The sky is the limit with more multi-millionaires and billionaires comfortable to spend up big on trophy homes around the world.
Trophy homes sold for over $100 million are increasing in number with a record 32 properties sold in the last decade over this benchmark figure. This year alone, five estates have been listed at this price point, with two of them over $250 million, according to Christie's International Real Estate.
Surprisingly, many of these trophy home listings occurred during periods of global uncertainty and volatility. But like works of art, they can be seen as an investment category and an asset class.
Source: Christie's International Real Estate
The Playboy Mansion was listed for $200 million, but sold for $100 million, or $5,250 a square foot
The Manor is newly renovated and listed at $200 million which would have a bargain square-foot price of $3,500
Co-owner and co-listing agent Rick Hilton of Hilton & Hyland Real Estate observes that “The sky is the limit. Once we hit the $100 million mark, we broke the glass ceiling—and we’re seeing people comfortable with spending more than that. Two-hundred million dollars doesn't just get you the largest and grandest private residence in Los Angeles' prestigious Holmby Hills, it gets you an exclusive lifestyle.
"The Manor is a home unlike any other in the world. Sitting on 4.7 acres of land, the French-château style 56,500- square-foot masterpiece is larger than the White House. On a square-foot basis, Los Angeles offers far greater value for money than competing cities across the globe, putting The Manor in a category of luxury all on its own.”
Billionaire in Los Angeles, California is listed for $250 million
Forbes reports there are 2,043 individuals whose net worth exceeds $1 billion, up 13 percent from last year’s count. Their combined net worth amounts to $7.67 trillion, a year-on-year increase of 18 percent. The total value of the 33 trophy properties currently listed for sale is $6.44 billion, or less than one tenth of one percent of the 2,043 billionaires’ combined net worth.
The wealthiest individuals on this list could purchase all 33 of these $100 million plus listings without coming close to exhausting their fortunes.
There is a persistent rumour that in the South of France, a new benchmark may be looming with one palatial estate coming with a €1 billion price tag.
In Hong Kong, residential properties in luxury enclaves are important investment targets for many overseas companies. Although the nine-figure listing is a fairly new market development, some of these initial listings already demonstrate the potential these properties have as stores of value.
For more information on any of the above properties email or phone Monique Sofo from Christie's International Realty via the contact details below.
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