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Heiresses on a homebuying spree

By Judy Martel · Bankrate.com
Wednesday, May 23, 2012
Posted: 6 pm ET

Some of the biggest real estate investors making the news lately are ultra-rich heiresses who are far from reaching their 30th birthday.

Sisters Petra Stunt and Tamara Ecclestone have been on a homebuying spree.

Two sisters, Petra Stunt, 23, and Tamara Ecclestone, 27, daughters of Formula 1 Management CEO Bernie Ecclestone, have spent hundreds of millions within the past two years buying property on both sides of the Atlantic. Petra made news early last year when she paid $85 million for the Los Angeles mansion owned by Candy Spelling and the late Aaron Spelling. Tamara nearly matched her, paying $70 million recently for a 16,000-square-foot-home across from Kensington Palace in London.

Earlier this year, 22-year-old Ekaterina Rybolovlev, daughter of Russian billionaire Dmitry Rybolovlev, spent $88 million for a New York City penthouse. Anna Anissimova, another Russian, purchased her first New York apartment when she was only 19 for just under $10 million. Now 27, she's put it on the market for $50 million. Oracle CEO Larry Ellison's 26-year-old daughter Megan purchased three homes in California over the last few years.

According to the Associated Press, these young, rich homebuyers are quick to make up their minds and don't spare any expense when it comes to customizing their spreads. Petra, for example, negotiated and purchased her Los Angeles mansion a week after she first saw it. She then spent just 12 weeks renovating it. She's in the process of renovating a $90-million mansion she bought in 2010 in England.

Rick Hilton, the broker who represented Petra in the Spelling mansion purchase, told the Wall Street Journal that he views younger homebuyers differently now. "At first, I showed her several properties but they weren't grand enough," he said. "I saw very quickly that…she wanted the finest estate available, and that's what she got."

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3 Comments
howard banks
July 05, 2012 at 5:22 am

these girls have spent pop's money wisely,by making a nice return on their investments,young and smart.

Carol
May 24, 2012 at 5:51 pm

I know mortgages with Fannie/Freddie can be refinanced if underwater;however, not with other financing companies. Any news when this may be available?