AOL co-founder Steve Case and his wife Jean Case found a buyer for their historic McLean estate, and this sale is setting records for the Washington area. The Washington Business Journal reports that Case’s Merrywood property sold for $49.5 million to the Embassy of the Kingdom of Saudi Arabia, about a year after Case listed his mansion for $49.5 million. Case originally paid $24.5 million for Merrywood in 2005.
The deal closed May 24, and WBJ estimates this grabs the title of the the most expensive Greater Washington property to sell (at least since 2007). Coincidentally, that’s the same day that the McLean area home once owned by AOL co-founder James V. Kimsey hit the market for a whopping $62.95 million.
“We have sold our residence in McLean, Virginia. We enjoyed living at Merrywood for the past 13 years, and we hope the new owner will appreciate the property as much as we did,” the Cases said in a statement. Jean Case is the chairman of the board of trustees at National Geographic and CEO of Case Foundation. Steve Case is the chairman and CEO of investment firm Revolution.
There’s storied history behind the property located on seven acres on the banks of the Potomac: the circa-1919 estate was a childhood home of Jackie Kennedy. The regal nine-bedroom mansion includes features like a lighted tennis court, indoor and outdoor pools, and formal gardens.
The listing agent for Merrywood is Mark Lowham of TTR Sotheby’s International Realty and Monica Boyd of Coldwell Banker Residential Brokerage represented the buyer, per WBJ.