Historic Pacific Heights Mansion Sold for $45 Million
A private trust tied to CEO Chuck Esserman purchased the 10,742-square-foot property last December.
Updated on Sept. 27, 2026 in Residential
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In December 2025, a trust linked to TSG Consumer Partners CEO Chuck Esserman acquired the historic Pacific Heights mansion at 2850 Broadway for $45 million. The transaction for the 10,742-square-foot estate occurred off-market, marking a significant transfer for the property previously owned by Larry Ellison.
Why it matters
The sale highlights the continued high-end demand on San Francisco's Billionaires Row, where property values often vastly exceed their official assessed tax valuations. In this instance, the home held an assessed tax value of only $8.9 million in 2025 despite the final $45 million sale price.
The home, designed by architect William Wurster in 1958, features five bedrooms and six bathrooms. Larry Ellison originally purchased the estate in 1988 for $3.9 million, resulting in a substantial appreciation over the holding period.
The players
Chuck Esserman
The CEO of TSG Consumer Partners and a frequent buyer of high-profile residential properties.
Larry Ellison
The co-founder of Oracle who previously held ownership of the Pacific Heights estate for decades.
Laurene Powell Jobs
A prominent neighbor who purchased an adjacent property on the same street for $71 million in 2024.
The details
The transaction was executed entirely off-market, meaning the property did not appear on public listing platforms. This method of transfer is common for ultra-high-net-worth real estate in the Pacific Heights area, allowing the buyer and seller to finalize the deal through a private trust structure. The property joins a portfolio of high-profile acquisitions for the buyer, who previously purchased a Las Vegas mansion for $30 million in 2023.
Timeline
1958: Architect William Wurster completed the home design.
1988: Larry Ellison purchased the residence for $3.9 million.
December 2025: The property sale to Chuck Esserman closed.
The Home Front
This sale follows the pattern of documented disconnects between public tax assessment data and actual market clearing prices for luxury homes in California. It underscores how historical appreciation in exclusive neighborhoods like Pacific Heights often outpaces municipal valuations.
When evaluating your own home's value, remember that public tax assessments are often lagging indicators that do not reflect current market appetite or specific property improvements. Consider reviewing recent comparable sales in your immediate neighborhood rather than relying on tax records for an accurate current valuation.
The takeaway
The gap between $8.9 million in tax assessments and a $45 million sale price highlights why tax records are unreliable for gauging a home's actual equity. Homeowners should track local sales data for their specific street to understand their true market standing.
Further reading
Learn more about the local housing landscape in San Francisco Residential.
Source note: This article includes information reported by The Times of India.
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