A contemporary residence in San Francisco’s South Park neighborhood known for its industrial design and tailored to showcase an extensive art collection is listed for $11.5 million. The home belongs to Richard Niles, 75, a retired software engineer, and his wife, Lenore Pereira, 77, a retired molecular biologist. The couple plans to downsize within the Bay Area.
The Nileses purchased an approximately 2,400-square-foot vacant lot in South Park around 2005 for $1.4 million. Over the next four years, they constructed the three-level, 5,400-square-foot home to accommodate their significant art holdings, which comprise exclusively female artists, including Tracey Emin and Louise Bourgeois. While the couple has not disclosed construction costs, the property features an industrial aesthetic and an unusual facade with floor-to-ceiling glass walls on the top two floors. This distinctive exterior has also made the home a recognizable landmark in the augmented reality mobile game Pokémon Go.
The residence includes three bedrooms and a commercial space on the ground floor, designed as a gallery. The Nileses have previously leased the gallery area but currently utilize it as a photography studio for Pereira’s work.
Originally listed in 2022 at $12 million, the property saw a price reduction to nearly $8 million before being withdrawn from the market in 2023. According to Niles, the couple was testing market conditions at the time but now considers it a more favorable moment to sell. The current listing agents representing the property are Stacey Caen and Joseph Lucier of Sotheby’s International Realty.
This listing occurs amid a broader resurgence in San Francisco’s real estate market, partly attributed to increased wealth generated by the artificial intelligence industry. Earlier this year, a Bay Area residence in Hillsborough, also linked to the AI sector, sold for $70 million, highlighting the influx of capital driving luxury home sales in the region.