The White House will soon be getting a new resident. So what if this iconic home at 1600 Pennsylvania Ave. ever went up for sale? How much would it fetch?
After all, consider the specs: Housed on 18 acres of prime real estate in Washington, D.C.; 55,000 square feet of space; 132 rooms; 28 fireplaces; and more than 750 historic artifacts.
While it can be difficult to put an exact price tag on such a symbolic structure, the Royal Institution of Chartered Surveyors of London along with L.A. real estate consultant Ann Gray and International Art Advisors president Barden Prisant decided to determine the price.
They’re estimated cost for the White House today: About $90 million.
So how’d they reach that number? Gray says they factored in several elements, including how much it would cost to build the White House today (original construction in 1792 cost $232,000, but the cost today would come at about $100 million). They also factored in how much comparable properties would sell (Donald Trump’s dubbed “White House of the South” in Mar-a-Lago Club in Palm Beach, Fla., is about the same size and has similar amenities is valued at nearly $100 million).
Now if the White House came fully furnished, Prisant says that would increase the list price to $250 million.
Some real estate professionals say $90 million for an unfurnished White House, however, seems too low.
“I think $90 million seems on the low side,” Cara Ameer, a real estate professional in Florida who researched her own comps to come to this conclusion, told realtor.com®. “If you look at several significant properties that have been on the market across the country, you can get an idea of value that is north of $100 million.”
For example, the Playboy mansion made headlines this week for selling for $100 million, and it sat on just 5 acres and was 20,000 square feet, which is less than half the size of the White House.
Ameer says her analysis of the comps would prompt her to list in the $150 to $250 million range, depending on what was all included.
Source: “How Much Is the White House Worth? Hold On to Your Hats,” realtor.com® (Aug. 18, 2016)