A Presidio Heights mansion just sold for $28.5 million – $10 million more than its asking price. The sale sets a San Francisco record for the largest dollar amount a home has fetched above its list price, even as the city’s luxury housing market continues to surge. (Google)

A mansion on San Francisco’s Presidio Wall has sold for $28.5 million – $10 million more than its asking price, setting a city record for the largest dollar amount a home has fetched above its list price.

The eight-bedroom, seven-bathroom home at 20 Cherry St. closed Oct. 22 after being listed for $18.5 million on Oct. 2, according to real estate records cited by the Business Times.

The sale represents a roughly 54% premium over the asking price.

The buyer has not been publicly identified. Nina Hatvany of Compass represented the buyer.

The sale is the latest example of intense competition at the upper end of San Francisco’s housing market this year.

Earlier this month, a home at 2 Sixth Ave. near the Presidio sold for $15 million after being listed for $8 million, a $7 million premium. In May, a Cow Hollow home at 2512 Union St. sold for $15 million after listing for $7.95 million, a roughly 88.7% premium.

So while 20 Cherry’s $10 million premium is the largest dollar overbid, it is not the largest percentage increase over asking.

The Cherry Street property sits on roughly 0.31 acres at the end of a cul-de-sac bordering the Presidio. Built in 1966, the midcentury home was designed by the San Francisco architectural firm Whisler-Patri and has seven parking spaces, including a three-car garage.

The property had remained in the same family for more than 40 years. The sellers were the Janice R. Lurie Trust and Robert A. Lurie Trust.

Janice Rosen Lurie, the longtime resident and former wife of former San Francisco Giants owner Bob Lurie, died in July at 96, according to the Business Times.

Hatvany told the publication that the property was particularly rare because of its large lot, private garden and views toward the Presidio.

The sale comes as San Francisco’s luxury housing market continues to diverge from much of the national market.

Earlier this month, the average 30-year mortgage rate rose above 7%, putting pressure on buyers who need financing. But that has had less effect on San Francisco’s most expensive homes, where buyers are more likely to pay cash. About 79% of homes in the city selling for more than $7 million had no mortgage at closing through Sept. 1.