wealth bubble is about to go.  That means US data will be sh*t there after...yes 2012 horror show begins

Thu, 12/22/2011 - 22:38 | 2006176 jack stephan
jack stephan's picture

Everyone can hate it, HELL, I'LL TAKE IT.

I'm tacky, screw it, marble bathrooms with a view.  Not bad.

Of course I'll never pay though. 

For some reason I got a picture of a young joan collins sipping champagne on the sofa....and her sister.  Too much dynasty I guess when I was young.

Thu, 12/22/2011 - 22:51 | 2006213 Payne
Payne's picture

The property sold in 2005 for $22,768,500 to Jordonna Ferreira-Macfarlane mortgage was $17,500,000.  Still showing on title as owned by Jordonna with a mortgage held by B of A. The assessed value is $6,000,000 for tax purposes.



Thu, 12/22/2011 - 22:51 | 2006214 Payne
Payne's picture

The property sold in 2005 for $22,768,500 to Jordonna Ferreira-Macfarlane mortgage was $17,500,000.  Still showing on title as owned by Jordonna with a mortgage held by B of A. The assessed value is $6,000,000 for tax purposes.



Thu, 12/22/2011 - 22:55 | 2006222 Fix It Again Timmy
Fix It Again Timmy's picture

Just think, in 2006, a migrant strawberry picker could have taken out a mortgage on this....

Thu, 12/22/2011 - 22:56 | 2006224 Payne
Payne's picture

property has never had a posted NOD in CA or a Trustee sale.  Can you say deed in lieu.  I was wrong the assessed value in total is $12M.  The banks like to keep losses like this secret.

Thu, 12/22/2011 - 22:56 | 2006225 Payne
Payne's picture

property has never had a posted NOD in CA or a Trustee sale.  Can you say deed in lieu.  I was wrong the assessed value in total is $12M.  The banks like to keep losses like this secret.

Thu, 12/22/2011 - 23:09 | 2006249 navy62802
navy62802's picture

Real estate agents. Now there's a scam if I ever saw one. Didn't have to do anything to sell properties while the bubble was inflating. And now, they can sell nothing while the bubble is deflating ... while using their "credentials" from the inflating period to justify their continued employment. Meanwhile, they still require 3% of the sales price as comission. I guess when homes are on the market for $0.00 and still not selling, they'll eventually find a new profession.

Thu, 12/22/2011 - 23:26 | 2006290 ucsbcanuck
ucsbcanuck's picture

"Which also means that Bank of America was likely largely was underwater on the "half off" sale, which also means a huge writedown on the paper value of the apartment. And one wonders why Bank of America trades at fractions of its book value."

How many more like this? One can only imagine. That's why there is a concerted effort to keep BAC > $5 - that way the spotlight isn't turned on BAC.

Thu, 12/22/2011 - 23:28 | 2006299 Yes_Questions
Yes_Questions's picture


At 9th photo down..


Aaaaaand scene:

Lou Mannheim: Bud... Bud I like you. Just remember something. Man looks in the abyss, there's nothing staring back at him. At that moment man finds his character. And that is what keeps him out of the abyss.
Bud Fox: I think I understand.



Fri, 12/23/2011 - 00:55 | 2006466 ucsbcanuck
ucsbcanuck's picture

The sequel was such a let down -  talk about Michael Douglas destroying his reputation.

Fri, 12/23/2011 - 00:30 | 2006421 PulauHantu29
PulauHantu29's picture

"Just Walk Away" is very trendy now and makes exellent business sense in many cases.

Fri, 12/23/2011 - 09:36 | 2006798 ucsbcanuck
ucsbcanuck's picture

Agreed, GhostIsland29 :-)

Fri, 12/23/2011 - 00:45 | 2006450 Bolweevil
Bolweevil's picture

decor is schizophrenic, gotta be staged

Fri, 12/23/2011 - 03:02 | 2006569 KK Tipton
KK Tipton's picture

"decor is schizophrenic, gotta be staged"

The "look" in #10 and #15 are pure shit.

Compared to the rest of it even!

The entire place needs a re-decorating party like this:

Where's my spray paint?.......LETS SKATE!!!!


Fri, 12/23/2011 - 01:35 | 2006503 DoubleTap
DoubleTap's picture

You'd need some serious medication to live there for more than a few days. Some of the pics kind of remind me of Beetlejuice. And for the douche who said that place would get you laid...I'd rather get laid less somewhere else without the medication.

Fri, 12/23/2011 - 06:20 | 2006652 Central Wanker
Central Wanker's picture


Sat, 12/24/2011 - 00:54 | 2008850 ThrivingAdmistC...
ThrivingAdmistCollapse's picture

Wow 28 million a lot for a residential property.  Perhaps when the real estate market totally collapse we can get it for 28K? :D

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