The supremely classic Coit Tower, an iconic building to anyone who has visited the city, provides one of the best views in all of San Francisco. Soon, it can be yours!
Next Monday March 22nd at 12pm PT, Coit Tower will go up for auction in the Upland Metaverse. Remember, Landmarks in Upland will eventually become 3D replicas of the real world structures, once the owner builds on the property.
“Coit Tower, a slender white concrete column rising from the top of Telegraph Hill, has been an emblem of San Francisco’s skyline since its completion in 1933, a welcoming beacon to visitors and residents alike. Its observation deck, reached by elevator (tickets can be purchased in the gift shop), provides 360-degree views of the city and bay, including the Golden Gate and Bay bridges.”
-sfrepark.org
History and Fun Facts
- When Lillie Hitchcock Coit died in 1929, she left a whopping one-third of her fortune to the city of San Francisco, so the city could build a tribute fitting of her love and admiration for her beloved home. This is how Coit Tower was created.
- Throughout the tower are hand-painted murals by 27 different artists depicting somewhat radical views on politics, racial equality, and Marxist ideas. The murals were created as part of Franklin D. Roosevelt’s Public Works Art Project.
- Before the pandemic, the tower was open 362 days a year, closing only for Thanksgiving, Christmas, and New Year’s Day.
- IMDB lists Coit Tower as a location for 17 movies, ranging from Streets of San Francisco to Dr. Goldfoot and the Bikini Machine, but of course it pops up in B-roll footage of countless other films.
- Thick and cylindrical, many believed the tower was modeled after the shape of a fire hose as a further tribute to Lady Coit but that is just a coincidence.
Price Analysis
Located at 1 Telegraph Hill Blvd in San Francisco, The Coit Tower property is 1,483 UP2 in size. Were it not a landmark, it would have a minting price of 504,220 UPX as a huge Telegraph Hill property. As one of the most beautiful and popular destinations in San Francisco, owning the Coit Tower is like owning a unique piece of iconic art. Additionally, the history and story of Coit tower makes it a classic structure that is unlike any other in the Upland metaverse, and it will certainly stand the test of time in this respect.
As a “1” (the only number in the address), this property is also attractive to collectors, many of whom will go out of their way to own as many of these properties as they can.
Previous landmarks sold at a premium much higher than their initial estimated value, with the New York Stock Exchange selling for 23,000,000 UPX and Grand Central selling for 21,000,000 UPX. On average, we have seen a premium of 300% or more over base mint price for Landmarks at auction, leading us to a suggested minimum mint price of 2,016,880 UPX.
Auction Details
As with the New York Stock Exchange and Grand Central auctions, we’re utilizing a reverse auction process. The price will start high and is reduced over time. Additionally, the auction will be live in the app: as we decrease the price, any player can mint the property live in Upland. We will still announce the price updates in our Discord #Auction channel.
- The auction will go on for over 2 days, starting March 22nd at 12pm PT, and ending March 24th at 9pm PT.
- We will start the bidding at 25,000,000 UPX.
- Each price reduction will be by 2,000,000 UPX.
- The first day we will reduce the price at 3pm (23 million), 5pm (21 million), and 7pm (19 million).
- Tuesday we will reduce the price at 8am (17 million), 12pm (15 million), 4pm (13 million), and 8pm (11 million).
- Wednesday we will reduce the price at 8am (9 million), 12pm (7 million), 4pm (5 million), and one last time at 8pm to the minimum suggested mint price of 2,016,880 UPX.
- If the minimum mint price of 2,016,880 UPX is not met, we will close the auction without selling the Landmark and it will remain on the market for minting at the suggested price. But don’t hold your breath for the price to go this low, because this is a highly coveted piece of real estate.
- Remember, the returns from the property are based on the initial mint price, and if you add it to the San Franciscan collection, the returns increase.
