Archive for the 'Luxury Gossip' Category
Most Expensive Mansion in the World: Redux
Last year, I wrote a short article about the worlds most expensive mansion in Mumbai, India being built by uber-wealthy Mukesh Ambani.
In addition to arguably being the most expensive private home in the world (how about $1 Billion to build?), it will also be the tallest measuring in at 42 stories. Residence Antilla, though, will only have 27 stories, due to Ambanis desire for taller ceilings.
Mukesh Ambani is reported to be the 14th richest man in the world, with estimated personal wealth of around $21 billion. He is also one of the more visible men of wealth in India.
When completed, the high-rise mansion will also be one of the most visible (and discussed) mansions in all of Mumbai, if not India and the rest of the world.
Designed to house Ambanis fortunate family of six and a doting staff of 600, this enormous mansion will also have six floors dedicated to pampered storage and parking for a collection of at least 168 automobiles. Included in this magnificent residence will also be a full-service spa, fully-equipped gym, a home theater that should turn Hollywood moguls green, and multiple floors set aside for visiting dignitaries and guests.
The family will have to make do with the top four stories set aside for their viewing and living pleasure.
Completion date was initially set for Fall, 2008, so well keep an eye on its progress.
In the meantime, I am hoping for an invitation to the Ambani housewarming gala.
read comments (6)Sotheby’s Realty Debuts in San Diego
Owners of luxury real estate in San Diego should be celebrating because of the long-awaited arrival of Sotheby’s International Realty. It’s been a long time coming, but luxury listings in San Diego County will now reach the plasma displays at Sotheby’s Auctions throughout the world. Passing by the Sotheby’s real estate desk, an equestrian property in Rancho Santa Fe might tweak the interest of buyers attending a contemporary art sale in London–or an Asian Art auction in Hong Kong. A Del Mar oceanfront estate might capture the bidding fancies of venture capitalists and oil barons who are simultaneously vying for masterpiece tapestries at Sotheby’s Auction in New York.
Sotheby’s has long known and practiced the old adage of being in the right place at the right time. And that likely explains Sotheby’s recent investment in San Diego’s Villa Sotheby’s International. Within their discreet, newly-opened and well-appointed office in the Del Mar Plaza, luxury real estate legend Bob Dyson is orchestrating the opening of San Diego’s first Sotheby’s real estate office.
Plasma screens, i-Macs, and cutting edge technologies merge elegantly with the Sotheby’s fine tastes and traditions. And with a market perspective that comes from being in business sine 1744, Sotheby’s understands the gyrations of markets and has decided that now is the time to finally expand into Southern California and Las Vegas. With Bob Dyson at the helm, Sotheby’s is able to tap top real estate talent who will be able to represent the luxury real estate markets in San Diego (Del Mar and Poway initially), Palm Springs, Palm Desert and Garner Valley– as well as fine communities in the Las Vegas area.
It is also with much excitement that we announce our recent affiliation with the San Diego Villa Sotheby’s International Realty in the Del Mar Plaza at 1555 Camino Del Mar, Del Mar, CA 92014. We can still be reached toll free a 877-818-8197 or via my cell at 760-402-9101.
Cheers!
Mortgage Fraud Rocks Beverly Hills
Luxury real estate circles are abuzz with the latest report that two top producing Beverly Hills agents have been indicted for their alleged participation in a mortgage fraud scheme. The LA Daily News reports that Joseph Babajian and Kyle Grasso have been suspended by Prudential California Realty, and are under orders not to conduct any real estate business until federal charges against them have been resolved.
Both men deny any wrongdoing in the charges leveled against them, which reportedly include multiple counts of conspiracy, bank fraud and loan fraud. Included in the the indictment are two licensed appraisers. According to RISMedia, the foursome allegedly duped lenders out “of more than $40 million in fraudulent loans for homes in some of Southern California’s most expensive neighborhoods.”
While details of these alleged transactions are not yet available, a commonality runs through most mortgage fraud cases.
1. The buyer makes an inflated offer to purchase a property and obtains an inflated appraisal to support the purchase.
2. The lender is duped into believing the property’s inflated value, and loans money for the mortgage accordingly.
3. At closing, the buyer/borrower gets money back–which generally exceeds any amount the purchaser has invested in the property. In other words, the buyer makes money on the transaction without the knowledge of the lender.
In our San Diego real estate practice, we have run into several cases of blatant mortgage fraud. In a couple of instances, straw buyers would make inflated offers on our reduced listings and would ask for at least $100,000 back at closing for “repairs.” Lender financing was to be 100 percent.
We advised our clients of the legal dangers, and rejected the offers outright. In one blatant instance, we contacted the San Diego FBI and tried to get them to pursue the case. At that time, they were reportedly “too busy” to pursue such issues.
That was two years ago, when the San Diego real estate market had just started its retraction. Since that time, the mortgage fraud problem has mushroomed and we are all left to clean up the mess.
In the meantime, I am glad these issues are finally being pursued at the federal level–and will be watching this case closely.
For more in-depth reporting regarding this real estate fraud case that has rocked not only Beverly Hills, but Holmby Hills, Bel Air and Malibu as well, visit the Mortgage Fraud Blog.
World’s Most Expensive Mansion
This may arguably be the most expensive and tallest private residence ever built.
Indias wealthiest man, Mukesh Ambani, 50, is slated to begin construction of a billion dollar glass and steel skyscraper home in Mumbai City, the financial capital of India. The 27 story building will be designed to house his family of six and staff of 600, with six floors dedicated to the storage and parking of Ambanis 168 automobiles. The top four floors will be set aside for family living.
Ambani is estimated to have a personal wealth hovering at $21 billion, making him the 14th richest man in the world, and the most visible man of wealth in India.
That wealth will also provide Ambani and his family with a full-service spa, fully-equipped gym, multiple floors set aside for visiting guiests and a home theater that can only be imagined.
Completion is estimated to take place in the Fall, 2008.
A tip of the top hat to The Guardian.
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Pop the Cork for Sellsius!
Sellsius Real Estate is one of my favorite blogs. Its full of hip news, developing real estate stories and intelligent opinion. Its a place I visit often.
Founders Rudy Bachraty and Joseph Ferrara have now unveiled a new site that so caters to real estate buyers who wants more precision in their property search results. BMW and Mercedes engineers couldnt have done a better job. Its a venture that will allow viewers to search not only on a broad scale, but in the tiniest niches as well.
Want a niche search for that luxury ski chalet in the mountains, a Del Mar beach home, or a Manhattan brownstone? Buyers will have to look no further especially if we Realtors take the time to post our listings not only on the MLS, Zillow, Craigs List and Active Rain, but on Sellsius Real Estate as well.
The new Sellsius site allows agents to upload listings with detailed precision such as we have never seen before. The input time may take a little longer, but the search results for potential clients will be so much richer. Moreover, agents will soon be allowed to not only list their primary website, but also secondary ones and blogs as well.
Talk about transparency and the broad exposure for sellers of real estate! Additionally, real estate buyers will now have the ability to better research the agents with whom they may choose to work.
If only Realtor.com and brokerages were so courageous.
