10 Insanely Overpriced Homes in a Weak Housing Market
Staff Report
1. Palo Alto ChateauThis French-style chateau in Palo Alto, Calif., was the most expensive single-family home purchased in 2011 when Russian billionaire Yuri Milner snagged it last March for $100 million. It’s also one of the most expensive homes ever sold in the U.SThis French-style chateau in Palo Alto, Calif., was the most expensive single-family home purchased in 2011 when Russian billionaire Yuri Milner snagged it last March for $100 million. It’s also one of the most expensive homes ever sold in the U.S (Donald Trump sold a Palm Beach mansion for $100 million in 2008). Milner, the 49-year-old founder of investment firm Digital Sky Technologies and a major investor in Facebook, reportedly plans to use the 25,500-square-foot mansion as a secondary residence. The estate comes with a ballroom, spa, wine cellar, views of the San Francisco Bay, five bedrooms and nine baths (which, for the price tag, almost seems skimpy).Forbes2. 15 Central Park West, NYLast December, a penthouse at 15 Central Park West sold for $88 million (setting the record for the priciest apartment to sell in Manhattan) to Russian oligarch Dmitry Rybolovlev for his 22-year-old daughter, who was reportedly planning to stay inLast December, a penthouse at 15 Central Park West sold for $88 million (setting the record for the priciest apartment to sell in Manhattan) to Russian oligarch Dmitry Rybolovlev for his 22-year-old daughter, who was reportedly planning to stay in the luxury pad while attending college in NYC. It was put on the market by Sanford Weill, former CEO of Citigroup, who purchased the apartment back in 2007 for $43.7 million. But just this week, a suit was filed by Rybolovlev’s estranged wife, who said the 6,744-square-foot penthouse was purchased to hide assets (and the daughter doesn’t attend school in NYC after all). The space has 12.5-foot ceilings, views of Central Park, and 19 glass doors that open onto a 2,077-square-foot terrace.Brown Harris Stevens3. The Spelling ManorThe Spelling Manor in Los Angeles, Calif., built by Aaron and Candy Spelling, was listed for $150 million last summer, the most expensive single-family home to ever show up on the American MLS. After being on the market for 2.5 years, a 22-year-oldThe Spelling Manor in Los Angeles, Calif., built by Aaron and Candy Spelling, was listed for $150 million last summer, the most expensive single-family home to ever show up on the American MLS. After being on the market for 2.5 years, a 22-year-old heiress Petra Ecclestrone from the U.K. bought it for $85 million in July. It was the highest broker sale in the history of Southern California and Los Angeles, according to the co-listing agent Sally Forster Jones at Coldwell Banker Previews International.Zillow.comThe Spelling Manor (Interior)The three-story, seven-bedroom property sits on 4.7 acres, and includes a dog grooming room, five bars, a room solely for the purpose of displaying expensive China, a “gift-wrapping” room, a bowling alley, a beauty salon, and a grand double staircase inspThe three-story, seven-bedroom property sits on 4.7 acres, and includes a dog grooming room, five bars, a room solely for the purpose of displaying expensive China, a “gift-wrapping” room, a bowling alley, a beauty salon, and a grand double staircase inspired by Gone with the Wind.Zillow.com4. Indian Creek Private ResortThis private resort in Miami, FL, was listed for $60 million last July, the highest asking price in the area’s history. It’s located on a private island off Miami Beach and boasts neighbors such as singer Julio Iglesias and billionaire investor CarThis private resort in Miami, FL, was listed for $60 million last July, the highest asking price in the area’s history. It’s located on a private island off Miami Beach and boasts neighbors such as singer Julio Iglesias and billionaire investor Carl Icahn.Prudential Douglas EllimanIndian Creek Private Resort (Interior)The 10-bedroom, 30,000-square-foot estate sits on two acres and has five separate pavilions: the main pavilion and guest pavilion, as well as one each for a spa, entertainment and a gym. It also has a rooftop lawn, Jacuzzi, movie theater, a yoga area andThe 10-bedroom, 30,000-square-foot estate sits on two acres and has five separate pavilions: the main pavilion and guest pavilion, as well as one each for a spa, entertainment and a gym. It also has a rooftop lawn, Jacuzzi, movie theater, a yoga area and garage space for seven limos.Prudential Douglas Elliman5. Billionaire Row MansionJust two weeks ago, an unfinished, 21,888-square-foot mansion on “Billionaire Row” in San Francisco, Calif., was listed at $38.5 million, making it the most expensive home for sale in the city. It was put on the market by Peter Sperling, the ownerJust two weeks ago, an unfinished, 21,888-square-foot mansion on “Billionaire Row” in San Francisco, Calif., was listed at $38.5 million, making it the most expensive home for sale in the city. It was put on the market by Peter Sperling, the owner of the University of Phoenix, who had originally listed it for $65 million in 2007 but received no offers. (So, in a way, $38.5 million is a bargain!)RedfinBillionaire Row Mansion (Interior)The three-story, 21,888-square-foot property includes a seven-car garage, a home theater, a library, a gym, and views of the Golden Gate Bridge – alas, the renovations Sperling started still need to be finished.The three-story, 21,888-square-foot property includes a seven-car garage, a home theater, a library, a gym, and views of the Golden Gate Bridge – alas, the renovations Sperling started still need to be finished.Redfin6. Time Warner Center PenthouseThe former dwelling of Jay-Z, this penthouse at the Time Warner Center in Manhattan sold for $30.5 million in July 2011. The 4,800-square-foot condo was put on the market by Todd Wagner, co-founder of Broadcast.com. The owner before him was MichaelThe former dwelling of Jay-Z, this penthouse at the Time Warner Center in Manhattan sold for $30.5 million in July 2011. The 4,800-square-foot condo was put on the market by Todd Wagner, co-founder of Broadcast.com. The owner before him was Michael Hirtenstein, a real estate investor, who bought the place for $16 million in 2004 and rented it to Jay-Z. We know property values in New York can rise fast, but a property appreciating $14.3 million in seven years is really fast.Prudential Douglas EllimanTime Warner Center Penthouse (Interior)The condo sits on the 76th floor of the tower and has four bedrooms, five-and-a-half baths, and sweeping views of Manhattan.The condo sits on the 76th floor of the tower and has four bedrooms, five-and-a-half baths, and sweeping views of Manhattan.Prudential Douglas Elliman7. The Astor Suite at the Plaza HotelThink your rent is high? Try handing over $165,000 a month. This past December, Esprit founder Jurgen Friedrich listed the 5,087-square-foot, three-bedroom, five-bathroom Astor Suite at the Plaza Hotel in NYC for that bargain price, making it the most expThink your rent is high? Try handing over $165,000 a month. This past December, Esprit founder Jurgen Friedrich listed the 5,087-square-foot, three-bedroom, five-bathroom Astor Suite at the Plaza Hotel in NYC for that bargain price, making it the most expensive rental to ever hit the Manhattan market. A year of monthly payments would put the tenant back $1.98 million. Reportedly, Friedrich listed the apartment on the rental market when he was unable to resell it at his asking price of $55 million.Evan Joseph8. San Francisco EstateThis San Francisco mansion sold for $29.5 million last November, making it the second-highest real estate transaction in the city during 2011 (and that was even after a 24 percent price deduction).This San Francisco mansion sold for $29.5 million last November, making it the second-highest real estate transaction in the city during 2011 (and that was even after a 24 percent price deduction).Pacific UnionSan Francisco Estate (Interior)The Tudor-style home includes six bedrooms, seven baths, a four-car garage, a heated pool and spa and panoramic views of the bay.The Tudor-style home includes six bedrooms, seven baths, a four-car garage, a heated pool and spa and panoramic views of the bay.Pacific Union9. Miami Beach CondoThe most expensive condo ever sold in Miami went for $21.5 million in December 2011 to an unnamed buyer. The condo was formerly owned by Netscape founder Jim Clark, who purchased it for $9 million in 2004. Did the buyer not get the memo that the hoThe most expensive condo ever sold in Miami went for $21.5 million in December 2011 to an unnamed buyer. The condo was formerly owned by Netscape founder Jim Clark, who purchased it for $9 million in 2004. Did the buyer not get the memo that the housing crisis happened?Miami Beach Condo (Interior)The 5,803-square-foot condo has an Asian-inspired interior and views of the Atlantic Ocean.The 5,803-square-foot condo has an Asian-inspired interior and views of the Atlantic Ocean.The DanMar Estate (Interior)On four acres of land, this 10-bedroom, 18-bathroom property has three elevators, a full catering kitchen, a pool house, a six-car garage, wine cellar, old-fashioned ice cream parlor, and movie theater.On four acres of land, this 10-bedroom, 18-bathroom property has three elevators, a full catering kitchen, a pool house, a six-car garage, wine cellar, old-fashioned ice cream parlor, and movie theater.Debbie Coleman Realty10. The DanMar Estate, TXOne of Houston’s most expensive estates on the market, the DanMar Mansion was listed at $19 million last month. It’s being sold by oil and gas millionaire Dan Spence because, according to MSNBC, he’s looking to downsize.One of Houston’s most expensive estates on the market, the DanMar Mansion was listed at $19 million last month. It’s being sold by oil and gas millionaire Dan Spence because, according to MSNBC, he’s looking to downsize.Debbie Coleman Realty
