Probably cost 3X that amount when done ...
http://www.suntimes.com/news/politics/obama/2304420,CST-NWS-whitehouse23.article
White House to get $376M renovation
A new excuse to stay away from home for the rest of his term?
The article link references upgrades/replacements to the “heating, cooling, electrical and fire alarm” systems.
Renovation of the White House took place during the Truman Administration (1948-1952):
http://www.trumanlibrary.org/abierowe/whitehse.htm
This was a major renovation, in which the 1790 White House was gutted and rebuilt from within.
Now we know!
WOW
$376 million
They built the new football stadium in Indy (which is a palace, though not equal to the Jerry Jones Dallas Palace) for about 700 million.