David Hayden's Pacific Heights manse for sale after foreclosure
Serial entrepreneurial failure David Hayden has had his home transfered to boutique bank Robertson Stephens under a Sheriff's deed — which means that the property was seized to pay debts. The transfer is so new, realtor Bernadette V. Lamothe hasn't even had time to have the place properly staged judging by interior photos. It's now for sale for a mere $14.9 million through Sotheby's. Prospective buyers won't just get an opulent home with fantastic views, but a piece of San Francisco history.
The address has been a staple of local high society since at least 1922. It also pops up The Other Side: An Account of My Experiences with Psychic Phenomena, by James A. Pike — leading some credence to suggestions that the location may be cursed.
For instance, the place was owned and occupied by local shipping magnate John Traina and romance novelist wife Danielle Steele. But until 1981, Traina lived there with wife Diane "Dede" Traina — until, in a much-publicized series of divorces and weddings, Ms. Traina ended up with dairy magnate Al Wilsey and Mr. Traina ended up with Steel — leaving Wilsey's wife Pat Montandon in the lurch. Much of this was eventually recounted in Sean Wilsey's memoir Oh for the Glory of It All.
In 1989 the Traina-Steels put the house on the market for $5.5 million, and Hayden purchased the place in 1990. In the ensuing decade, Hayden managed to bury himself in up $38 million in debt tied to worthless Critical Path stock loaned by personal bankers and investment managers Robertson Stephens. By 2002 Hayden was accusing the bank of mismanaging his assets as the company moved to foreclose on the property while itself being put up for sale. Nonpayment of rent and taxes has since become a pattern of Hayden's.
I'm not sure which would be the more ill-starred investment — buying the possibly haunted house or investing in Hayden's latest venture, a resort community for the ultra-rich.