Raley’s founder created this fab penthouse in East Sacramento. Asking price is $2.8M
In the late 1980s, grocery store founder Tom Raley bought and combined four separate apartments atop a secluded, 10-story building in East Sacramento to create an extraordinary luxury penthouse that is available for the first time at an asking price of $2.8 million.
Tom Raley spared no expense in designing the ornate home that evokes the feeling of a Manhattan or San Francisco penthouse. Occupying the entire top floor, the six-bedroom, six-bathroom residence spans 7,170 square feet and boasts views above the city’s tree canopy, from the Sierra Nevada to the state Capitol.
As magnificent and elegant as the home is — with inlaid wood floors, box beam ceilings, crystal chandeliers and sconces, gold-plated bathroom fixtures and an art deco kitchen — a casual observer might miss the tall, gated building in the heart of Sacramento’s most desirable neighborhood. The property, at 4100 Folsom Blvd., is nearly hidden among tall trees and is surrounded by single-family residences. It has lush, park-like grounds with walkways, benches and a large pool.
The home has been in the family-owned Raley’s supermarket chain for three generations. Tom Raley, who died in 1991, opened his first grocery store in 1935 in Placerville, according to the company’s corporate fact sheet. His daughter, Joyce Raley Teel, took the helm after his death.
Raley’s, which owns and operates more than 129 grocery stores and employs more than 11,500 people in Northern California and Nevada, is headquartered in West Sacramento. Tom Raley’s grandson Michael Teel, CEO and board chairman, became the company’s majority owner in 2015.
“This penthouse was a place for memories and traditions that our family will cherish forever,” the Teels said in a statement to The Sacramento Bee. “Now it’s time to let others experience this special home. “
An ideal buyer might be somebody who appreciates the splendor of the home and enjoys privacy but wants to be close to shopping, restaurants, major entertainment venues and private airports, according to listing agent Gayla Mace of Lyon Real Estate Sierra Oaks.
“It’s a new chapter,” she said. “And we really need somebody who appreciates it, or even just appreciates the fact that they’re up 10 stories in the middle of one of the best neighborhoods in Sacramento. We need somebody who likes privacy but likes to be close to everything. It’s really kind of in the middle of everything. Anybody who flies in and out of Sacramento and still wants to be a part of the core of Sacramento would appreciate living here. ... It’s a hidden gem.”
The home features an exquisite office/boardroom and service quarters with a prep kitchen for catering. There’s also parking space available for four cars.
The oversized penthouse is the main feature of the luxury apartment building. Smaller apartments have sold for between $700,000 and $850,000, depending on their location and views, Mace said.
“This iconic penthouse is for the discerning buyer looking for a unique lifestyle and opportunity to own a private residence in a gated, 10-story building in East Sacramento,” according to the property listing.
Another penthouse, an apartment atop the Kimpton Sawyer Hotel on J Street, is the most expensive condominium ever listed in Sacramento. That residence is on the market for $4.385 million.
This story was originally published July 30, 2022 at 5:00 AM.
