BUSINESS

24 Sussex Drive Is Worth A Lot Of Money (PHOTOS)

11/25/2013 01:45 EST | Updated 11/25/2013 04:42 EST
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Stephen Harper's residence is worth some serious coin.

A new analysis by the Movoto real estate blog puts the value of 24 Sussex Drive at $7,523,280. For comparison, Movoto recently appraised the White House at $110 million USD.

The Sussex Drive evaluation looked at eight similar homes in the area to arrive at a cost per square foot of $627. At 12,000 square feet, the 34-room home would demand some serious value were it placed on the market.

Of course, it's very unlikely that the National Capital Commission, which manages the property, will be selling it any time soon. But that's not to say the NCC shouldn't consider it.

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Inside The Prime Minister's House

The house was built in 1868 and by most accounts is in serious disrepair. The NCC pegged the cost of fixing up the property at $10 million back in 2006 and would undoubtedly be more costly today. The repairs would force Harper and his family to find a new place to live on a temporary basis, something the prime minister has so far been unwilling to do.

Meanwhile, the house is hemorrhaging money. The drafty residence racked up $69,000 in utilities bills in 2012, according to the Ottawa Citizen's Glen McGregor.

Maclean's columnist Paul Wells has gone as far as to suggest that tearing down the home and building a new official residence would be the best option at this point.

And while security has since been upgraded, a prowler armed with a knife was able to get inside the home in 1995, forcing Jean Chrétien and his wife Aline to lock themselves in a bedroom and call for help. Not exactly happy memories.

A new home could be built with modern security in mind.

But moving out of the official residence would be be fraught with the symbolism of defeat. In order for any change to take place, some sort of agreement to move out of the house would likely have to be made ahead of an election by all candidates. Such a deal would limit the political damage of taking up residence somewhere other than 24 Sussex.

Do you think it's time for a new official residence for the prime minister? Share your thoughts in the comments below.