Kevin Plank’s Georgetown mansion sells for $17.25 million

Kevin Plank’s Georgetown mansion sells for $17.25 million

August 27, 2020 0 By Stephen Callahan

Kevin A. Plank is founder and former CEO of Under Armour, Inc., a company based in Maryland, USA, that specializes in manufacturing footwear and sportswear. Plank’s vision for the company first began during his university days, where he and fellow teammates struggled to play in heavy cotton t-shirts. The whole experience was uncomfortable, and the idea of a brand that would make lighter jerseys for footballers was formed. He put his idea into action and developed a successful company that was featured in Forbes. Plank stepped down as CEO toward the end of 2019, after leading the company since 1996, first as founder, then CEO and board chairman.

Under Armour has grown into a multi-billion-dollar company over the years and employs more than 15,000 people in Maryland. In addition to being an entrepreneur, Plank is also a philanthropist and runs Sagamore Farm, where he owns and trains over 100 horses. In 2013, he started a real estate development firm, Plank Industries, and has proved himself legendary with investments. He has launched a whiskey distillery, built and sold homes, and completed many other successful projects.

Following his tenure at Under Armour, Plank sold his 12,000 square foot Georgetown mansion. He and his wife first listed the mansion for sale in 2018 for $29.5 million, but later re-listed it for $24.5 million. At the time, it was the most expensive listing in the Washington D.C. area. A brick-federal style home, it comes with many exemplary features, including a swimming pool, a gym, and ample parking — a rare find in Georgetown.

Plank initially purchased the 200-year-old mansion in 2013 for just $7.85 million. Built in 1810, it still had many of its original features, including eight bedrooms, eight full bathrooms, a ballroom, and a dining room that is illuminated by a Murano glass chandelier.

The Planks invited Patrick Sutton, a designer and builder based in Baltimore and Annapolis, to help them rebuild and renovate the house. BarnesVanze Architects joined the renovation team as well. New features include a marble staircase worth $1 million, a warm water pool, a second gym, and a cellar room for smoking cigarettes and enjoying whiskey. A low-level media room and a small bronze bar were also added. These extensive renovations increased the home’s value tremendously.

Former U.S. Ambassador David Bruce and his wife Elizabeth used to host presidents and other world leaders when they lived there. Later, they rented it out for a short period to Roger Stevens, a successful real estate broker and theatre producer. Plank’s family decided to sell the property because they did not use it as much as they wanted.
The new owner of the Georgetown mansion — one of the best and most prestigious houses in the region — is currently unknown to the public. Reliable sources say that five upstairs bedrooms are dedicated to honoring various presidents of the United States, including Abraham Lincoln, John F. Kennedy, Dwight D. Eisenhower, and Thomas Jefferson. The double-bedroom master suite honors George Washington and Theodore Roosevelt.

Though he’s sold this property, Kevin Plank has other homes, including his primary residence in Baltimore County, in the Greenspring Valley. He also plans to build another estate nearby, which is estimated to be on over 35,000 square feet. He has so far declined to comment concerning any additional information on this development.

Having stepped down from his roles at Under Armour, 47-year-old Plank will now have more time to spend with his family and to concentrate on his other investments. He made the decision to resign due to decreasing sales over the past year. A new leadership team is dedicated to exploring innovative methods to boost sales going forward, to bring the company back to the top.

New leadership can be revolutionary for any organization, and Plank took a significant step in helping Under Armour return to its glorious days.

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