In the purely theoretical universe where 1600 Pennsylvania Ave. would be up for sale, the listing price for the property would be about $110 million. But it would fetch up to only $80 million – or $1,455 per square foot, according a new estimate.
Based on the size and location of other luxury homes in the D.C. area, the White House would be worth double the current leader: A $45.5-million Frank Lloyd Wright-designed mansion in McLean, Va., owned by AOL co-founder Jim Kimsey.
That 21,000-square-foot spread has an underground garage for 40 cars. The CEO of the USA has 132 rooms, a tennis court, a bowling alley, a movie theater, a basketball court, a swimming pool and a jogging track in his 55,000-square-foot pad.
The estimate comes from luxury real estate firm the Koitz Group, which was tasked with the job by real estate blog Movoto. But the figures don’t factor in the historical value of the White House, possibly the most famous property in the country.
The numbers also don’t consider age (construction finished in 1800) and previous damage (two fires, once during the War of 1812 and another in 1929).
Real estate database Zillow estimates the White House’s market value to be $220.6 million – or about $1.7 million a month to rent. That’s down 15% from its $260.8 million value in January and down nearly 16% from $262 million last May.
Realistically, said real estate strategist Jason Koitz on the blog, the First Family’s residence would be the only single family home to go for more than a billion dollars.
“I would market it for free just to be a part of the transaction,” he said. “Just the process of it, to see what it could potentially fetch, would be astounding.”
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