President Bush Will Downsize in Retirement

To a $2.1 million house in Dallas

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When President Bush retires in January he will trade in his quarters at 1600 Pennsylvania Avenue for a four-bedroom, four-and-a-half-bath house in the Preston Hollow neighborhood of Dallas. The 49-year-old single-story house also boasts a wet bar and fire place.

The county appraises the 8,500-square-foot home atop 1.1 acres at nearly $2.1 million, but the light-red brick house sold for considerably more, the Dallas Morning News reports. Bush family accountant Robert McCleskey purchased the house with a $3,074,000 loan issued by the Community National Bank in Midland that must be paid in full by October 2012. The property carries an estimated annual tax bill of approximately $44,000.

The Bushes lived in Dallas from December 1988 through January 1995, before moving to the Texas Governor's Mansion in Austin, Texas. According to a White House statement, the couple will also continue to use the Crawford, Texas ranch.