White House Worth Wilts

So, apparently even the White House is not immune from the slump in the housing market. According to a U.S. News and World Report article, which references a report by real estate website zillow.com , our Presidential mansion is worth $23 million less than it was just a year ago. Even so, its value, estimated at $308,058,000, makes it the most expensive residence in the United States. Its 55,000 square feet of indoor space, 132 total rooms, 35 bathrooms, 16 bedrooms, three kitchens and 18 acres of premium downtown Washington, DC land would fetch a good price on their own merits, but Zillow applied a maximum historical premium on top of that in calculating their appraised value. Just for some fun numbers, if the property was sold at this price, a prospective buyer would need to have $62 million saved up for a 20% down payment and make $53.3 million in gross income a year to qualify for and afford a standard 30-year fixed-rate mortgage payment of between $1.25 million (at 4.5% interest) and $1.48 million (at 6% interest). Even this Blind Bambi understands that the White House would and should never be offered for sale, but it is interesting to ponder who might afford such a property. Those at the top of Forbes list are obvious candidates. Would it be beyond the reach of a bailed out bank or Wall Street executive and his or her bonus?