A penthouse at the Ritz-Carlton Georgetown in Washington, D.C., is hitting the market for $18 million.
If it sells near that price, the 5,50-square-foot unit would break a record for the priciest condominium sold in Washington, according to the Wall Street Journal.
The three-bedroom is one of five penthouse units at the Ritz-Carlton. It has 1,800 square feet of terrace space. The sale also comes with a small unit on the ground-floor of the building.
The seller is the estate of Michelle Smith, the daughter of prominent area developer Robert H. Smith. Michelle Smith, who died last year, worked as a vice president for Charles E. Smith Residential Realty and its successor REIT, Archstone-Smith.
She bought the two units for around $6 million in 2005. They were raw spaces that she built out over the ensuing years. Smith had the floors, moldings, and staircase built from limestone, and built out a wood-paneled library, office, bar, family room, and other spaces.
Listing agent Matt McCormick of TTR Sotheby’s International Realty estimated she spent $20 million on the purchase and work. Smith also furnished the unit with furniture by French designer Jean-Michel Frank and art by Alberto and Diego Giacometti, and Francois-Xaxier Lalane. Those objects and items, however, will be sold separately.
There are no other units available in D.C. anywhere near the $18 million listing, according to prices on Redfin. The next most expensive unit on the market is asking $6 million. [WSJ] — Dennis Lynch
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