A decade ago, a home with a $100 million price tag seemed unbelievable. Now there's a luxury property on the market with a listing price of nearly twice that.
Copper Beech Farms in Greenwich, Conn., came on the market last week for $197 million. The 12-bedroom mansion is on just more than 50 acres, with 4,000 feet of water frontage on Long Island Sound and two islands offshore.
Previous homes listed in the $100 million range have sold for less or not at all. In 2006, for example, Saudi Prince Bandar bin Sultan listed a 90-acre ranch in Aspen, Colo., for $135 million. It sold last year for $41 million to hedge-fund executive John Paulson, according to The Wall Street Journal.
A mansion in Los Angeles listed in 2009 for $150 million by owner Candy Spelling was purchased for $85 million in 2011 by British heiress Petra Ecclestone. A Beverly Hills home formerly owned by newspaper magnate William Randolph Hearst was listed in 2007 for $165 million and is still on the market, with an asking price of $115 million.
Unique luxury properties have few comparables to test what the market will bear, so the true test of price is what the seller is willing to pay.
Keep up with your wealth and mortgages, and follow me on Twitter.
Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.