Former Google CEO Eric Schmidt Snaps Up A $24 Million San Francisco Apartment To Add To His Global Property Portfolio

Former Google CEO Eric Schmidt knows a bargain when he sees one. He has just scooped up a $24 million co-op in San Francisco’s exclusive Pacific Heights neighborhood, a decade after its previous owner paid $32 million for it and embarked on an extensive renovation, The Wall Street Journal reports.

$24 Billion Net Worth

Schmidt, worth $23 billion, has been on an extensive real estate shopping spree recently. Last month, he spent over $55 million on a London mansion in the upscale Holland Park area, according to the Financial Times. As with that investment, his latest purchase was purely as an investment, the Journal reported.

Don't Miss:

• GoSun's breakthrough rooftop EV charger already has 2,000+ units reserved — become an investor in this $41.3M clean energy brand today.
• Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential.

Schmidt and his wife, Wendy, have a global property portfolio comprising homes in New York City, Los Angeles, Montecito, California; Rhinebeck, New York; Washington, D.C.; Miami Beach, Florida; and Nantucket, Massachusetts, according to the Journal. In addition, the outlet reported, the Schmidt Family Foundation purchased 350 acres of land in Montecito, which will remain undeveloped as a preserve. 

The seller, Chris R. Redlich Jr., is taking the nearly $10 million loss on his home. He was a retired shipping executive who initially used the historic co-op as a primary residence before embarking on an extensive renovation with interior designer Suzanne Tucker. “Like all remodels, it started out with us saying, ‘Oh, let’s just move this over there,” he told the Journal. “It ended up as a complete design.”

Trending: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100.

The Seller Takes $10 Million Loss In His Stride

The 5,700-square-foot home features three bedrooms, wraparound terraces with views of the Golden Gate and the Bay bridges, two kitchens, and a private elevator opening directly into the marble-clad entry area. Redlich appeared to chalk up his loss to the cost of doing business in California and, in 2024, paid a further $32 million for a home set on 50 acres in Nashville.

“The taxes were too high relative to what we were getting,” Redlich told the Journal. “I wouldn’t put a business in California now on a bet.” He added, “On my balance sheet, I’d already reserved a big discount on that place and our discount number was relatively close to what it ended up being,” he said. 

Investing And Philanthropy

Investing and philanthropy have been the twin pillars of Schmidt’s life since he stepped down from the board of Google’s parent company, Alphabet GOOG GOOGL)), in 2019 and his role as technical advisor in 2020. Notable investments since have included Uber UBER, SoFi SOFI, and Zymergen through Innovation Endeavors, a company he co-founded. He has funded multiple eco-based initiatives through The Schmidt Family Foundation.

See Next:

• $100k in assets? Maximize your retirement and cut down on taxes: Book your free call with a financial advisor to start your financial journey – no cost, no obligation. 
• Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here’s how you can earn passive income with just $100.