The race to see who will live in the White House has garnered a load of attention this year, but the prospect of living in a replica White House across the Potomac River hasn’t, reports MarketWatch staffer Daniel Goldstein.
A 12,500-square foot fake version of the White House in McLean, Va. failed to sell at auction in October. The property was first marketed in September for $4.99 million and then lowered to $3.9 million for an auction last month. A final bid of $2.8 million came in on Oct. 27, but was rejected by the owner, according to Jeff Stein, partner at auctioneer Tranzon Fox’s Fairfax, Va. office.
”We didn’t get the traction we wanted,” said Stein, noting that in the Washington area there were nearly 400 properties for sale in the $2 million-plus range, which translated to a higher-than average inventory of ten months. “There’s not a lot of buyers in this price range.” Stein says he and the owners (who are still soliciting offers) will likely re-list the property perhaps after the holidays.