3233 E Speedway has been on the list of famous homes for sale for almost a century. The famous residents of this prestigious San Francisco home include Henry J. Heinz, William H. Hocking, and Bernard L. Madoff. Since the Great Recession of 2008, there have been questions about the future of this iconic building and its residents.
Currently, the home is listed for $32 million, which is a significant discount from the estimated price of $108 million. The home has been on the market for more than a year with no offers, which has left the future of this building in doubt. With the current pandemic and economic uncertainty, it is unclear whether or not this building and its glamorous residents will ever find a proper home. Here is a closer look at the fascinating history of 3233 E Speedway and the businesses that have called it home over the years.
Henry J. Heinz
Heinz was born in Germany in 1874 and came to the United States at the age of 14. It wasn’t long before he was running his own grocery store in Detroit. He eventually started a wholesale grocery business that grew to include 13 locations in Michigan alone. Heinz was also one of the first major businessmen to see the potential of frozen foods, starting the American frozen food industry in the early 20th century. In 1913, Heinz founded the H. J. Heinz Company, which today is one of the largest food companies in the world. The company still operates out of their historic headquarters in Downtown Pittsburgh. In 2012, Heinz was the second-largest individual landowner in the city, behind only the Catholic Church. The company employs more than 6,000 people and is constantly expanding, with new stores opening across the country. In early 2021, Heinz’s great-granddaughter, Margaret, will take over as CEO of H. J. Heinz Co. She has been with the company for more than 40 years and has overseen multiple expansions and brand launches.
William H. Hocking
Hocking was born in 1874 in New York City and moved to San Francisco at the age of 11. He started his career working for a messenger service before becoming an agent for an insurance company. In 1899, he founded the William H. Hocking Company, which became the largest producers of life insurance in the country. During the height of the Great Recession in 2008, Hocking’s company filed for bankruptcy protection and was eventually purchased by Prudential for $12.8 million. At the time of his retirement in 1933, Hocking and his family were estimated to be worth about $20 million.
Bernard L. Madoff
Madoff was born in Romania in 1918 and came to the United States at the age of 18. He started his career working for his uncle’s small commodity brokerage firm before setting up his own firm in 1946. The Madoff firm began as a humble operation in the city and quickly grew in size and stature, becoming one of the largest brokerage firms in the country. After the SEC investigated Madoff for fraud in 2008, he confessed to an elaborate Ponzi scheme that dated back to the early 1960s. Not only did he defraud his customers, but he also convinced a number of prominent people, including some of the wealthiest families in the country, that he could foresee the future of commodities and accurately predict market fluctuations. Most of Madoff’s firm’s clients eventually filed for bankruptcy protection, with victims’ losses totaling in the billions. The Madoff firm was subsequently purchased by JPMorgan for $10.8 billion in 2019.
3233 E Speedway: A Brief History
3233 E Speedway, located in the Western Addition District of San Francisco, was initially built as a bank in 1906. The building was designed in the Prairie School of architecture and is one of the largest homes for sale in the city. It has been the residence of several major figures, including Heinz and Hocking. In 1914, the bank merged with the Mechanics and Metals National Bank and became the first headquarters of the new organization, which later became known as the American Bank and Trust Company. In the 1970s, the bank started accepting socially responsible investing as a way to give back to the community. It eventually became the American Express Foundation’s corporate headquarters before being acquired by Morgan Stanley in 2015. The property is currently listed for $32 million.
Famous Residents & Businesses At 3233 E Speedway
Over the years, 3233 E Speedway has been the home of many notable residents and businesses. Here is a short bio on some of the most prominent people and companies that have called this prestigious SF home their own.
Henry J. Heinz
Heinz was born in 1874 and came to the United States at the age of 14. It wasn’t long before he was running his own grocery store in Detroit. He eventually started a wholesale grocery business that grew to include 13 locations in Michigan alone. Heinz was also one of the first major businessmen to see the potential of frozen foods, starting the American frozen food industry in the early 20th century. In 1913, Heinz founded the H. J. Heinz Company, which today is one of the largest food companies in the world. The company still operates out of their historic headquarters in Downtown Pittsburgh. In 2012, Heinz was the second-largest individual landowner in the city, behind only the Catholic Church. The company employs more than 6,000 people and is constantly expanding, with new stores opening across the country. In early 2021, Heinz’s great-granddaughter, Margaret, will take over as CEO of H. J. Heinz Co. She has been with the company for more than 40 years and has overseen multiple expansions and brand launches.
William H. Hocking
Hocking was born in 1874 in New York City and moved to San Francisco at the age of 11. He started his career working for a messenger service before becoming an agent for an insurance company. In 1899, he founded the William H. Hocking Company, which became the largest producers of life insurance in the country. During the height of the Great Recession in 2008, Hocking’s company filed for bankruptcy protection and was eventually purchased by Prudential for $12.8 million. At the time of his retirement in 1933, Hocking and his family were estimated to be worth about $20 million.
Bernard L. Madoff
Madoff was born in 1918 in Romania and came to the United States at the age of 18. He started his career working for his uncle’s small commodity brokerage firm before setting up his own firm in 1946. The Madoff firm began as a humble operation in the city and quickly grew in size and stature, becoming one of the largest brokerage firms in the country. After the SEC investigated Madoff for fraud in 2008, he confessed to an elaborate Ponzi scheme that dated back to the early 1960s. Not only did he defraud his customers, but he also convinced a number of prominent people, including some of the wealthiest families in the country, that he could foresee the future of commodities and accurately predict market fluctuations. Most of Madoff’s firm’s clients eventually filed for bankruptcy protection, with victims’ losses totaling in the billions. The Madoff firm was subsequently purchased by JPMorgan for $10.8 billion in 2019.
3233 E Speedway: A Brief History
3233 E Speedway, located in the Western Addition District of San Francisco, was initially built as a bank in 1906. The building was designed in the Prairie School of architecture and is one of the largest homes for sale in the city. It has been the residence of several major figures, including Heinz and Hocking. In 1914, the bank merged with the Mechanics and Metals National Bank and became the first headquarters of the new organization, which later became known as the American Bank and Trust Company. In the 1970s, the bank started accepting socially responsible investing as a way to give back to the community. It eventually became the American Express Foundation’s corporate headquarters before being acquired by Morgan Stanley in 2015. The property is currently listed for $32 million.