Price of huge undeveloped Bay Area parcel plummets from $47M to $12.9M

The sprawling piece of land billed as “the largest remaining undeveloped residential waterfront parcel in Marin County and possibly the entire San Francisco Bay Area” just got yet another price cut.

Reduced to a $12.9 million price tag last month, the more than 14 acres of vacant shoreline in Tiburon could be considered for sale at a 73% discount.

The parcel has changed hands only once in 100 years and originally came to market with plans for development in 2014 for $39 million. The price for 2800 Paradise Drive ballooned to $47 million in 2017 and has shrunk at least seven times since, with the most recent list price of $12.9 million published in October 2023. Before that, it was reduced to $14.9 million in January 2023.

The purchase comes with approved plans for an approximately 15,000-square-foot mansion, a 2,200-square-foot guest house and a 700-square-foot cottage. Full floor plans from the Chicago-based architecture firm Booth Hansen are available online and showcase a large primary suite, four additional bedrooms, a pool, generous wine storage and at least a four-car garage in the main residence. 

The estate would be set on more than 2,000 feet of shoreline and sandy beaches on Bluff Point. 

Bill Bullock of Golden Gate Sotheby’s International Realty, listing agent for the property, did not respond to SFGATE’s request for comment. When it was scheduled to sell at auction in May 2021, the brokerage released this promotional video:

Development on these giant waterfront plots of land can be a slog, though, so whoever eventually bites should be prepared for a long road ahead.