Prominent banker attempts to sell San Francisco mansion for a sum 205% higher than it achieved in 1993; it comes with an outdoor theatre
Built in 1904 of brick on a wood frame and subject to a seismic upgrade in 1994, 3444 Washington Street in Presidio Heights, San Francisco was sold for $15.2 million in 2006 (the equivalent of £11.8 million, $18.4 million, €13.9 million or درهم55.8 million today) and before that for $5.9 million in 1993 (the equivalent of £7.8 million, $10 million, €9.1 million or درهم36.7 million today). It is currently owned by the banker David A. Coulter and his “social entrepreneur” wife Susan Weeks Coulter and has recently been placed for sale for £14 million ($18 million, €16.5 million or درهم66.1 million).
Offered by Linda Mayne of Mayne & Company, the 9,074 square foot “Georgian-style residence” comes with not only 6 bedrooms and 6 bathrooms but also an outdoor amphitheatre complete with terraced seating and an al fresco kitchen with a barbecue. The 4-storey building was last remodeled in 2008 and also includes a media room with wet bar and views of the Golden Gate Bridge, a wine cellar with capacity for 1,600 bottles, a lift, staff quarters and a 2-car garage.
Property taxes on the house were a not insubstantial sum of £154,959 in 2015 ($199,685, €182,686 or درهم733,690). Mr and Mrs Coulter attempted to sell 3444 Washington Street in 2008 but subsequently withdrew it from the market after reducing their then asking price from $17.5 million to $12 million (the equivalent of £13.6 million to £10.6 million, $19.9 million to $13.6 million, €16 million to €12.4 million or درهم64.3 million to درهم50 million today). They also own reportedly bought a penthouse at 55 East 72nd Street in New York in 2012.
Pennsylvania born, Carnegie Mellon University educated Mr Coulter, currently a special limited partner at Warburg Pincus, was previously vice chairman of JP Morgan Chase & Co. from 2001 to 2005. He was chairman and CEO of Bank of America Corporation for two years from 1996, but was unceremoniously fired when that organisation was “eaten alive” by Hugh McColl’s NationsBank in October 1998.