About| Property Search| List Property| Advertise| Contact

RSS Feed Twitter YouTube LinkedIn Facebook Pinterest G+

Real Estate: Watergate Hotel to be Sold after Foreclosure Listing

by Marquette Turner Luxury Homes

in Features, Rich & Famous

The Watergate Hotel, made infamous by a political scandal that was instrumental in ending President Richard Nixon’s administration, is likely to be auctioned in the coming days.

A 30-day foreclosure notice that was sent to hotel owner Monument Realty last month will soon expire, following the company defaulting on its loan, with an outstanding $40 million USD ($49.91 million USD) balance listed.

The complex was developed by the Italian firm Società Generale Immobiliare, which paid $10 million USD for 10 acres (40,000 m2) of land in the early 1960’s. On this site, Italian architect Luigi Moretti designed six buildings for the site: a hotel, two office buildings, three apartment buildings and a retail center.

200907201241.jpg

In 1972, the Democratic National Committee had its headquarters on the sixth floor of the 11-story 2600 Virginia Avenue building. On May 28, 1972, a team of burglars working for Nixon’s re-election campaign put wiretaps and took photos in and near the DNC chairman’s office. The wiretaps were monitored from a motor lodge across the street.

During a second burglary on June 17, 1972, when seeking to replace a malfunctioning “bug” and collect further intelligence, five burglars were arrested, and henceforth the Watergate scandal began.

The complex, consisting of the buildings at 2500, 2600, and 2650 Virginia Ave. NW and 600 and 700 New Hampshire Ave. NW, was listed on the National Register of Historic Places on October 21, 2005.

Former Secretary of State Condoleezza Rice now lives in the Watergate South

200907201241.jpg

Simon2.jpg Simon Turner

dotcomback

{ 5 comments… read them below or add one }

Michael Marquette July 19, 2009 at 8:26 pm

Wow – good history lesson – well done! How fascinating how a President was brought down! I'm not a big fan of the look of the structure – maybe the views are great but the actual structure doesn't appear all that exciting.

Michael

simonturner July 19, 2009 at 8:33 pm

I think it's historical nature is more due to the events that occurred there (ie. the scandal). In saying that I'm sure the views across the Potomac would be pretty impressive.

simonturner July 19, 2009 at 11:20 pm

Heritage registers generally seem to mean about the same so I doubt it'll be knocked down.

It's actually changed hands quite a few times. This is what wikipedia has to say:

“In 2004, the hotel was purchased by a company planning to turn it into luxury co-ops. The hotel closed on August 1, 2007 for a $170 million 18-month renovation, planning to reopen to guests in late 2009. However, the owners, Monument Realty, defaulted on their loan at the end of June, 2009 and it is currently headed for foreclosure. The 30 day notice for forecolsure expires 7/16/2009 and an auction has been scheduled for 7/21/2009.”

The office building part of the complex was sold in 2005 for $86.5 million

simonturner July 21, 2009 at 11:56 pm

Not a single bid occurred at the auction of the Watergate Hotel.

The auctioneer opened the bidding at $25million USD but none of the 10 people registered to bid did so.

simonturner July 22, 2009 at 6:56 am

Not a single bid occurred at the auction of the Watergate Hotel.

The auctioneer opened the bidding at $25million USD but none of the 10 people registered to bid did so.

Leave a Comment

Previous post:

Next post: