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New heights in home prices

By Judy Martel ·
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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May 27, 2013 at 8:28 pm

You really need to moderate these comments!

Me duh
May 27, 2013 at 7:27 pm

They totally voted for Obama. If you are rich and support Emperor Obama, you will get tax shelters to pay for these lavish homes.

If you work 60 hours a week and own a small business, you will never afford these homes. You will get a shed and high taxes to pay.
That is how Emperor Obama is involved Todd!

May 27, 2013 at 5:49 pm

Brad and Ken - Don't forget the egostical, self-absorbed people who did vote for Obama and how they fly their multi-million $ jets around in between lavish vacations and shopping sprees. You know the self-righteous movie stars and media mogules. Don't be so nieve. Just because someone has a home worth such an asking price, this means they didn't vote for Obama. What on earth does he have to do with it?

Maria Schmidt
May 27, 2013 at 4:46 pm

Personally, I looked up this house on Google Images and the houses in the Detroit Area and on Lake Huron are so much nicer!

May 27, 2013 at 4:38 pm

Somehow I don't think they voted for President Obama.

May 27, 2013 at 2:17 pm

A completely ridiculous, self-absorbed, egotistical, display of utter excess.

May 27, 2013 at 9:43 am

After all this reading, I had to poop. Why don't they just give me the house. I will poop in every toilet and marvel at every flush.

May 27, 2013 at 8:10 am

If I have 197 million to buy a house, I think I would build a house to my specification's not buy somebody's else's dream.

May 22, 2013 at 4:35 pm

shouldn't that be " what the BUYER is willing to pay?

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.

must see
May 21, 2013 at 8:04 pm

So this is the must see of the year. Do a G00GLE search for '''CASH TEACHER STOCKS''' and check the top result. Once you get there, they have pennystock-pages that you need to click on to see how people are making millions off of their investments.