No One Knows Why The Value Of Kelly Loeffler’s Mansion Dropped By $6 Million – Seemingly Overnight – In 2016

Republican Senator Kelly Loeffler, currently in the midst of a very hot runoff campaign in Georgia, got a few headlines about her personal financial practices late in her name. The Daily Beast reports that in 2016 her mansion in Atlanta, better known as Descante, saw a $ 6 million decrease in its appraised value by Fulton County officials, a drop that led both to $ $ in annual property taxes. Saved over 100,000. Fulton County and Atlanta City.

Lofler and her husband Jeffrey Sprecher bought the 15,000-square-foot Descante in 2009 for $ 10.5 million. That value allegedly made Atlanta the most expensive private home in its entire history, and carried with it the city and county’s tax bill of about $ 200,000. That price was constant as far as Fulton County was concerned for the next seven years, but then in 2016 it mysteriously fell to $ 4.15 million in appraised value, and the couple’s property tax bill would accompany it to about $ 90,000 per year. fell down.

no one knows why the value of kelly loeffler's mansion dropped by $6 million – seemingly overnight – in 2016

Justin Sullivan / Getty Images

In the following years, the property has returned to an appraised value of approximately $ 5 million, but property taxes on the house have certainly remained significantly lower than when they were worth more than $ 10 million. This is a particularly unusual situation as the reduced appraisal has improved after Loeffler and Sprecher made significant improvements to the home and grounds, which cost over $ 350,000 altogether on various renovations and a new one in 2015 Greenhouse. It also generally occurred amid rising real estate. Prices in the region between 2012 and 2020 as reported by the Atlanta Journal-Constitution.

Even stranger, many of the couple’s neighbors say their homes soared in value while Descante moved down. And apparently the public will never know why such a big drop occurred, as a Fulton County spokesman said:

“The staff responsible for these changes, including the residential property manager, deputy chief appraiser and chief appraiser, are no longer within Fulton County and there is no documentation explaining the reason for these changes.”

While the seemingly inexplicable series of events saved Loeffler a significant amount in taxes, there is no evidence that this was the result of any shady backroom deals on his part. However, speculation has naturally taken place along those lines, especially since Loeffler accused one of several US senators of including information on the COVID-19 epidemic earlier this year.

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