Price tag for White House: Rs 590 cr

May 07, 2012, 09:30 IST | Agencies

What would it cost to buy the White House on the open market? One real estate site has calculated the listing value of the executive mansion at $110 million (Rs 590 crore)

The White House, which has housed US presidents and their families since 1800.

Despite the presumption, the 55,000-square-foot mansion at 1600 Pennsylvania Avenue, NW is not for sale.

On the campaign run: US President Barack Obama and his wife Michelle walk from Marine One to the White House in Washington after returning from in Columbus, Ohio, and Richmond, Virginia, where Obama campaigned. Forward, is the new message of his re-election campaign. pic/afp

“This would be an extreme luxury home,” the Jason Koitz, a strategist with The Koitz Group, was quoted as telling real estate website Movoto.

“It would probably be $100 or 115 million,” he said.

Koitz said that his estimate reflects comparable sales in the Washington area, where the most expensive home, a 21,000-square-foot mansion in McLean, has an estimated value of $45.5 million (Rs 243 crore).

Home truths: The mansion has great historical value, which would add to its cost. File pic

The house has been renovated nine times in its 212-year history.

Koitz said the White House could sell for as much as a billion dollars, after factoring in the dwelling’s historical value.

The process “to see what it could potentially fetch, would be astounding,” he added.

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