So this is what a “mansion shortage” looks like: A Cow Hollow home has sold for nearly double its $7.95 million asking price, an indication of just how far buyers with vast resources are willing to go to secure their dream homes amid limited inventory.

The property that generated the head-turning $15-million sum is a six-bedroom, with five full and two half baths in 5,700 square feet at 2512 Union St. Compass agent Neal Ward listed the property but declined to provide details about the sale, citing a nondisclosure agreement. 

The sellers were Christine Russell, the great-great-grandniece of Levi Strauss and daughter of the late philanthropist Madeleine Haas Russell, and husband Mark Schlesinger, an investor, according to public records. The couple’s family foundation, the Gaia Fund, has distributed more than $30 million in grants to promote sustainable agriculture, increase voter turnout, and support programs serving San Francisco’s Jewish community.

The sale price was 88.68% over asking, the biggest percentage over list price in 26 years for a San Francisco home priced at more than $5 million, according to a Compass representative. Only a Presidio Heights home that sold for more than double its asking price in 2000 has ever outperformed the Cow Hollow transaction, according to the rep.

Just weeks ago, a home at 212 Spruce St. in Presidio Heights pushed the pricing envelope as well, selling for 86.58% over asking, at $8.2 million.

Tania Toubba of Sotheby’s represented the Union Street buyers, a Los Angeles-based LLC, and did not reply to a request for comment. Toubba represented Julia Roberts (opens in new tab) when she sold her Presidio Heights home in 2023 for $11.75 million.

Despite the rabid interest from buyers, owners are staying put, which only contributes to the frenzy when a home does hit the market. There were just 835 single-family homes listed across the city as of April 1. Approximately 1,100 are typically listed at that time of year. 

Given the lack of inventory, especially on the high end, the buyers of the wood-shingled Cow Hollow home clearly were not going to let the turn-of-the-century property slip away. It listed on April 24, went into contract May 2, and closed May 8. The quick close is indicative of an all-cash sale. 

The marketing for the home, which has not sold since the early 1990s, showcases original details like coved ceilings and woodwork, as well as updates like professional-grade appliances in the kitchen and a custom dressing room in the primary suite one flight up. There are three more bedrooms and two more baths on that same level, “an uncommon and highly valuable configuration,” according to the listing notes. Other features include bay views, especially from the light and bright pentroom, as well as a lower level with an au pair suite and access to a flat turfed yard.

Despite all this, the sale price was a shocker.

“I have no idea why it sold for quite so much,” said Compass agent Nina Hatvany, who owned the property in the late 1980s before selling it to the long-time owners.