playing on Facebook working really hard I stumbled across a list of the residential properties in San Francisco with the biggest property tax bills (thank you, BlockShopper, for putting together your endlessly entertaining lists of tax-related data). And I started wondering: just who can swallow a property tax bill in excess of $300,000 a year? Yes, three hundred thousand dollars.
Taking the #1 spot on the whopping tax bill list is 37 Raycliff Terrace, aka 2799 Broadway, which sold in 2008 for $29 million. According to Realist, the tax data provider for the San Francisco MLS, the current tax is $337,027, which is slightly higher than the number reported by BlockShopper. The owners are Michael Birch and his wife Xochi Birch, founders of social networking site Bebo.com, which they sold to AOL for $850 million three years after founding it. Their stake was worth $595 million. That explains their ability to pay cash for a $29 million house and the annual $337,000 tax bill.
Up next: 2845 Broadway, with a bill of $326,800. Real estate junkies might remember this house, which made a splash by hitting the market at $65 million in 2006 — and the renovations weren’t even done. This mammoth home is back on the market as of Friday, listed this time for $38.5 million. Guess what? Renovations still aren’t done. The owner, Peter Sperling, is the son of John Sperling, founder of the University of Phoenix. Peter and his wife Stephanie own other properties in the city as well: 2323 Hyde (tax bill: $179,842, co-owned with father John Sperling); and 2940 Pacific, which is part of the 2845 Broadway compound but still appears to have its own tax bill of $97,048. John Sperling also owns 3450 Washington (bill: $215,608).
Senator Dianne Feinstein and her husband Richard Blum take the #9 spot on the list, for the $197,490 bill on their home at 2460 Lyon Street, which they bought in 2006 for $16 million.
On a completely unrelated note, there are some rather entertainingly named LLCs that show up on the list: Deviled Egg LLC (owns 230 Sea Cliff Avenue, $166,063) and 3a-1 Squabble Lane LLC (owns 2920 Broadway, $289,421).
A post for another day: how many teachers’ salaries are paid by a just a handful of these big taxpayers each year?