This $150 million home, dubbed The Manor, was the home of the late TV producer Aaron Spelling. It ranks No. 1 on Forbes’ list of the world’s most expensive homes. // © Coldwell Banker/Hilton & Hyland
Last year, a 40-acre Greenwich, Conn., property with a 21,897-square-foot, 14-bedroom Jacobean manor was listed for $125 million. It was the world's second most expensive home for sale.
It now sports a $60 million price tag and falls just short of making this year's list.
It's no secret that sellers across the country are resorting to measures such as price cuts of 20% and higher to move their homes. What's new: That group is increasingly including owners of eight- and nine-figure properties. Last year, investor Marty Zweig pulled the $70 million Pierre Hotel penthouse off the market after it was listed for four years. Financier Leonard Ross, who had asked $165 million for the Hearst Mansion in Beverly Hills, Calif., delisted it in September 2008. A few months later, Prince Bandar of Saudi Arabia removed his $135 million Aspen ski lodge from the ranks of available listings. This year, Hillendale, in Stamford, Conn., fell victim to the depressed housing market. It was listed for $95 million. It's no longer for sale. Others, such as the owners of an $85 million Wallace Neff-designed mansion, are leasing their properties until the market picks up.
Such moves, says Jonathan Miller, president and CEO of real-estate appraisal firm Miller Samuel, are to be expected.
“There was a frenzy that caused the prices of these properties to be astronomical," he says. "Dramatic discounts are not as much a reflection of the market crashing, but a reflection of a reality."
While the number of buyers willing to invest in eight- and nine-figure homes has always been slim, a pullback in jumbo-loan financing has shrunk the pool even further. And some with the means to pay cash are waiting to see when the housing market will return to stability.
They may be holding off awhile.
"First, the lower end of market started breaking," says Mike Simonsen, chief executive of Altos Research, a real-estate statistics provider. "Then, it was only 12 months ago when the luxury market started to break, and just recently when the ultraluxury market started to break. It may be years — it may be many years — before that market recovers. For this level, it will be even slower than the luxury market at large."
To entice buyers, owners and their brokers are resorting to strategies often reserved for sellers in more mainstream markets.
That's the tack the owners of the BootJack Ranch in Pagosa Springs, Colo., adopted. In the last year, they lowered their asking price from $88 million to $68 million.
The home's broker, Bill Fandel of Sotheby's International Realty, hoped the discount would ignite interest. He says inquiries are coming from overseas billionaires.
"For those who have the wherewithal for a property like this," he says, "[they] now have to feel like they're buying well, that they're getting a great deal of value for these enormous prices."
Herald Grant, also with Sotheby's, delisted an $80 million Southampton retreat that rounded out the world's most expensive list last year, rather than let it sit unsold.
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"You put emotional prices on properties when people were spending," he says. "Now, sellers are being more conservative."
Grim forecasts, however, haven't deterred some sellers from listing their luxurious estates.
In March, Candy Spelling, wife of the late TV producer, Aaron Spelling, publicly listed their $150 million mansion in the Holmby Hills neighborhood of Los Angeles. Named The Manor, the 100-room property tops this year's list. Despite plummeting home prices everywhere, it is priced higher than last year's No. 1, Fleur De Lys, also in Holmby Hills and listed for $125 million. That property was modeled after Louis XIV's palace at Versailles, and is spread over 45,000 square feet.
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The $100 million Albemarle House, a Charlottesville, Va., estate, is another newcomer to the list. Situated on 300 acres, and neighboring Monticello and Ash Lawn-Highland, the eight-bedroom Georgian home was designed by architect/designer David Easton.
Owners of properties outside the States also seem to be betting their properties' unique characteristics will draw buyers. Updown Court, the $117 million estate in England said to be larger than either Buckingham or Hampton Court palace, remains on the market.
If their owners get antsy, perhaps they can consult Joel Horowitz, the co-founder of Tommy Hilfiger and owner of Tranquility on Lake Tahoe. The $100 million, 210-acre property has been listed since 2006.
The 5 most expensive homes in the world
- The Manor, Los Angeles: $150 million
- Fleur de Lys, Los Angeles: $125 million
- Updown Court, Windlesham, Surrey, England: $117 million
- Albemarle House, Charlottesville, Va.: $100 million
- Tranquility, Lake Tahoe, Nev.: $100 million
The world’s most expensive home in 2010 is unquestionable. It is the first $1 billion home the world has seen. A custom-build 27 story towering mansion, Antilla in Mumbai is the home of world s 5th richest man namely Mukesh Ambani, head of Indian petro-chemical giant Reliance Industries, which is India’s most valuable firm by market capitalization.
With double height ceilings, ballrooms, crystal chandelier ceilings, retractable stages, and 600 servants, there is no other home on earth that compares to the 570 feet tall Antilla.
James M Blogger @ Woodworking Plans
this is an inaccurate article. the most expensive home is that of Mukesh Ambani in mumbai india.
check the below link