In late October 2024, Scott Bessent, the newly appointed Treasury Secretary under Donald Trump, shocked the real estate world by listing his extravagant Charleston mansion, known as the “Pink Palace,” for a record-breaking price of $22.5 million.
The mansion, dating back nearly two centuries, has been a beacon of historical significance, luxury, and opulence.
Bessent, a hedge fund billionaire, and his husband purchased the property in 2016 for $6.5 million and invested in a major renovation to preserve its rich history while adding modern amenities. This article will explore the history, key features, and significance of the Pink Palace in Charleston’s real estate landscape.
- A Glimpse into the History of the Pink Palace
- Bessent’s Renovation and Ownership
- The Features of the Pink Palace
- What’s Next for the Pink Palace?
- Property Details
- Conclusion
- People May Ask
- Q: What is the asking price for Scott Bessent’s mansion in Charleston?
- Q: Who originally built the mansion on this property?
- Q: What features make the Pink Palace unique?
- Q: Why is the mansion called the “Pink Palace”?
- Q: What was the purchase price of the Pink Palace before Bessent listed it?
A Glimpse into the History of the Pink Palace
The Pink Palace, located in the heart of Charleston, South Carolina, has deep historical roots dating back to 1838. The property was originally acquired by John Ravenel, a prominent businessman and the president of the South Carolina Railroad.
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Interestingly, John Ravenel is a distant relative of Thomas Ravenel, a reality TV star from Southern Charm. The first structure on the land was destroyed in the 1886 Charleston earthquake, a major event in the city’s history.
However, the mansion was quickly rebuilt by Elias Horry Frost, the son-in-law of John Ravenel.
Over the years, the property has seen many different owners and was even converted into a bed-and-breakfast for a period of time. Despite its changing roles, the mansion remained a staple of Charleston’s architectural heritage.
Bessent’s Renovation and Ownership
When Scott Bessent and his husband purchased the Pink Palace in 2016 for $6.5 million, the mansion was in need of significant renovations. The couple undertook a comprehensive renovation, preserving the home’s historical charm while incorporating modern amenities.
The mansion was completed and ready for move-in by the end of 2019.
With seven spacious bedrooms and eight bathrooms, the Pink Palace is a sprawling 3-story estate that perfectly blends classic design with contemporary luxury.
The Features of the Pink Palace
This opulent mansion offers a range of high-end features that make it stand out in Charleston’s real estate market. Some of its most notable attributes include:
- Seven Bedrooms: The mansion includes seven large, beautifully decorated bedrooms, offering ample space for family, guests, or even staff.
- Eight Bathrooms: Every floor of the house features luxurious bathrooms with modern fixtures, creating a comfortable and elegant living space.
- Four Bars: Ideal for entertaining, the mansion boasts four bars, perfect for hosting large gatherings or intimate parties.
- Pool and Spa: The outdoor area features a pristine pool and spa, offering a peaceful retreat for relaxation.
- Formal Gardens: The grounds include beautifully landscaped gardens, providing a scenic backdrop to the property.
- Three-Bedroom Carriage House: The mansion also comes with a three-bedroom carriage house, ideal for guests or extended family stays.
Listing for $22.5 Million
In late October 2024, Scott Bessent officially listed the mansion for $22.5 million. This asking price is set to break the record for the most expensive home sale in Charleston history.
The current record is held by a property that sold for $20.5 million, making Bessent’s listing a major milestone in the city’s real estate market.
The property’s unique blend of historical significance, luxury features, and prime location in Charleston’s prestigious neighborhood makes it one of the most sought-after estates in the region.
What’s Next for the Pink Palace?
As Bessent prepares for his role in Washington, D.C., selling the Pink Palace may be part of his transition. The listing price of $22.5 million, while high, reflects the mansion’s rarity and historic value. If the property sells for this price, it will undoubtedly set a new precedent for Charleston’s luxury real estate market.
Property Details
| Feature | Details |
| Location | Charleston, South Carolina |
| Asking Price | $22.5 Million |
| Size | 7 Bedrooms, 8 Bathrooms |
| Key Features | 4 Bars, Pool, Spa, Formal Gardens, Carriage House |
| Historical Significance | Built in 1838, Rebuilt in 1886 |
| Renovation | Purchased in 2016, Renovated by Bessent in 2019 |
Conclusion
Scott Bessent’s listing of the Pink Palace for $22.5 million reflects both the mansion’s historical charm and its modern-day opulence. This Charleston property, rich in history and luxury, is set to make waves in the real estate market, with the potential to break records.
As Bessent transitions into his new role in Washington, the sale of this extraordinary property is likely to mark the end of an era for the mansion and open the door for a new chapter in Charleston’s luxury real estate scene.
People May Ask
Q: What is the asking price for Scott Bessent’s mansion in Charleston?
A: The asking price for the Pink Palace is $22.5 million, which would set a new record for the most expensive home sale in Charleston history.
Q: Who originally built the mansion on this property?
A: The mansion was originally built in 1838 by John Ravenel, a prominent businessman, and was rebuilt in the late 1800s by Elias Horry Frost after it was destroyed in an earthquake.
Q: What features make the Pink Palace unique?
A: The Pink Palace boasts seven bedrooms, eight bathrooms, four bars, a pool, a spa, formal gardens, and a three-bedroom carriage house.
Q: Why is the mansion called the “Pink Palace”?
A: The mansion is referred to as the “Pink Palace” because of its distinct pink-colored exterior, which sets it apart from other properties in Charleston.
Q: What was the purchase price of the Pink Palace before Bessent listed it?
A: Scott Bessent and his husband purchased the mansion in 2016 for $6.5 million before renovating it and listing it for $22.5 million.
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