Franklin Raines moves on in more ways than one; plus recent moves in Spring Valley and Kalorama.
By Mary K. Mewborn
Former Fannie Mae CEO Franklin D. Raines recently purchased Beechwoods, a 98-year-old Colonial mansion sited on 1.35 acres at 3006 Albemarle Street NW, in Forest Hills.
The District
Franklin D. Raines, the former CEO of Fannie Mae who recently made a settlement of $24.7 million to the federal government to close the books on his controversial reign as head of America’s largest guarantor of home mortgages, has now set his sights on closing another deal: one on his new home at 3006 Albemarle Street NW. Currently under contract with an asking price of $7,595,000, the 98-year-old stucco Colonial known as Beechwoods sits on 1.35 acres in Forest Hills and boasts a pool and cabana, sports and tennis courts, four-car garage and views of Soapstone Valley National Park. Interior highlights include a master bedroom suite with his and hers baths, an adjacent terrace and walk-in closet. There are six additional bed rooms, five and a half baths, a family room with cathedral ceiling, library, movie theater, recreation room, exercise room and a remodeled kitchen with breakfast room. The listing agents are Washington Fine Properties’ Matthew B. McCormick, Ellen Morrell and Bonnie Wimsatt. Jim Bell of Washington Fine Properties represented the purchaser. Raines, who now sits on the board of Steve Case’s Revolution Health Company, has reportedly also purchased a $4.9 million condominium at the Ritz-Carlton Residences in Georgetown. Meanwhile, Wendy Farrow Raines, his wife for more than a quarter century, is said to have a new $4.3 million home of her own in Cleveland Park.
