Former Fed Chair Jerome Powell Sells Gibson Island Mansion for $7.2 Million
Less than three months after concluding his term as Federal Reserve chair, Jerome Powell sold his sprawling waterfront mansion on Maryland's ultraexclusive Gibson Island for $7.2 million.
Public property records reviewed by Realtor.com® indicate that the six-bedroom, eight-bathroom, 7,155-square-foot property sitting on a 2-acre lot exchanged hands on Aug. 4.
Powell's luxury retreat was not listed on a multiple listing service, and the sale was off-market, as Baltimore Business Journal first reported on Wednesday.
Realtor.com® reached out to listing agent Sarah Kanne at Gibson Island Real Estate seeking comment on the sale, but has not received an immediate response.
Located just an hour from Washington, DC, the 2004-built shingle-style mansion sits in a private enclave off the coast of Maryland. Described in listing materials as an "exquisite waterfront residence," Powell's former vacation home offers water views from nearly every principal room.
The listing notes that the property combing coastal architecture and superior craftsmanship "has been meticulously maintained by its current owners."
The estate facing the Magothy River also features a waterfront swimming pool, a private pier with a boat lift, stone terraces, and manicured lawns.
Powell purchased the home for $3.86 million in 2006, around the time when he co-founded Severn Capital Partners, a private equity firm.
A year later, he joined the members-only Gibson Island Club, according to disclosure records produced by the Senate Banking, Housing and Urban Affairs Committee in 2017 in relation to his Federal Reserve nomination.
Real estate holdings
Powell and his wife, film producer Elissa Leonard, also own a neighboring home on Gibson Island, which they picked up for $3 million, according to the records.
Gibson Island is one of the most exclusive ZIP codes in Maryland, with a year-round population of fewer than 230 inhabitants.
The power couple's portfolio is anchored by their primary residence in Chevy Chase, MD, purchased in 2006 for $3 million.
Built in 1903, the elegant two-story home comes with a pool and a two-car garage. It is located on a tree-lined street.
Powell, 73, concluded his eight-year tenure at the helm of the Fed in May of this year and was succeeded by Kevin Warsh. However, he remains on the Federal Reserve Board of Governors.
During his time as chair, Powell was frequently criticized by President Donald Trump for failing to drastically reduce interest rates.
In January, the Department of Justice opened a criminal investigation into Powell over his congressional testimony concerning the cost of renovations to the Federal Reserve headquarters. The probe was dropped in April without any charges being filed.