Kevin Plank, the founder of Under Armour, has just sold his luxury home in Georgetown. The home has been on the market for more than a year. Plank recently stepped down as CEO of Under Armour, though he still works with the company as Brand Chief. With the sale of the Georgetown home, Plank has let go of one the oldest, most storied and most expensive homes in the region.
The Most Expensive Home in Georgetown
Plank originally listed the home for $29.5 million. That made it the priciest listing in Georgetown. Eventually, the price was lowered to $24 million. When it finally sold, Plank accepted a cash offer for $17.25 million, representing a major loss on his anticipated return.
While that is well below asking, Plank originally purchased the home for $7.85 million. He put several million into renovations, including $1 million just on the marble staircase. In order to fully modernize the 200-year-old home, Plank enlisted Patrick Suttion and Pyramid Builders.
The house is 12,000 square feet on a one-third acre lot and is designed in the brick federal style. It has 8 bedrooms and 8 full baths, with an additional 4 half-baths. There is a lap pool in the backyard, a ballroom, a lower-level media room and a professional kitchen.
One of the unique elements of the house is the bedroom theme. Each bedroom is dedicated to a different U.S. President, including Kennedy, Jefferson, Eisenhower, Lincoln, Teddy Roosevelt and Washington.
How Kevin Plank Became a Billionaire
Plank is famous for founding the apparel company Under Armour. He started the company at the age of 24. After selling t-shirts at concerts and saving up $20,000, he decided to make apparel that used microfiber cloth to wick moisture. With an additional $40,000 in credit cards, Plank was able to get Under Armour running. His first major sale was to Georgia Tech. From there, the NFL took notice and several teams made contracts with the company.
Today, Under Armour brings in just under $2 billion a year in revenue and employs 5,900 people. Under Armour supplies athletic apparel to sports teams, schools and individuals around the world. While the brand has seen a decline in revenue over the past few years, it still remains one of the most valuable sports apparel brands in the world.
Plank’s Additional Real Estate
Growing up in the D.C. area, Plank has long invested in property in the region. He stated that he was selling this particular Georgetown home because he didn’t use it nearly as often as he anticipated.
With it sold, he has plans to build a new estate somewhere in the greater D.C. area. Full details of the new property have not been released, but it is expected to be a 35,000 square foot home. That will be roughly triple the size of the previous estate, and it will dwarf some of the most expensive properties in the region. Who is designing and building the property is unknown, and there is no announced schedule for development.
The D.C. Housing Market
Plank’s sale helps tell the larger story of the D.C. housing market. While housing has grown consistently for some time, 2020 has seen a sharp decline in housing sales and values. This is especially true in the ultra-luxury market. Houses in the $2 to $5 million range are still selling with regularity, but anything above those price tags has become remarkably stagnant.
Most experts attribute the drop in sales to COVID-19. With sudden economic uncertainty, spending habits have changed, and wealthy investors are shy about dropping cash into personal properties. Smaller investments feel safer, and the market is reflecting that mentality.
With the sale complete, a new owner is in the storied Georgetown home. Plank and his wife are now living in a home in Baltimore County.
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