A future president probably won't bulldoze Trump's new ballroom, billionaire investor David Rubenstein says

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President Trump's ballroom could take on a different use in the decades to come as new presidents assume power.

"I worked in the White House, and I would just say that when people go to state dinners, they like to go to them historically because you can roughly have 230 people at a state dinner," billionaire investor David Rubenstein said in a new episode of the Power Players with Brian Sozzi podcast (video above; listen in below). "A president can spend time saying hello to everybody who goes to the state dinner because 230 is not that many. You can do a receiving line. You'd get it done in about 45 minutes, and everybody gets their picture with the president. Everybody loves that."

"It's a home that Jefferson lived in, Lincoln lived in, Teddy Roosevelt lived in, John Kennedy lived in. So it has a sense of history to it. I think that will be lost when you have a ballroom that has a thousand people in it," Rubenstein added. "Maybe there's compensating factors, but I would say that I've enjoyed going to state dinners because they're relatively small. Now, the current president has a different view on it."

The president's ballroom is actively under construction at the White House grounds. The 22,000-square-foot building is believed to have seating for 1,000 people and may cost about $400 million when all is said and done.

Rubenstein added, "I would be surprised if any president came in and wanted to tear it down. You may do different things with it. You could make it into a conference center, for example, and not a ballroom. But I don't think you're going to see destruction of that building."

In 1987, Rubenstein co-founded the Carlyle Group ( CG ) alongside William Conway, Stephen Norris, Daniel D'Aniello, and Greg Rosenbaum.

Along the way, the former aide to President Jimmy Carter has become a noted philanthropist who signed the Giving Pledge , one of the most plugged-in powerbrokers in investing, and a noted American history buff.

In 2007, Rubenstein purchased the last privately owned copy of the Magna Carta for $21.3 million.

He immediately placed the Magna Carta on permanent loan to the National Archives in Washington, D.C. — alongside rare copies of the Declaration of Independence, the US Constitution, the Bill of Rights, and the Emancipation Proclamation, which he also owns and has loaned to the government.

Rubenstein also served as chairman of the board of trustees of the John F. Kennedy Center for the Performing Arts, a position he held for years.