It seems that no one has remained unscathed in the wake of the GFC, not least the president, with real estate sources suggesting the value of the White House has dropped by $US15.6 million in the last year alone.
Property woes as White House real estate value drops
It seems that no one has remained unscathed in the wake of the GFC, not least the president, with real estate sources suggesting the value of the White House has dropped by $US15.6 million in the last year alone.
At the peak of the housing boom, the Los Angeles Times reported the property value of the presidential pad at more than $330.5 million.
The 132-room mansion has seen a 23.6% decrease in value since then though, now estimated to be worth $253.1 million.
Positioned on over 18 acres of land, the 55,000 square foot mansion contains 16 bedrooms and 35 bathrooms spread over six stories, including a two-storey basement.
Current residents, the Obama’s, have recently upgraded the 1600 Pennsylvania Avenue property to include the first organic vegetable garden and beehives on the South Lawn.
Source: AOL Real Estate
January 2011
