Yi Fang Yen SVP, Digital Media and Advertising Business Solutions | realtors.com
Hedge-fund manager Scott Bessent, selected by Donald Trump to lead the Treasury Department, is known for his extensive real estate dealings. Among his notable properties is a historic pink-stucco building in Charleston, South Carolina, which once housed a branch of the First Bank of the U.S. in the 1790s. Bessent purchased this property for $2.6 million in 2020.
Since the 1990s, Bessent has been active in the real estate market, buying and selling over $127 million worth of properties across various states including South Carolina, New York, and Florida. His investments have seen mixed results; he lost money on at least eight homes but also made significant profits on others. For instance, he sold a Miami Beach mansion for $14.5 million after purchasing it for $9.5 million.
Bessent's interest in historic homes is evident through his restoration projects. He does not view these restorations as mere investments but values their historical significance and employs local artisans for renovations.
His career began with Soros Fund Management where he played a key role in a successful bet against the British pound in 1992. Bessent later founded Key Square Group and taught economics at Yale University.
Bessent’s passion for history extends beyond personal investment; he funded renovations of historic sites like the French Huguenot Church of Charleston and served on boards dedicated to preserving historical landmarks.
"They did extensive research on the property to really fine-tune this thing and bring it back to what it once was," said Robertson Allen from Cassina Group about one of Bessent's restoration projects.
Despite some financial losses, Bessent continues to invest in historically significant properties while contributing to their preservation.
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