The new owner of a Gilded-Era mansion in Capitol Hill knows the 13,000 square foot property will be a serious money pit.
Originally built by a mining baron, 709 Clarkson Street sold this month for $2 million – which was $1.5 million less than the listing price.
It’ll take another few million to update the mansion to its air conditioning, electrical, heating, parking and sprinkler systems, said broker Mary Rae with Distinctive Properties. The buyer, listed as Zang Property LLC, purchased the mansion on April 14, according to property records.
Rae represented Janet Greiner, the daughter of the mansion’s previous owner Rodney E. Greiner. Rae was pleased to sell the mansion to a buyer she said could afford the $2 million to $3 million it needs in maintenance work.
“I’ve had a love affair with that building since I sold it 40 years ago,” Rae said. “Everything needed to be brought up to date. The mansion itself is magnificent still, and finding someone to love and honor it as Mr. Greiner did and as I have all these years was important.”
The mansion was built in 1904 and has 12,852 square feet, according to property records. BusinessDen previously reported how Adolf Zang built the 37-room home with the funds he made from mining. Greiner used the mansion for his personal offices, as well as public tours and various events.
While Rae said the new buyer will continue using the mansion for personal offices, a taste of the original mansion’s grandeur will remain, including the dining room and master suite furniture and other individual pieces throughout the house.
“There are so many things you’ll never see again, from the stained glass to the beautiful woods,” Rae said. “It’s a pretty exquisite place. It’s going to be very costly to update.”