Metallica's Lars Ulrich Sells SF Mansions for $68M, Second-Biggest Home Deal

Metallica drummer Lars Ulrich has sold his adjoining mansions in San Francisco's exclusive Presidio Heights neighborhood for a combined $68 million, according to property records. The transaction ranks as the second-biggest private home sale in the city's history, trailing only a $75 million deal in 2021. The buyer was not disclosed, but the sale underscores that ultra-prime real estate in San Francisco still commands eye-watering premiums despite years of headlines about downtown vacancies and tech layoffs.

The two mansions, which sit on a rare double lot, were listed together to maximize their value as a compound-like estate. Such combinations are uncommon in Presidio Heights, where lots are tightly held and rarely come to market. The sale price works out to roughly $2,000 per square foot, a figure that aligns with the top tier of the city's luxury market. For context, the median home price in San Francisco hovers around $1.3 million, making this deal more than 50 times the typical home value.

Ulrich, who has been a fixture in the Bay Area music scene since Metallica's rise in the 1980s, also sold a separate 161-acre plot of land in Marin County for $16 million. That transaction, which closed earlier this year, adds to a pattern of the rock star trimming his real estate holdings. While the Marin land was likely held as an investment or retreat, the Presidio Heights sale appears to be a strategic exit from one of the city's most prestigious addresses.

The $68 million deal is a bright spot for San Francisco's luxury brokers, who have seen a slowdown in high-end transactions over the past two years. Rising interest rates and a volatile tech sector have made buyers more cautious, but the very top of the market remains resilient. Wealthy individuals, many paying in cash, are less sensitive to mortgage rates and more focused on securing trophy properties that are unlikely to lose value. This sale could encourage other owners of large or combined lots to test the market, potentially increasing supply in a segment that has been notoriously thin.

For the city, the transaction also has fiscal implications. San Francisco's property transfer tax, which applies to sales above $1 million, will generate roughly $2.5 million in revenue from this deal alone. That money flows into the city's general fund, helping to offset budget pressures from office vacancies and reduced downtown activity. The sale also resets the assessed value of the properties, which will likely lead to higher property tax bills for the new owner, providing a long-term revenue stream for the city.

The deal's timing is notable. San Francisco has been grappling with an exodus of residents and businesses, and some pundits have declared the city's real estate market in decline. Yet a $68 million sale in the heart of the city tells a different story. It suggests that the most desirable properties, particularly those with unique attributes like a double lot, still attract global buyers who see long-term value in owning a piece of San Francisco's iconic landscape. The buyer's identity remains unknown, but the willingness to pay top dollar signals confidence in the city's future.

For other celebrities and executives holding large real estate portfolios, Ulrich's move offers a playbook. By combining adjacent properties, sellers can create a product that stands out in a crowded luxury market. And by timing the sale when inventory is low, they can maximize competition among a small pool of qualified buyers. The Marin land sale, meanwhile, shows the value of diversifying out of illiquid assets like raw land, especially when cash can be redeployed into other investments or ventures.

As the dust settles on this record-breaking transaction, the ripple effects will be felt across the Bay Area. Luxury brokers will likely use the sale as a benchmark, and neighboring homeowners may be tempted to list their own properties. For the broader market, the deal is a reminder that even in a cooling economy, the very top of the real estate pyramid operates on its own logic. For Ulrich, the sale frees up significant capital and marks the end of an era in his Bay Area real estate holdings. For San Francisco, it's a vote of confidence that the city's most exclusive neighborhoods remain a magnet for the world's wealthiest buyers.