Patricia Altschul just couldn’t let it go completely. The Southern Charm star recently sold her iconic home in Charleston, South Carolina. But in a surprise twist, it turns out that the buyer is her son Whitney Sudler-Smith.
The mansion is the product of a bygone era. It was built in the early 1850s, and according to its new owner, is officially identified as the Isaac Jenkins Mikell estate. As for Patricia’s decision, it seems all an issue of practicality.
Patricia Altschul’s decision was the best one for the family
Patricia explained why she sold the estate to Whitney during the January 30 episode of Watch What Happens Live.
“I sold my house to Whitney,” she confirmed. “I gave him a good deal, but it’s all for estate planning, for asset allocation and he can afford it. And I’m tired of running it, quite frankly. He has to run it, that was the deal.”
There won’t be much moving involved, as Whitney already resides in the mansion with his mother. Their living arrangement was an issue of some amusement on Southern Charm.
Austen Kroll, Patricia’s costar, also sat down for the WWHL episode. He added, “Whitney was tired of hearing that he lives in his mom’s house.”
“That’s the other thing,” she agreed.
During a recent episode of Southern Charm, Patricia explained how a conversation with her legal team revealed how much Whitney would be forced to pay in inheritance taxes. She then decided to sell the house to her son.
“Several years ago, we had a meeting with our lawyers and estate planners and money manager. And they said when I kick the bucket, Whitney is gonna have to pay, I don’t know, 46 percent in death duty [inheritance taxes]. Something extraordinary,” Patricia said in a confessional interview.
She continued, “The house is now worth, I don’t know, $15,000,000 or something. So we decided that Whitney should buy the house from me and put it in his own trust.”
Whitney is taking over running the estate
That’s not the only benefit. The socialite will also be able to pass on the running of the estate to Whitney. In another Southern Charm moment, Patricia shared a laundry list of maintenance tasks needed to keep the mansion in top form.
“There are things that are seasonal,” she told Whitney. “For example, the gardeners … and the landscapers.”
“There are a million things to keep up an old home. For example, in the spring, you have to buy lilies at a certain place for the pond,” Patricia explained to producers.
Catch Southern Charm Thursdays at 8/7c on Bravo.
TELL US – WHAT DO YOU THINK OF PATRICIA’S DECISION? DO YOU THINK WHITNEY WILL MAINTAIN THE ESTATE?
