SAN FRANCISCO—Red Rock, the only private island on sale in the San Francisco Bay, has had its price cut down to $5 million.
The 6-acre underdeveloped, rock dome was initially put on the market for $22 million in 2012. The price was then slashed earlier this year to $9 million before landing at its current price point, said Realtor Steven Higbee, a real estate agent with Creative Property Services of Santa Rosa.
Located in the northern part of the Bay just south of the Richmond-Rafael Bridge, the island is only accessible by either boat or helicopter.
Red Rock, also known as Moleta, Molate Rock and Golden Rock, offers a secluded beach, opportune fishing, grand views of the San Francisco skyline and complete mineral rights to the enriched island.
The island used to be a popular source of magnesium, but the true gem is the Franciscan schist located within the rock, which can be used to build roads.
The island’s previous owner, David Glickman, purchased Red Rock in 1964 for $49,500. Glickerman was a Bay area attorney and real estate buyer who eventually relocated to Thailand to become a gem dealer. His dream was to turn the island into a hotel retreat, but nothing ever happened. Glickman ended up turning Red Rock over to business associate and close friend, Mack Durning in the 1970s to settle debts.
Selim E. Woodworth was the first owner and only person to actually live on Red Rock. He built a cabin and lived on the island between 1851 and 1856.
Before Woodworth, Russian hunters used the island to trap otters in the first quarter of the 19th century.
At 172-feet above sea level, Red Rock is amidst the deepest waters of the North Bay at 60-feet.
Red Rock Island also sits at the intersection of three counties: Marin, Contra Costa and San Francisco giving all three districts jurisdiction over the future of the island.