Selling your house? Worried about having to lower the price to get it to move?
How about a $1.275 million price reduction? That’s how much former Fannie Mae CEO Daniel H. Mudd had to cut the asking price on his 11,500 square foot, six bedroom, six full bath (plus three half baths) mansion to find a buyer. Originally listed for $8.9 million on September 11, the transaction closed on December 11 for $7.625 million.
Don’t worry too much for Mr. Mudd, though. He paid $5.15 million for the place in June 2000, leaving him with a 48 percent return on his investment, excluding any renovation costs. And even though he was booted from Fannie Mae when the government took over the housing giant in September 2008 and reportedly wasn’t paid his multi-million dollar severance package, he’s landed on his feet. New York’s Fortress Investment Group named him CEO in August.
Wondering what you could have bought from the son of the former NBC News anchor Roger Mudd? Here’s the listing agent’s description:
“Completely restored prewar Georgian estate as it should be. Sits on 1+/- acres of meticulous & mature landscaping overlooking Rosedale Park. Residence feat spectacular entertaining spaces which all exit thru French drs to lvl terrace. Luxurious Mstr Ste, 5 addt BRms, 6 full/3 half BAs. .94 Acre lot with pool, gated drive & carriage house w/3car Gar.”
Not mentioned: The place is on the same tony street in DC’s Cleveland Park neighborhood as another former Fannie Mae boss: Franklin Raines.
Photo Credit: Corbett B. Daly