Luxury Mansion Sold for $45 Million in December
A Pacific Heights property changed hands off-market, highlighting local real estate trends for high-net-worth buyers.
Updated on Sept. 27, 2026 in Residential
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Chuck Esserman acquired the 10,742-square-foot mansion located at 2850 Broadway in San Francisco for $45 million. The deal for the former Larry Ellison residence closed as an off-market transaction in December 2025.
Why it matters
The sale serves as a benchmark for high-end residential property values in Pacific Heights, an area that recently saw a neighboring home trade for $71 million. Such transactions provide a snapshot of the valuation gap between historical purchase prices and current market assessments.
The home, which Larry Ellison bought for $3.9 million in 1988, sold for $45 million in December 2025. While the final price was significantly higher, the property currently holds an assessed tax value of only $8.9 million.
The players
Chuck Esserman
The CEO of TSG Consumer Partners who recently acquired the Pacific Heights estate.
Larry Ellison
The co-founder and chairman of Oracle who owned the property from 1988 until its recent sale.
Laurene Powell Jobs
The investor and philanthropist who purchased a neighboring property on Broadway in 2024.
The details
The purchase of the 2850 Broadway mansion was completed off-market, meaning the transaction occurred without a public listing or open competitive bidding. The estate includes five bedrooms and six bathrooms across 10,742 square feet of living space. This acquisition follows a series of high-value real estate investments by the buyer, including a $30 million purchase in Las Vegas in 2023.
Timeline
1988: Larry Ellison purchased the home for $3.9 million.
December 2025: The property was acquired by Chuck Esserman for $45 million.
Money Landscape
The $45 million sale sits within the context of recent high-profile real estate activity in Pacific Heights. It follows the 2024 purchase of a neighboring property for $71 million, further cementing the area's status as a hub for record-setting residential transactions.
While this sale reflects the high-end tier of the market, residents should monitor local property tax assessments for changes that could impact their own tax obligations. Homeowners in high-value neighborhoods should consult a tax professional to understand how local assessment fluctuations might affect their annual tax burden.
The takeaway
The significant spread between the property's $8.9 million tax assessment and the $45 million sale price highlights the ongoing disconnect between historical tax valuations and current market reality. Homeowners should regularly review their local property tax assessment notices to ensure they align with official records.
Further reading
For more on market trends, visit Residential.
Source note: This article includes information reported by The Times of India.
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