SAN FRANCISCO (CBS 5) – San Francisco’s most expensive piece of real estate is now under contract.

The home at 2901 Broadway was originally put on the market for $55 million. The Pacific Heights mansion failed to sell, and the asking price fell to roughly $34 million. That price drew some bids, and the sale of the 7000 square foot, 8 bedroom, 7.5 bath estate is now pending.

READ MORE: San Francisco Police Return Stolen Puppy to Richmond Family

“I’ve been inside. It’s a small house, considering, but it’s very prominent,” said Realtor Gael Bruno. “The views are extraordinary. You feel like your on top of the mountain, king of the hill.”

If the sale price ends in the $33 million range, that could mean a monthly mortgage of about $133,000. The home is part of a series of high-end homes known locally as “billionaire’s row.”

READ MORE: San Jose Bomb Squad Renders Suspicious Device Safe at Attempted Bank Robbery Site

The home is considered by some to be a fixer-upper, requiring repair work.

According to a listing website, the “lot was previously owned by former US President Herbert Hoover’s family, was built by Henry Clay Smith, prominent hilltop architect, for industrialist Milton Ray.”

MORE NEWS: Mover Who Relocated San Francisco Victorian Says Historic Effort Was a Dream Job

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)