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Value of the White House Drops by $15.5 Million

January 27, 2010 Leave a comment

Even the White House isn’t immune to the nationwide housing slump – the famed presidential mansion in Washington D.C. plummeted in value by $15.5 million to $292.5 million over the past year, according to a new study by real estate site Zillow. This marks the second year in a row that the landmark’s value has fallen, making for a total loss of $39.5 million since 2008, meaning it was once worth $332 million. Designed by Irish architect James Hoban, built in 1792 and much improved and expanded since, the gated residence at 1600 Pennsylvania Avenue now stands at 55,000 square feet and sits on 18 landscaped acres. It also has 132 rooms including 16 bedrooms, 35 bathrooms, three kitchens, three elevators, 28 fireplaces and an underground bunker. Don’t get to thinking that the loss is purely President Obama’s, however – we the taxpayers actually own what is increasingly looking like a white elephant.

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