Kevin Plank is the CEO and founder of the internationally successful athletics brand Under Armour. He also, apparently, is an extremely accomplished real estate flipper. That observation comes courtesy of the news, reported by WBJ, that he is trying to sell the Georgetown mansion he only just bought 2013. And here’s the thing: he’s trying to sell it for $29.5 million. He only bought it for $7.8 million.
That would be one impressive flip! But it wouldn’t be his most impressive flip of a Georgetown property. That would go to the old Nathan’s building, which he bought for $14 from the Heon family, renovated, and sold to Capital One Bank for $50 million.
If he sells his mansion for the list price, that would mean he netted $57.7 million on Georgetown properties! Yes, that is without considering the obviously massive costs associated with rehabbing both properties (particularly the Nathan’s building). But $57.7 million before construction costs on property bought for just over $20 million is a pretty healthy margin.
There was a bit of a splash when Plank bought and renovated this home. At 34th and O St., it was within a block of his grandmother’s house, in whose basement Under Armour was formed. But according to WBJ, Plank, who lives primarily in Baltimore, just didn’t use this extremely expensive pied a terre enough. What a problem to have.