A $22.5 million Potomac River mansion heads to foreclosure — again
By J. Freedom du Lac and Annys Shin,
The $22.5 million McLean mansion owned, for now, by embattled entrepreneur Rodney P. Hunt is once again facing foreclosure. The house, one of the most expensive residential properties in the Washington area, is scheduled to be sold at auction Feb. 21 on the steps of the Arlington County Courthouse.
The mansion had been scheduled to be sold by auction house Tranzon Fox in September, but the sale was called off without explanation less than 24 hours before bidding was to have begun.
Tranzon Fox announced the new auction date Tuesday morning.
More than 20 years ago, Hunt co-founded RS Information Systems, which became one of the country’s most successful black-owned government contracting firms. The company provided NASA, the military, the Energy Department and other government agencies with information technology, systems engineering, scientific support and management consulting.
In 2007, the year Hunt sold RSIS to a California aerospace engineering company, Northern Virginia Magazine estimated his net worth at $265 million. Hunt, who was once part of a failed bid to buy the Washington Nationals, was among the area’s highest-profile African American entrepreneurs, with an exclusive address just down Chain Bridge Road from AOL co-founders Jim Kimsey and Steve Case.
But last fall, Bank of America said Hunt was in default on a $9.4 million loan on the 20,000-plus-square-foot house he had built on a Potomac River bluff. Public records showed that he also owed more than $10 million on unpaid loans and bad business investments.
According to county property records, Hunt’s estate lost more than $650,000 in assessed value from 2012 to 2013.
Hunt’s rise and fall were detailed in a Washington Post article published in September.
Hunt could not be immediately reached for comment.
His house, once featured on MTV’s “Teen Cribs,” is the most expensive property in the area to enter some stage of foreclosure since the housing market crashed in 2007.