Jerome Powell Sells Gibson Island Mansion for $7.2 Million

Jerome Powell, former Chair of the Federal Reserve, sold his waterfront mansion on Maryland's Gibson Island for $7.2 million on August 4. This transaction occurred less than three months after Powell concluded his tenure as the head of the U.S. central bank. Public property records reveal the sale of the expansive property, which features six bedrooms and eight bathrooms across 7,155 square feet of living space, situated on a 2-acre lot. The sale was conducted off-market, meaning the property was not publicly listed on a multiple listing service, a detail initially reported by the Baltimore Business Journal. Sarah Kanne, a listing agent at Gibson Island Real Estate, was contacted for comment but had not yet responded. The mansion, constructed in 2004, is a shingle-style residence located in a private enclave approximately one hour's drive from Washington, D.C. Described as an "exquisite waterfront residence," the home offers water views from most of its main rooms and is noted for its coastal architecture, superior craftsmanship, and meticulous maintenance by its owners. The estate overlooks the Magothy River and includes amenities such as a waterfront swimming pool, a private pier equipped with a boat lift, stone terraces, and landscaped lawns. Powell originally purchased this luxury retreat in 2006 for $3.86 million, around the same period he co-founded Severn Capital Partners, a private equity firm. Records from 2017, produced by the Senate Banking, Housing and Urban Affairs Committee in relation to his Federal Reserve nomination, indicate that Powell became a member of the exclusive, members-only Gibson Island Club a year after buying the property. Powell and his wife, film producer Elissa Leonard, also own an adjacent property on Gibson Island, which they acquired for $3 million. Gibson Island is recognized as one of Maryland's most exclusive ZIP codes, with a year-round population. The sale of the mansion represents a significant real estate transaction for the former Federal Reserve chair, highlighting his personal investments outside of his public service role. The Gibson Island Club is a private social and recreational club that offers amenities such as golf, tennis, sailing, and dining, and membership is typically by invitation and requires significant dues. The Magothy River is a tributary of the Chesapeake Bay, offering extensive opportunities for boating and water activities, which is a key feature of the property's appeal. The sale price of $7.2 million reflects the premium associated with waterfront properties in highly desirable and private locations like Gibson Island. The property's size and amenities suggest it was a substantial personal residence or vacation home.