Greg Burgess, an investor and internet entrepreneur, is hoping to sell his $15 million mansion outside of Washington, D.C., for $8 million more than he paid for it, nearly four years after purchasing it.
Situated approximately one mile from Bethesda, Maryland’s downtown, the property offers a view of the Potomac River. According to selling agent Daniel Heider of TTR Sotheby’s International Realty, the property is priced at $23.5 million, making it one of the most costly ones available in the D.C. area.
Per Heider, the home with five bedrooms is approximately 12,000 square feet in size and features a lengthy driveway with automated gates. The 2-acre property has an English garden, a hot tub, and a swimming pool. Heider claimed that despite being constructed in 2013, the red-brick house features a turreted entryway that is reminiscent of old houses.
Burgess is a property investor and a healthcare-technology entrepreneur who sold his company, the Virginia-based Burgess Group, to Blackstone-backed HealthEdge in 2020.
Burgess claimed that the residence was among a select few trophy properties he acquired following the sale of his business, along with a penthouse at the Ritz-Carlton Georgetown in Washington, D.C. Heider stated that if the mansion fetches its asking price, the record set by the $15 million he paid for it will be broken.
Burgess claimed that although he occasionally stayed there for entertaining, the Bethesda property was never his permanent residence.
When Burgess bought the house from commercial developer Frank Haney Jr., its neutral, all-white decor wasn’t his style, he said. He started over, adding larger windows and doors to maximize the views of the river, and combining rooms to create larger entertaining spaces. The interiors were inspired by London boutique hotels, he said, with a wood-paneled bar and a dramatic entry foyer. A circular wine cellar was modeled after a Tuscan grotto. Outside, Burgess did extensive stonework and expanded the pool.
Heider said his client put roughly $8 million into the renovation.
“One of my passions is to create these environments,” Burgess said. “There’s nothing in that house—down to the last pencil—that I didn’t pick out.” The furnishings aren’t included in the sale price, Heider said
In addition to co-producing “Cabaret at the Kit Kat Club” on Broadway, Burgess claimed to be a guitarist. He explained that he is selling the Bethesda home in order to reduce the amount of real estate he owns and spend more time in New York, London, and Miami.
According to Heider, the Washington area real estate market is typically unpredictable during election years. However, in recent months, there has been an increase in the market for upscale real estate. Citing data from the local multiple listings service, he stated that five homes in the area have sold for $10 million or more so far this year, compared to just six during the entire previous year.