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.