As Patricia Altschul revealed on Season 10, Episode 4 of Southern Charm, she is no longer the owner of her home. However, the iconic Isaac Jenkins Mikell house in Charleston is staying close to the family, with her son Whitney Sudler-Smith buying it for good reason.
On the January 30 episode of Watch What Happens Live With Andy Cohen, Patricia shared more details about passing down her home to Whitney, explaining, "I gave him a good deal."
"It's all for estate planning [and] asset allocation," she continued. "And he can afford it."
Built in the 1850s, the sprawling house spans 9,500 square feet and has 10 bedrooms—hence, a lot of upkeep (tour the beautiful estate in the video above).
"I'm tired of running it, quite frankly," Patricia noted. "He has to run it. That was the deal."
Additionally, Austen Kroll, who was also a guest in the Clubhouse for the evening, shared more details about what went into the real estate decision.
"Whitney was tired of hearing that he lives in his mom's house," Austen said with a laugh, as Patricia confirmed, "That's the other thing."
During the aforementioned Southern Charm episode, which aired on January 2, Patricia explained why it made sense financially to sell the house to Whitney.
"Several years ago, we had a meeting with our lawyers and estate planners and money manager," she shared in a confessional. "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."
How much is Patricia Altschul's house worth?
According to Patricia, "The house is now worth ... $15,000,000 or something."
With that in mind, she and Whitney decided Whitney should own the home "and put it in his own trust."
Patricia Altschul explains how she maintains her Charleston home
In order to keep her precious property intact, Patricia gave Whitney a long list of tasks he would need to be prepared to take on.
"There are things that are seasonal," she said. "For example, the gardeners ... and the landscapers," she said, adding in a confessional, "There are a million things to keep up an old home. For example, in the spring, you have the buy lilies at a certain place for the pond."
Reflecting on all this, Whitney asked, "Did you ever anticipate when we got this house what a money pit it would be? Or has that completely evaded any kind of logistical reasoning?"
In response, Patricia quipped, "Well, you can afford it."
Press play on the video above to watch Whitney give a full tour of his house and read more about the producer's cottage renovation here.
