Former Fed Chair Jerome Powell Sells Gibson Island Mansion for $7.2 Million

by Snejana Farberov

Less than three months after concluding his term as Federal Reserve chair, Jerome Powell sold his sprawling waterfront mansion on Maryland's ultraexclusive Gibson Island for $7.2 million.

Public property records reviewed by Realtor.com® indicate that the six-bedroom, eight-bathroom, 7,155-square-foot property sitting on a 2-acre lot exchanged hands on Aug. 4.

Powell's luxury retreat was not listed on a multiple listing service, and the sale was off-market, as Baltimore Business Journal first reported on Wednesday.

Realtor.com® reached out to listing agent Sarah Kanne at Gibson Island Real Estate seeking comment on the sale, but has not received an immediate response.

Located just an hour from Washington, DC, the 2004-built shingle-style mansion sits in a private enclave off the coast of Maryland. Described in listing materials as an "exquisite waterfront residence," Powell's former vacation home offers water views from nearly every principal room.

The listing notes that the property combing coastal architecture and superior craftsmanship "has been meticulously maintained by its current owners."

The estate facing the Magothy River also features a waterfront swimming pool, a private pier with a boat lift, stone terraces, and manicured lawns.

Powell purchased the home for $3.86 million in 2006, around the time when he co-founded Severn Capital Partners, a private equity firm.

A year later, he joined the members-only Gibson Island Club, according to disclosure records produced by the Senate Banking, Housing and Urban Affairs Committee in 2017 in relation to his Federal Reserve nomination.

Home that used to belong to Jerome Powell on Gibson Island — Jerome Powell's waterfront estate on the private Gibson Island, MD, is circled in green. (Realtor.com/Google Maps)

Real estate holdings

Powell and his wife, film producer Elissa Leonard, also own a neighboring home on Gibson Island, which they picked up for $3 million, according to the records.

Gibson Island is one of the most exclusive ZIP codes in Maryland, with a year-round population of fewer than 230 inhabitants.

The power couple's portfolio is anchored by their primary residence in Chevy Chase, MD, purchased in 2006 for $3 million.

Built in 1903, the elegant two-story home comes with a pool and a two-car garage. It is located on a tree-lined street.

Powell, 73, concluded his eight-year tenure at the helm of the Fed in May of this year and was succeeded by Kevin Warsh. However, he remains on the Federal Reserve Board of Governors.

During his time as chair, Powell was frequently criticized by President Donald Trump for failing to drastically reduce interest rates.

In January, the Department of Justice opened a criminal investigation into Powell over his congressional testimony concerning the cost of renovations to the Federal Reserve headquarters. The probe was dropped in April without any charges being filed.

GET MORE INFORMATION

Name

Email*

Phone*

Message

By registering on this website, you hereby grant permission to Round Table Realty, its affiliates, and its agents to contact you via email, text message, telephone, and other communication methods, including but not limited to mass communication systems, unique communication systems, and automated or artificial intelligence systems. Such communications may be for the purposes of responding to inquiries, providing real estate services, marketing, or other business-related matters.

You acknowledge that these communications may include autodialed or prerecorded messages and that you consent to receiving such communications at the email address and phone number(s) you provide, even if your phone number is on a state or national Do Not Call registry. Message and data rates may apply.

This consent is not a condition of any purchase or transaction. You may revoke your consent to receive such communications at any time by notifying us in writing or using the opt-out mechanisms provided in the communication.

Florida-Specific Notice:
Pursuant to Florida law, you are hereby informed that your contact information may be used to provide information about real estate services, listings, and related topics. Round Table Realty complies with all applicable federal and state laws, including the Florida Telephone Solicitation Act (FTSA), and takes measures to ensure the security and confidentiality of your contact information.

For more information about our policies or to exercise your rights under applicable laws, please see our Privacy Policy.

By clicking “I'm Finished” or completing the registration process, you affirmatively acknowledge that you have read and understood this disclosure and consent to the above terms.