Belvedere’s ‘house of dreams’ sells for $16.9 mil

A waterfront Belvedere villa once marketed with a 51-foot yacht and a private dock has sold for nearly $17 million in a pre-auction deal, ending a yearslong effort to find a buyer.

The sale of 125 Belvedere Ave., known as “Casa dei Sogni,” Italian for “the house of dreams,” closed Aug. 21 at $16.92 million, according to Multiple Listing Service records. That is $2.88 million below its final $19.8 million asking price and about $3.9 million more than the seller paid in 2015.

The home was set for sale through Concierge Auctions, a luxury auction firm, with bidding scheduled Aug. 25-31. The buyer made an offer before bidding began, and the seller took it. The buyer also paid auction fees, while the seller paid the real-estate agents’ commission.

The 5,100-square-foot main house has five bedrooms, five full bathrooms and five half bathrooms and an 800-square-foot guest house sits on the 0.41-acre lot. Features include San Francisco skyline views, terra-cotta roof tiles, arched doors and windows, antique Italian fireplace facades and vintage wood flooring from France. The design echoes Portofino, Italy, Belvedere’s sister city since 2016.

Compass agent Steve Mavromihalis, who represented the seller with his team, said the auction was meant to create urgency around a property he believed the market had undervalued after years on and off the market.

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