Feb
27

How Much is Asheville’s Biltmore House Worth?

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biltmoreEven the rich and powerful George Vanderbilts of the world have to pay property taxes, but when their property is a national treasure like Biltmore House, figuring out how much it’s worth is complicated.

Buncombe County appraisers were tasked with putting a price tag on America’s largest private residence with its 250 rooms and approximately 135,000 square feet built in 1895 and styled after a French Renaissance chateau. The numbers released this week put the house’s value at about $37 million and the approximately 2,194 acres on which it sits at more than $64 million. Considering the hotels, restaurants, outbuildings and private residences, the total value of the public areas of Biltmore Estate is nearly $300 million, according to the tax department.

Biltmore Company and its related groups hold about 8,000 acres of property, but it’s divided up into multiple properties, some of which are not held by the Biltmore Company. George Vanderbilt’s heirs divided the assets into multiple companies, including the Biltmore Company and Biltmore Farms, in 1979. The largest portion of the estate, west of the French Broad River, is held by West Range LLC and valued at about $78 million, which is not included in the $300 million. Most of that property is not open to the public on a regular basis.

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Categories : Asheville

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