In the latest blockbuster real estate news - Washington D.C's famous Patterson Mansion sold for $20 million, making it the most expensive sale of the district this year.
The historic Patterson Mansion sold to SB Urban, a joint venture started by Mike Balaban and Frank Saul III - who intend on converting the place into a rental development, The Wall Street Journal reports.
The Patterson Mansion came up on the market in July 2013 with a $26 million price tag. The majestic residence seems to have sold for $6 million under its initial asking price, but is still the most expensive sale recorded in the district, this year.
Explaining the reason for its reduced sale price, Jonathan Taylor - co owner of real estate firm TTR Sotheby's International Realty which represented the mansion - told The Business Journal that converting the building and adapting it for new use was the challenge. Many developers made offers for the property but could'nt really figure out a feasible economic outcome for the building.
Taylor added that they received several offers for the building, from developers and individuals who wanted to make the mansion a private property as well. Earlier, developers had offered to convert the landmarked property into a boutique hotel, but the plan received resistance from the D.C. Historic Preservation review board and was dropped.
SB Urban submitted plans of conversions to the review board of D.C. Historic Preservation Office in February, this year and the board seems to have approved the plans.
The History
The Patterson mansion has a storied past! It was built in 1901 for Robert Patterson, the editor of Chicago Tribune, and his wife Elinor "Nellie" Medill Patterson, when they moved to D.C. Their daughter Eleanor "Cissy" Paterson inherited the house and loaned it to President Calvin Coolidge in 1927, when the White House was undergoing renovation.
After Cissy Patterson's death in 1948, the home was given to the American Red Cross, as per her will. The Washington Women's Club purchased the residence in 1951 and put the home on the market last year as they didn't have the resources to maintain the space anymore.
The home was designated a national landmark and registered into The National Register of Historic Places in 1972.
The Patterson Mansion
The Patterson Mansion, located at 15 Dupont Circle, is a huge Italianate residence spanning an area of 36,740 square feet and has magnificent interiors. Take a look at the property in a video below:
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Also see our "Most Expensives" coverage here.
