WASHINGTON, D.C. (WJLA) - D.C.'s most expensive real estate transaction in history went down this week.
TTR Sotheby's International Realty has announced that the historic Patterson Mansion - longtime home to the Washington Club - sold in a $20-million deal that closed on Monday.
Though the price is less than what the property was listed at - the original asking price was $26 million - it's still a record-high sale.
The buyer was SB Urban out of Bethesda, a partnership between Michael Balaban and Frank Saul III.
The mansion will reportedly be converted into sub-400-square-foot "micro" apartments.
According to the Washington Business Journal, the property was previously under contract with another bidder who wanted to turn the mansion into a boutique hotel, but they ran into resistance from D.C.'s Historic Preservation Review Board.
According to Sotheby's, the mansion is 112 years old, and was originally built for Robert Patterson, the editor of the Chicago Times, at the turn of the 20th century, when he and his wife Eleanor "Sissy" Patterson retired to the district.
The sprawling home is 36,470 square feet, with four stories, and is made of white marble and brick. It boasts 16 bedrooms, as well as an auditorium and a banquet hall.
The mansion was designed by architect Stanford White of the prominent firm McKim, Mead & White, and is the only remaining example of his work in Washington, D.C.