If a lifestyle change is in your cards, there is nothing better to kick it off than by purchasing a new home. But just like everything else, it has to be done with style and inspiration. And nothing beats buying an opulent residence, capable of making your in-laws green with envy and, above all, darn expensive.
There is just such a place, a 103-room mansion spreading out over 58 acres of gardens and woodlands called Updown Court located in Windlesham, Surrey, England. Now, this is quite a home for the extrovert purchaser who is into sports and doesn't mind carrying a little extra mortgage. This particular property offers several ballrooms, an indoor squash court, a two-lane bowling alley and a poolroom just as well. If the wife likes gardening, she will find her pleasures in the 11-acre landscaped and manicured garden, and chatting with fine neighbours the likes of the Duchess of York, Elton John, and, at nearby Windsor Castle, the Queen of England has never been easier.
To impress your friends, the entrance hall features a sweeping dual staircase modeled after one in the late fashion designer Gianni Versace's Miami home. Behind the staircase, a great hall supported by marble columns looks onto an ornamental pond, which holds a fountain that, at the flick of a switch, sprays water 200 feet in the air.
Marble abounds. Five acres of more than 30 different types of imported stone line the floors, driveway, and expansive terraces. One indoor swimming pool is styled as a Roman bath, while another is set off by a two-story stone mosaic depicting a snow-capped Mount Fuji (that would be in Japan ...).
This 50,000 square foot house may be just what you need to escape your daily routine, with its heated marble driveway, 24-carat gold leafing on the mosaic floor of the study, a helipad for your flying trips to the store, the 50-seat indoor movie theather and the underground garage that has enough room to harbor eight limousines. Guests can be lodged in anyone of the 23 bedrooms but really - and in my professional view this is perhaps the most important bonus - the cost of upkeeping is a modest USD 2 million per year.
Conveniently priced at USD 138 million (that's right, million with a "m" as in Mary), this is no doubt Luigi's hand-picked bargain of the year. And the added plus is that it can be paid for also in Sterlings - now, who could ask for anything more. Just the perfect place to drop your darn Yankee accent ... yeah.
If, on the other hand, you do not wish to leave North America and like horses, may I suggest the Hala Ranch to your otherwise inquisitive attention. The Hala Ranch - as one can intuitively deduct from the name - is the property of Prince Bandar bin Sultan bin Abdul Aziz Al Saud (but make an offer and you can call him Al). The Prince, who used to be the Saudi ambassador to the United States, is selling as he has taken up the position of National Security Counselor back in Saudi Arabia. This 56,000 square feet home is just what you need if you are looking for a little country décor, peace and tranquility. The estate has its own wastewater treatment plant thus allowing you to save on sewer charges, and a mechanical shop with its own gasoline pumps and carwash. Cross-country ski trails are maintained throughout the property. The centerpiece lodge of the estate is larger than the White House, so if Hillary wins you are going to make her green with envy too. It is built in a rustic style, with massive timber beams and stone columns, and contains 15 bedrooms, all with patios, and 16 bathrooms, just in case one gets all clogged up.
Conservatively priced at USD 134 million, this is an opportunity one can hardly afford to pass. Trust me on this one, or my name is not Luigi ...
Have you ever considered relocating to Turkey? I'm asking because, as you know, although still in Asia (Asia Minor, to be exact) Turkey is poised to become Europe in the not too distant future. The perfect Europe, one might add - without the Europeans ... But really, if you wish to cultivate your talent for archaeology and ancient history there is nothing better than this 30,000 square foot residence overlooking the Bosphorus in Istanbul, Turkey, (Europe). Sited on three-quarters of an acre, the Waterfront Estate offers opulent living with its 64 rooms, which feature large windows looking to the water. You can even fish from your bedroom. This mansion boasts not only gilded mouldings and crystal chandeliers, but it even has a rare quay that is nearly 200-feet long (as I said, you can fish from the bedroom). If you need a boat, the Turks can rent you one for about 1 Euro an hour.
Presently offered for sale for USD 100 million, there is a little room for negotiations here. Sorry, only American Dollars accepted by way of cash, Visa or Mastercard or, of course, debit card.
How about a pied-a-terre in none other than New York City for your week-end leisurely trips? Or for your next New Years Eve in the Big Apple, close to Time Square? Think about it, you wouldn't have to watch it on CNN anymore. If this is the case, may I recommend The Pierre Penthouse, a chateau in the sky that occupies the top three floors of one of the poshest hotels in New York City, right abutting Central Park. Guess the price, just guess it - USD 70 million! Now, this is what I call cheap, cheap, cheap! The original 3,500-square foot ballroom boasts a 23-foot high ceiling, and on each of the two west-facing corners, soaring French doors open up onto terraces offering breathtaking views of Central Park and beyond. The master bedroom suite has two additional corner terraces so that, all in all, the balconies and windows have 360 degree views of Manhattan, Central Park, the East River and the Hudson River. And, with an annual maintenance fee of USD 464,600 which includes the services of a uniformed housekeeper and houseman (yes, I know, I didn't believe it myself), this is a true deal in the making. Hurry, it won't last.
Wednesday, October 14, 2009
Buy the Most Expensive House in the Neighborhood?
When looking at homes, one is tempted to buy the best home in a neighborhood. Should you buy the most expensive home on the block? No. Think Long-Term Assume you fall in love with the masterpiece home in a particular neighborhood. It has everything you could dream of: black bottom pool, marble, an incredible kitchen, top of the line windows, stunning brick work and so on. The sellers obviously put a lot of time, effort and money into the home. Accordingly, it stands out as the pearl on the block. Why wouldn’t you want to snap it up immediately? Before you start signing documents, take a look at the sales prices of comparable homes, “comps”, in the neighborhood. If you compare the comp prices to the dream home, you should notice a pretty significant price difference. This difference should act as a metaphorical slap in the face or pouring of cold water over your head. The dream home is undoubtedly selling for a price range far beyond the comps. Warning lights should be going off at this point. You are going to have a problem if you give into temptation and purchase the most expensive home on the block. In fact, you are going to have two problems. The first problem is the appreciation of the value of the home. The appreciation on the best home in a neighborhood is always going to be dragged down by the structures around it. If you take a $900,000 home from a private community and put it on a block of $250,000 track homes, the $900,000 value is going to come down a lot because the neighborhood will not support it. When you eventually sell, buyers are going to look at the comps in the neighborhood and laugh at a $900,000 asking price. The second problem is “hemming.” Since you own the most expensive house in the neighborhood, your appreciation potential is already limited. This becomes a bigger problem if you want to remodel or add on to the home. Taking such action would typically add to the value of a home. With the most expensive home, not only will it not add value, it may cut into your equity. Why? If you do a $50,000 remodel, you may see a $10,000 gain for your $50,000 cost. You just lost $40,000. Dream or Nightmare Unless you can accurately predict an increase in valuations for an entire neighborhood, you shouldn’t buy the most expensive home on the block. If you do, the dream home could quickly turn into a nightmare.
Top 10 Most Expensive Homes In The United States
A $135 million home tops the list of the most expensive homes for sale in America. Forbes.com compiled a list of the world's most valuable homes on the market for the year 2007. The following are the top ten of America's priciest mansions pulled out from the Forbes list. Interestingly six of the top ten of the world's most expensive homes in 2007 are American.
The top 10 most expensive homes for sale in the United States in 2007 are:
1. Hala Ranch - Aspen, Colorado, $135 million: This 95-acre ranch estate consists of an expansive 56,000-square-foot mansion, with 15 bedrooms and 16 bathrooms. America's priciest mansion, owned by Prince Bandar bin Sultan bin Abdul Aziz, former Saudi Arabian ambassador to the United States, also boasts several smaller buildings, stables, a tennis court, an indoor pool, a steam room, an exercise room, cross-country ski trails and a fishing pond.
2. Fleur de Lys - Beverly Hills, California, $125 million: Modeled after the palace of Louis XIV at Versailles, this 45,000-square-foot Beverly Hills mansion is priced at $125 million making it the second most expensive home in the U.S. It had taken five years to complete this palatial home.
3. Maison de L'Amitie - Palm Beach, Florida, $125 million: Previously owned by former health care magnet Abe Gosman, the home was purchased by New York billionaire Donald Trump in 2004 at a bankruptcy auction for $41.25 million. Now refurbished, the mansion, featuring a ballroom, conservatory, a 100-foot swimming pool and 475 feet of ocean-front, is on the market for sale for $125 million.
4. Tranquility - Lake Tahoe, Nevada, $100 million: This expensive mansion sitting on a sprawling 210 acres is located on the tax-free Nevada side of Lake Tahoe. The property is owned by Joel Horowitz, the co-founder of Tommy Hilfiger. The 20,000-square-foot main house is modeled after a northern European mountain home. The Lake Tahoe house boasts of several luxuries such as a 3,500-bottle wine cellar, a giant indoor swimming pool and atrium, and a 19-seat movie theater.
5. Three Ponds - Bridgehampton, New York, $75 million: This home, designed by architect Allan Greenberg, is located amidst three lakes on 60 acres of Hamptons farmland. It features its own USGA-rated Rees Jones golf course, 14 gardens, a 75-foot-long swimming pool, golf pro shop, grass tennis court, and a guest house. The main house has a great room with a domed ceiling, 28 foot high.
6. The Portabello Estate - Corona del Mar, California, $75 million: This modern estate home built in 2002 is located on a triple oceanfront lot along the Pacific Ocean. The 30,000-square-foot home features eight bedrooms and 10 full baths.
7. Malibu, California, $75 million: This is a beach home with a difference. Located on a flat seven-acre lot the beach house is surrounded by picturesque ocean views. It features seven bedrooms, two riding stables, a riding ring, swimming pool, tennis court, and private access to the beach.
8. The Pierre Penthouse - New York City, $70 million: The eight most expensive home in the U.S. is a penthouse with balconies and windows that offer 360-degree views of Manhattan, Central Park, the East River, and the Hudson River. Consisting of the top three floors of one of the grandest hotels in New York, the Pierre is located overlooking Central Park. The penthouse features a grand salon that has a 23-foot high ceiling.
9. Belvedere, California, $65 million: This 10,000-square-foot home California home features six-bedrooms, herringbone floors, marble baths and front gates designed by Hearst Castle architect Julia Morgan. The home offers the combined beauty of the scenic San Francisco Bay, Angel Island and the Golden Gate Bridge.
10. San Francisco, $65 million: This limestone palace is on the market for $65 million. It was sold for $32 million two years ago. It is significant that the limestone that the Gold Coast palace is clad in comes from a single quarry in France. Among the elite billionaires' row neighbors are the Getty family. The mansion features European windows and the guest house has a 19th-century Italian tile roof.
The top 10 most expensive homes for sale in the United States in 2007 are:
1. Hala Ranch - Aspen, Colorado, $135 million: This 95-acre ranch estate consists of an expansive 56,000-square-foot mansion, with 15 bedrooms and 16 bathrooms. America's priciest mansion, owned by Prince Bandar bin Sultan bin Abdul Aziz, former Saudi Arabian ambassador to the United States, also boasts several smaller buildings, stables, a tennis court, an indoor pool, a steam room, an exercise room, cross-country ski trails and a fishing pond.
2. Fleur de Lys - Beverly Hills, California, $125 million: Modeled after the palace of Louis XIV at Versailles, this 45,000-square-foot Beverly Hills mansion is priced at $125 million making it the second most expensive home in the U.S. It had taken five years to complete this palatial home.
3. Maison de L'Amitie - Palm Beach, Florida, $125 million: Previously owned by former health care magnet Abe Gosman, the home was purchased by New York billionaire Donald Trump in 2004 at a bankruptcy auction for $41.25 million. Now refurbished, the mansion, featuring a ballroom, conservatory, a 100-foot swimming pool and 475 feet of ocean-front, is on the market for sale for $125 million.
4. Tranquility - Lake Tahoe, Nevada, $100 million: This expensive mansion sitting on a sprawling 210 acres is located on the tax-free Nevada side of Lake Tahoe. The property is owned by Joel Horowitz, the co-founder of Tommy Hilfiger. The 20,000-square-foot main house is modeled after a northern European mountain home. The Lake Tahoe house boasts of several luxuries such as a 3,500-bottle wine cellar, a giant indoor swimming pool and atrium, and a 19-seat movie theater.
5. Three Ponds - Bridgehampton, New York, $75 million: This home, designed by architect Allan Greenberg, is located amidst three lakes on 60 acres of Hamptons farmland. It features its own USGA-rated Rees Jones golf course, 14 gardens, a 75-foot-long swimming pool, golf pro shop, grass tennis court, and a guest house. The main house has a great room with a domed ceiling, 28 foot high.
6. The Portabello Estate - Corona del Mar, California, $75 million: This modern estate home built in 2002 is located on a triple oceanfront lot along the Pacific Ocean. The 30,000-square-foot home features eight bedrooms and 10 full baths.
7. Malibu, California, $75 million: This is a beach home with a difference. Located on a flat seven-acre lot the beach house is surrounded by picturesque ocean views. It features seven bedrooms, two riding stables, a riding ring, swimming pool, tennis court, and private access to the beach.
8. The Pierre Penthouse - New York City, $70 million: The eight most expensive home in the U.S. is a penthouse with balconies and windows that offer 360-degree views of Manhattan, Central Park, the East River, and the Hudson River. Consisting of the top three floors of one of the grandest hotels in New York, the Pierre is located overlooking Central Park. The penthouse features a grand salon that has a 23-foot high ceiling.
9. Belvedere, California, $65 million: This 10,000-square-foot home California home features six-bedrooms, herringbone floors, marble baths and front gates designed by Hearst Castle architect Julia Morgan. The home offers the combined beauty of the scenic San Francisco Bay, Angel Island and the Golden Gate Bridge.
10. San Francisco, $65 million: This limestone palace is on the market for $65 million. It was sold for $32 million two years ago. It is significant that the limestone that the Gold Coast palace is clad in comes from a single quarry in France. Among the elite billionaires' row neighbors are the Getty family. The mansion features European windows and the guest house has a 19th-century Italian tile roof.
Wednesday, October 7, 2009
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