A brazen homeowner at San Francisco's leaning, sinking skyscraper is trying to sell a multimillion-dollar condo for almost double what they paid

pulse

February 23, 2018 10:01 PM

Millennium Tower is a residential skyscraper that is sinking in San Francisco. That hasn't stopped one homeowner from trying to sell their condo for profit.

Millennium Tower, a luxury residential building in San Francisco, has sunk 17 inches and tilted 14 inches since it was completed in 2008.
Residents say they're selling multimillion-dollar condos at a loss.
That hasn't stopped one homeowner from trying to sell their unit for profit.

The situation at Millennium Tower, a San Francisco skyscraper that is sinking and leaning, is so dire that residents have been selling their multimillion-dollar condos at a loss of millions.

But this week, one brazen homeowner listed a two-bedroom, three-bath unit at Millennium Tower for $5.6 million — almost double what the seller paid for the condo in late 2011.

The San Francisco Business Times reported that a Florida company associated with railroad mogul Gary Marino last bought unit #55A for $3.23 million, according to property records.

Millennium Towerit's safe to occupy their homes short of what they paid for them

The list price on unit #55A — a 2,706-square-foot space — may be optimistic because residents of Millennium Tower received some good news last month: A fix may be in the works.

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Gregg Lynn, a sales broker representing the seller of unit #55A, told the Business Times that the residents live on the East Coast and have spent only a handful of days in San Francisco over the last three years. Still, the seller poured money into interior design and extensive renovation.

The residence has an open-plan kitchen, living, and dining room that offers sweeping views of the Bay Area from the 55th floor. Among the amenities: a library, dual walk-in closets, concierge service, and parking for one car that costs an additional $200 per month.

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