I love real estate and am constantly studying the local market to be ready to make my next move. Buy, sell, what are the up-and-coming neighborhoods, renovations, house flips … you name it! So I was thrilled to see The Wall Street Journal launch a luxury real estate section called Mansion.
In honor of the upcoming election, Mansion asked appraiser Dennis Duffy, CEO of Real Estate Appraisals & Consulting to consider a thought exercise: How much would it cost to buy up various iconic Houses of the Founding Fathers of America?
Enjoy my pictures and see the appraisals of three presidential properties in the Washington, DC area: Mount Vernon, George Washington’s home; Monticello, Thomas Jefferson’s home; and the White House, the home of every president since John Adams.
Mount Vernon, the plantation home of Founding Father George Washington, spans 7,000 square feet, has views of the Potomac and spacious grounds spanning 500 acres. George and his wife Martha are also entombed on the grounds, adding some ghostly history. However, the lack of bathrooms is not convenient to modern sensibilities. Duffy’s assessed value for the home, including all outbuildings and infrastructure? $150 million.
Thomas Jefferson’s Monticello is enormous, with 43 rooms over 11,000 square feet, not to mention a whopping 2,200-2,500 acres of land. The neoclassical architecture also lends an extra aristocratic air to the place, in addition to its location at the summit of a hill. However, the building likely needs quite a bit of renovating. Duffy’s assessment? $106.5 million.
The White House
Centrally located and spread over 100,000 square feet, the White House would be far and away the most expensive residence in the nation’s capital if, in a parallel universe, it hit the market. However, we were shocked by the staggering grand total that Duffy came up with: $1.5 billion. In the past couple years, the 132-room landmark has been valued for somewhere in the realm of $300 million, so this latest valuation is quite a leap up.