Why did Sen. Kelly Loeffler’s Atlanta mansion lose half its value?

Value of the property dropped from $10.5M to just $4.15M, and no one is sure why

National Weekend Edition /
Dec.December 20, 2020 02:00 PM
GOP Sen. Kelly Loeffler and her Atlanta Mansion. (Getty, Beacham & Co.)

GOP Sen. Kelly Loeffler and her Atlanta Mansion. (Getty, Beacham & Co.)

 

What happened in 2016 that caused the assessed value of Georgia Sen. Kelly Loeffler’s Atlanta mansion to drop by more than half?

The short answer: No one really knows. It may have been a mistake. What is known is that it resulted in a major reduction in her taxes, according to the Daily Beast.

Loeffler, who was appointed to her Senate seat at the end of 2019, and her husband, New York Stock Exchange chairman Jeffrey Sprecher, bought the 15,000-square-foot mansion known as “Descante” in 2009 for $10.5 million. Fulton County appraisers pegged its value at that figure for the next few years.

Then, in 2016, the appraised value fell to $4.15 million, cutting the couple’s tax bill from $200,000 annually to just $90,000.

A Fulton County spokesperson said the appraiser and other people responsible for such changes no longer work for the county.

There are no records of Loeffler or Sprecher appealing any appraisals during that period and there’s no indication they did anything improper to lower their assessment in a non-public manner, according to the Daily Beast.

But if anything, it appears that the value of the property should have increased. Loeffler and Sprecher spent around $365,000 renovating and improving the property in 2015, the year before the sudden change in assessed value.

Their eight closest neighbors saw their assessments increase while Loeffler and Sprecher’s decreased. One tax professional familiar with the Fulton County system called the Board of Assessors “a train wreck” and said the change could be a mistake.

Overall, prices across the Atlanta metro area increased 81 percent between 2012 and 2020. Earlier this year, Tyler Perry sold a mansion to Steve Harvey for $15 million.

[Daily Beast] — Dennis Lynch 


Related Articles

arrow_forward_ios
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Mortgage rates surge — and refinance applications sink
Mortgage rates surge — and refinance applications sink
Compass CEO Robert Reffkin (iStock, Getty/Illustration by Kevin Rebong for The Real Deal)
How much Compass paid to scale up
How much Compass paid to scale up
Homebuilding is largely responsible for the increase in construction spending. (Getty / Photo Illustration for The Real Deal)
Construction spending hits new record in January
Construction spending hits new record in January
(iStock/Illustration by Kevin Rebong for The Real Deal)
These are real estate executives’ worst worries for 2021
These are real estate executives’ worst worries for 2021
Bryan Cranston and his California beach house (Getty, Realtor)
“Breaking” news: Bryan Cranston lists eco-friendly SoCal beach pad
“Breaking” news: Bryan Cranston lists eco-friendly SoCal beach pad
RE/MAX CEO Adam Contos (Facebook)
RE/MAX revenue ticks up in Q4 but profit sinks
RE/MAX revenue ticks up in Q4 but profit sinks
Zillow COO Jeremy Wacksman (Zillow, iStock)
Zillow using Zestimate to streamline cash offers for some homes
Zillow using Zestimate to streamline cash offers for some homes
Home sales were the busiest January on record, but still the fifth month of decline in a row. (iStock)
Pending home sales fall for fifth consecutive month
Pending home sales fall for fifth consecutive month
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...