Former Federal Reserve Chair Jerome Powell has reportedly sold a waterfront Maryland estate for $7.2 million.
The six-bedroom, eight-bathroom home on Gibson Island changed hands in an off-market sale on Aug. 4, less than three months after Powell concluded his eight-year term as chair of the Federal Reserve, Realtor.com reported, citing public property records.
The 7,155-square-foot home sits on a two-acre waterfront lot overlooking the Magothy River, the outlet reported.
FED POLICYMAKERS’ INFLATION WORRIES WEIGHED ON RATE CUT OUTLOOK AT WARSH’S FIRST MEETING
The home was not publicly listed on a multiple listing service, with the Baltimore Business Journal first reporting the sale.
Built in 2004, the shingle-style mansion features water views from nearly every main room, along with a waterfront swimming pool, stone terraces, a private pier with a boat lift and landscaped grounds, according to Realtor.com.
Powell purchased the property for $3.86 million in 2006.
FEDERAL RESERVE LEAVES INTEREST RATES UNCHANGED AS WARSH ERA BEGINS
The former Fed chair and his wife, Elissa Leonard, continue to own another home on Gibson Island that they purchased for about $3 million, Realtor.com reported.
The couple’s primary residence is in Chevy Chase, Maryland.
Powell concluded his tenure as Fed chairman in May, with Kevin Warsh succeeding him.
POWELL SAYS HE’LL STAY ON FED BOARD AFTER CHAIRMANSHIP ENDS BUT WON’T BE A ‘SHADOW FED CHAIR’
GET FOX BUSINESS ON THE GO BY CLICKING HERE
During his time leading the central bank, Powell frequently clashed with President Donald Trump over interest rate policy.
FOX Business reached out to Powell and Gibson Island Real Estate for more information.
