Ted Leonsis Swaps Homes in Great Deal

ted leonsisTed Leonsis, owner of the Washington Capitals and the Washington Wizards, is making moves of his own this year. His plays haven't been on the court, but in the real estate arena.

Leonsis, who has held several executive positions at AOL and is also a bestselling author, blogged on Monday that he has purchased the famous Marwood Estate in Potomac, MD. The sports titan didn't say how much he paid for Marwood, but he did mention that he acquired the riverfront mansion in a swap: He purchased it from telecom executive Chris Rogers and his wife, Nalini, who in turn bought the home owned by Leonsis in McLean, VA.

Leonsis has been a busy seller: In 2010, he also sold his home in Vero Beach, Fla.

Writes Leonsis in his blog about his new home, "My wife Lynn and I are very excited to be moving into such a significant local home on the river front here in the DC area and we promise to respect the tradition and history of this estate."

Marwood has a storied history: It was built to resemble the Palace "Malmaison," which was built outside Paris by Napoleon for the French Empress Josephine. Previous residents include former President Franklin D. Roosevelt, Joseph Kennedy and the cousins of Al Gore. Marwood was sold in 2005 for $4.9 million, the Washington Post reports.

The massive historic estate, which is located on more than 13 acres in Potomac, was built in 1926 and contains Find Local Homes for Sale Browse through photos of millions of home listings on AOL Real Estate See Homes for Sale Search Foreclosures for Sale more than 18,000 square feet. In 2008, the property was assessed at more than $8 million, according to public records. Leonsis notes that the entire estate was extensively renovated in 2011 –- Barnes Vanze Architects and Gibson Builders completed the renovation. Added were a new underground parking garage for 10 cars, a 100-foot-by-100-foot gravel entry court, a family kitchen, a second staircase, en-suite bathrooms for all bedrooms, a tennis court, two outdoor pavilions, and fish and sculpture ponds.

In 2009, the median estimated value of a home in Potomac was $802,892, according to city-data.com.



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