The historic San Mateo home once owned by the founder of Bank of America is in escrow and will soon belong to a San Francisco businessman who plans on making it his home.
Abrazos and Books, the charity that owns the house, put the local landmark on the market late last year for $1.4 million. There were 10 other offers on the house and the final selling price won't be disclosed until escrow is final, said Rigo Chacon, the former television news reporter who manages the charity that donates books to children across the country.
"We can tell you we're pleased with the offer," said Chacon.
The home at 20 El Cerrito Ave. was once owned by Bank of America founder A.P. Giannini, but fell into disrepair while under the care of the Giannini Trust. For years, the city battled to prevent the trust from selling the home to someone who would demolish it. In April, the city filed a lawsuit and in a surprising twist, the trust donated the house to Abrazos and Books.
Later, the city threatened to sue Abrazos and Books for failure to provide basic maintenance on the house. The charity decided to put the house on the market shortly after.
The charity will pocket the money, and the city will retain control over changes made to the house to protect its historic character.
"The same restrictions that applied to Mr. Chacon would apply to whoever owns the property. First to maintain it and then any modifications that would affect the outdoor appearance will have to be approved by the city," said City Attorney Shawn Mason.
The home was built at the turn of the century and added to in the 1930s and 1940s, which caused it significant water damage through the years. Previous estimates put restoration at the $6 million mark.
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