Washington: The White House seems to have become the latest victim of US’ housing crisis. As per a report, the residence of the Obamas is now worth only $251.6 million as against $291.8 million in January 2009, when they made it their home. In the last month alone, the value dropped almost $4 million.
And as compared to the peak of the market, in December 2007, the value of 1600 Pennsylvania Avenue has plummeted by a quarter. Then, it was worth $331.5 million.
One of the most famous residences in the world, the White House is a 55,000 square feet, 16 bedroom, 35 bathroom mansion built in 1792. It was burned down by the British in 1814, rebuilt, and then extensively renovated during Harry Truman’s presidency.
The Obamas also have made some improvements to the property, adding a vegetable garden and a swing set to the 132-room regal house.
Although the figures are notional but it does present a picture of the current state of the US housing market despite the billions that have been pumped in by the government.
First Published: Tuesday, January 04, 2011, 10:34