The Real Estate Bloggers

Former Treasury Secretary Loses 1 Million Dollars on Washington DC Home Sale

Posted: 02 Jan 2011 07:34 AM PST

Henry_paulson His name graced is on billions of dollars, but when Henry Paulson went to sell his home he lost a million dollars from what he had paid for it just 4 years earlier.

The former Treasury Secretary of the United States sold his villa style home right down the road from the Vice President’s residence after having it on the market for the past 8 months.

With all the political clout and power that Paulson carried, he still was bit by the real estate downturn as we all are. The laws of the marketplace really do not bend for anyone in the long term.

The property sold for $3.25 million after originally being listed at $4.6 million, according to the website of the broker, Washington Fine Properties LLC. The asking price was later cut to $4.15 million.

Paulson, who ran the Treasury during the credit crisis precipitated by the housing market’s collapse, paid $4.3 million for the home in August 2006, city property records show. Washington-area home prices declined 25 percent from the time of his purchase through October, according to the S&P/Case-Shiller home-price index for the region.

“This is a unique property, singular in its architecture and interior artistry as well as the splendor of its natural setting,” according to the broker’s listing. “It offers comfort, convenience, beauty and exceptional privacy in one of the area’s premier residential neighborhoods.”

Now this would be tough for most families, but is just a rounding error for Henry Paulson. As the former head of Goldman Sachs he has made a bit of money. His net worth is still north of 700 million dollars so the loss of a million dollars on his home sale is not so bad in the big picture.

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Former Treasury Secretary Loses 1 Million Dollars on Washington DC Home Sale