Powell Unloads Gibson Island Mansion for $7.2 Million
Jerome Powell, the former Federal Reserve Chair, has sold his waterfront mansion on Gibson Island in Maryland for $7.2 million. The sale occurred just three months after he concluded his eight-year tenure at the Fed in May this year. According to public property records reviewed by Realtor.com, the six-bedroom, eight-bathroom estate was purchased off-market and not listed on a multiple listing service.
The 2004-built shingle-style mansion sits in a private enclave with stunning water views from nearly every principal room. The estate 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 when he co-founded Severn Capital Partners, a private equity firm.
Powell's sale of his Gibson Island mansion comes after a year of scrutiny over his real estate holdings. He and his wife, film producer Elissa Leonard, own a neighboring home on the island, which they purchased for $3 million in 2006. The couple's primary residence is located in Chevy Chase, MD.