'Trump Bubble' Drives Washington DC Home Prices Soaring
Rumors Swirl That "Elon Musk Plans to Buy an Entire Hotel"
As soon as the second Trump administration took office, a shortage of luxury homes occurred around the White House. With a surge in ultra-luxury home transactions in the Washington DC area, the term 'Trump Bubble' even emerged.
As soon as the second Trump administration took office, a shortage of luxury homes occurred around the White House area. Photo by AFP Yonhap News
Among the senior officials in the Trump administration, 13 have assets exceeding $1 billion (about 1.45 trillion KRW). President Trump's own assets amount to $6.8 billion (9.9 trillion KRW). In particular, Elon Musk, the CEO of Tesla and the world's richest person who heads the Department of Efficiency, is rumored to be attempting to purchase an entire hotel located in Washington DC.
The New York Times (NYT) recently described this trend, saying, "Due to a surge in demand, there is a shortage of top-tier luxury homes in Washington." As those holding senior positions in the second Trump administration established new residences near the White House, many people seeking opportunities to connect with them flocked to Washington DC. Jim Bell, Vice President of real estate firm TTR Sotheby’s International Realty, said, "With so many wealthy people flooding into Washington, it’s really difficult to keep up," noting that supply is far short of demand. Because there are so few listings, real estate agents have to go around asking luxury home owners if they might be willing to sell their properties.
Howard Lutnick, nominated as Secretary of Commerce and former CEO of investment bank Cantor Fitzgerald with an estimated net worth of $1.5 billion (2.2 trillion KRW), purchased a French-style mansion formerly owned by Fox News anchor Bret Baier for $25 million (36 billion KRW). Scott Bessent, Secretary of the Treasury with assets exceeding $700 million (1 trillion KRW), acquired an ultra-luxury home featuring five bedrooms across four floors, a banquet-sized dining room, a reception room, a study, a 0.29-acre garden, and a swimming pool.
With the situation reaching this point, businesspeople for whom Washington DC was not previously a primary base also began flocking to the city with 'ammunition' in hand. The Financial Times (FT) reported on the 29th of last month that "Mark Zuckerberg, who owns multiple properties in California and Hawaii, is considering purchasing real estate in Washington DC." Once having an uneasy relationship with President Trump, Zuckerberg has been trying to win Trump’s favor since the U.S. presidential election last November. He visited Mar-a-Lago, Trump’s private residence in Florida, twice, appointed Dana White, UFC CEO and a close Trump ally, as a director, and promoted a Republican insider to president, advancing him to global policy chief.
Perhaps the most attention-grabbing is Musk’s residence. The NYT reported that Musk is planning to buy the entire 'Line Hotel' and convert it into a private club.
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