March 7, 2013


The 16,000 square foot building featured in yesterday’s Land of Excess post was first listed for sale 8/8/11 for $12,500,000.  It is in McLean, VA, about 750 convenient feet from the bucolic outer ring of the Beltway, and is on the Potomac River [flight path for Reagan National Airport].  The owner purchased the 1.2 acres of sloping and difficult-to-build-on land in 2005 for $1,550,000.  He says he spent more than $9,500,000, in addition, on construction, engineering, and materials.  Apparently he still has no idea how unappealing it is.  Alas, it has come to this: an auction is scheduled for March 21.  Starting bid is $4,990,000. Actual cost: $11,050,000.  This is what can happen with these Hubristic Period dwellings.