Powell Sells Gibson Island Estate for $7.2 Million After Leaving Fed Chair
The former Fed chair keeps a second Gibson Island property as Kevin Warsh begins leading the central bank
WASHINGTON — Jerome Powell finalized the off-market sale of his waterfront estate on Maryland’s exclusive Gibson Island for $7.2 million, less than three months after handing over leadership of the Federal Reserve to Kevin Warsh in May. The transaction closed on August 4.
Public property records compiled by Realtor.com and first reported by the Baltimore Business Journal show that the 7,155-square-foot shingle-style mansion changed hands without being publicly listed on a multiple listing service. Powell purchased the property in 2006 for $3.86 million, around the time he was working in the private equity sector.
Built in 2004, the residence occupies a two-acre lot overlooking the Magothy River. Its features include six bedrooms, eight bathrooms, panoramic water views from nearly every main room, stone terraces, a waterfront swimming pool, and a private pier equipped with a boat lift.
Powell and his wife, Elissa Leonard, continue to own a second property on Gibson Island, which they purchased for approximately $3 million. Their primary residence remains in Chevy Chase, Maryland, a suburb just outside Washington, D.C.
Gibson Island is a highly secure, private island community in Anne Arundel County, Maryland, and serves as a quiet retreat for Washington’s political and financial elite. Representatives for Powell and Gibson Island Real Estate did not immediately comment further on the transaction.
Powell joined the Federal Reserve Board of Governors in 2012 after working as a partner at the private equity firm Carlyle Group from 1997 to 2005. He served as Fed Chair from 2018 to 2026, during the COVID-19 pandemic and the subsequent aggressive campaign to fight inflation that frequently drew public criticism from former President Donald Trump.
Although his chairmanship ended in May, Powell remains a member of the Federal Reserve Board of Governors. Chairs serve four-year leadership terms, while governors receive separate 14-year appointments. Powell’s term as a governor runs until January 31, 2028.
Powell has publicly stated that he intends to serve out the remainder of his term on the board. He also pledged to avoid acting as a “shadow Fed chair” to ensure a smooth transition for the new leadership.
Warsh previously served on the Fed’s Board of Governors from 2006 to 2011 during the global financial crisis. He took office as concerns continued over the trajectory of consumer prices.
At Warsh’s first policy-setting meeting as chairman, Federal Open Market Committee (FOMC) members expressed persistent anxiety about stubborn inflation pressures. Expectations for imminent interest rate cuts weakened, and the central bank left the benchmark interest rate unchanged.
The shift has prompted significant discussion among Wall Street analysts and institutional investors. Jeffrey Gundlach, founder and Chief Executive Officer of DoubleLine Capital, has criticized the Federal Reserve’s historical rate-hiking methodology under Powell’s leadership.
Gundlach said Warsh’s background and market-oriented philosophy would bring a different perspective to monetary policy decisions, potentially reshaping how the central bank manages the balance between inflation control and economic growth in the coming years.
