There is a class of homes that can only be called, for lack of a better word, the ultimate. These are the extreme and exceptional estates that are among the most expensive in the world. To call them luxury homes is an understatement. These properties have singular presence and price tags that now exceed nine figures.
This year, all barriers were broken. Donald Trump’s lavish seven-acre estate in Palm Beach, Florida was the first home to blast through the $100 million list price barrier with a price tag of $125 million. Boasting a 54,000 square foot main house, 24 karat bathroom fixtures and 475 feet of ocean frontage, the home held singular listing price status.
But not for long, because records are set to be broken. Nine figures are here.
A home in Aspen, Colorado was listed for $135 million. Owned by Saudi Prince Bandar bin Sultan, Hala Ranch’s 56,000 square foot residence sits on 95 acres and has its own car wash, gas pumps, stables, tennis courts, snowmelt driveways and indoor pool. The sale is reportedly being handled by Joshua Saslove, whose company is an exclusive affiliate of Christie’s Great Estates.
Last summer it was reported by TMZ that Candy Spelling, widow of the late Aaron Spelling, has quietly put their legendary 56,000 square foot, 123-room Holmby Hills mansion on the market for $150 million. Sources say the Westside Estate Agency (WEA) has the pocket listing and that the property is being discretely shopped among Realtors and their potential buyers.
Who buys these luxury homes?
Laurie Moore-Moore, founder and President of The Institute for Luxury Home Marketing, says, “The current world record for the most expensive residence was set in 2004 when a London home sold for $128 million. While Prince Bandar’s property may break that record, don’t look for it to happen quickly. Despite the increase of personal wealth worldwide, there are few buyers internationally who are in a position to purchase a property of this magnitude.”
She goes on to say that it won’t just be the size and features that will attract a buyer, but the opportunity for that ultra-rich buyer to own one of the world’s most expensive residences.
The important thing to remember here is to not try to add fluff to the listing, rather to add value to the property so it is truly worthy of a nine-figure price tag.
Tony: Fluff and pedigree may help prop up some listings (we have both seen it before), but at nine figures the property must be able to stand on its own as a singular offering.
One wonders how the evaluators work out the worth of these estates. They can hardly use the yield method … mmm let’s see, based on a price of $500,000,000 you would be looking at getting a rental return of …. mmm about $50,000 a day!!!
Nell:
These uber-wealthy collectors of fine and rare real estate are not much different from high end art collectors. It is the acquisition as much as the trophy that creates the value. And Richistani real estate buyers are also likely to be collectors of rare art….
Thanks for stopping by!
Hi Roberta,
I just read your reply to my comment. I agreed with what you said but at least with a piece of fine art of furniture, you can put it ‘in’ your house at look at it every day when you pass by. What do these uber-wealthy collectors do after they have bought a rare estate, get in their helicopters and have a fly-by look in admiration??
I would love to the be agent that sold a 9 figure property !! Think of the commission !!