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New heights in home prices

By Judy Martel · Bankrate.com
Tuesday, May 21, 2013
Posted: 5 pm ET

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.

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14 Comments
Robert G.
September 24, 2013 at 6:06 pm

If someone has the money to spend and wants a kajillion dollar home, that's their business. They will pay way more property taxes than you do which is used to benefit others. People who think everyone should live in holes in the ground so they can enter the Kingdom of God should go talk to the Pope and the " little roadside shack " that's the center of the Catholic Church.
Yes, people are starving ... I have worked to help those I can but that does not mean I would criticize what someone else does with what they own. You sound like whiners who complain it wasn't fair their neighbor won the lottery and they didn't.

No Nonsense
June 03, 2013 at 10:06 pm

How many homeless or less fortunate people did you feed today. Some are often critical of others for some reason and not of themselves. Can't we all do better, not just the supper rich? Just my thoughts.

Jeannine
May 30, 2013 at 2:51 pm

Is this the state of the WORLD today. People buy homes that they can't even live in, just to flaunt their wealth,power and greed! Some make incomes that could feed an entire nation of people. So as you sit down and order fine delicacies, remember the starving children, homeless people, poor neighborhoods that some of you climbed on the backs of these people to get where you are today. Enjoy your inheritances but the real true riches are not HERE but are in the kingdom of GOD.

leslie
May 27, 2013 at 9:18 pm

un real
people are starving and homeless
makes me sick