A new record was just set in the San Francisco real estate market. The home that was once the most expensive listing in California just sold for $47.5 million.

Originally listed at $65 million, Locksley Hall in Belvedere beat the previous highest reported single-family home sale in San Francisco by $12 million.

The three-story, 9,235-square-foot mansion features a rose garden, pool house, panic room, and incredible views of the Golden Gate Bridge and San Francisco. Set on the southern crest of Belvedere Island, the massive estate was originally built by banker C.O. Perry in 1895.

Mining mogul Robert Friedland and his wife, Darlene, purchased the property in 1995 and have since put in $30 million worth of renovations and repairs to bring the historic landmark back to its prime.

The lucky new owner will be happy to know that property taxes will be reduced since the home is considered a historic estate.