First family buys a house
By John King/CNN
September 2, 1999
Web posted at: 6:41 p.m. EDT (2241 GMT)
AUBURN, New York (CNN) -- After many years of living in public housing, the first family has officially found a place to call home after they leave the White House.
The Clintons on Thursday entered into a contract to buy a five-bedroom house in Chappaqua, New York, according to a statement released by the White House.
They will pay $1.7 million for 5,200-square-foot home in Westchester County north of New York City, slightly more than the asking price of $1.695 million. Sources tell CNN they expect to close on the property on November 1.
The Clintons have signed a contract to buy this New York home
Purchasing the house would give first lady Hillary Rodham Clinton residency in New York, which she will need to run for the Senate seat being vacated by retiring Democratic Sen. Daniel Patrick Moynihan.The first lady has not formally declared her candidacy for the seat, but has established an Senate exploratory committee.
The $350,000 for the down payment will come out of the Clinton's blind trust, and the Clintons will borrow $1.35 million from Bankers Trust Co.
Because the family's present income is not large enough to get such a big loan, the mortgage will be guaranteed by long time Clinton fundraiser Terry McAuliffe, a Syracuse, New York native.
Sources tell CNN the loan is a five-year, adjustable rate loan -- an indication that president may refinance his mortgage shortly after he leaves office when his income is expected to increase considerably.
In the statement, the Clintons thanked all the people "who helped make our search for a new home an enjoyable experience. We particularly want to thank the homeowners, their neighbors and the real estate brokers who have been so gracious to us throughout our search."
The white colonial house, built in 1889, has five bedrooms, a swimming pool and an exercise room on the top floor. It sits on a 1.1 acre lot and has a barn that is currently used as a garage.
The Clintons toured the three-story wood frame home on Saturday. The home is on a lot screened by evergreens at the end of a cul-de-sac called Old House Lane.
The Clintons will pay about $26,000 a year in property taxes on their new residence.
The house apparently passed security muster this week. The Secret Service must approve the house as it is charged with protecting Clinton when he is a private citizen.