As new home sales have fallen to record lows, building a super luxury mansion for sale today may strike some people as risky, if not crazy, but that is not stopping ambitious developers. In high-end enclaves across the U.S., a number of residences—some of which began construction before the recession—have come to market this year with asking prices north of $20 million (and in some cases considerably more).
To identify the most expensive new constructions for sale nationwide, Businessweek.com searched listings on Realtor.com, Sotheby’s International Realty, Corcoran, and Zillow.com. Some were built on spec—or built by developers for sale on the open market, not for a client—while others were custom-built for owners who later decided to sell. The biggest price tag we found: $100 million for a mansion in Windermere, Fla. The least? An 18,886 -sq. -ft. beach house in Boca Raton, Fla. for $22 million. While it remains a buyers market, there is some positive news for sellers: The ultra rich, or those with investable assets of at least $30 million, increased their wealth by 21.5 percent last year, and investing in residential real estate has regained appeal among the wealthy, according to the "2010 World Wealth Report" by Capgemini and Merrill Lynch Wealth Management. The biggest home sale so far this year: a 2006 Bel-Air mansion called Le Belvedere, which had an original asking price of $85 million and sold for as much as $72 million (the final price was not released).
To identify the most expensive new constructions for sale nationwide, Businessweek.com searched listings on Realtor.com, Sotheby’s International Realty, Corcoran, and Zillow.com. Some were built on spec—or built by developers for sale on the open market, not for a client—while others were custom-built for owners who later decided to sell. The biggest price tag we found: $100 million for a mansion in Windermere, Fla. The least? An 18,886 -sq. -ft. beach house in Boca Raton, Fla. for $22 million. While it remains a buyers market, there is some positive news for sellers: The ultra rich, or those with investable assets of at least $30 million, increased their wealth by 21.5 percent last year, and investing in residential real estate has regained appeal among the wealthy, according to the "2010 World Wealth Report" by Capgemini and Merrill Lynch Wealth Management. The biggest home sale so far this year: a 2006 Bel-Air mansion called Le Belvedere, which had an original asking price of $85 million and sold for as much as $72 million (the final price was not released).
1. Windemere, Fla.
6121 Kirkstone LaneListing price: $100 million completed ($75 million as is)
Year built: 2011*
This 90,000-sq.-ft. lakefront house, originally conceived for David Siegel, chief executive of time-share company Westgate Resorts, is currently unfinished. Construction was halted on the mansion during the recession, reported wsj.com. The house is designed to have 13 bedrooms, 23 baths, a main kitchen with 10 satellite kitchens, and three swimming pools. Siegel is selling the house for $100 million completed, or unfinished for $75 million.
2. Palm Beach, Fla.
1220 South Ocean BoulevardListing price: $84 million
Year built: 2010
This gated French château-style home sits on 2.5 acres in one of Palm Beach’s most desirable areas, on the waterfront near the Bath & Tennis Club and Mar-A-Lago. The 27,300-sq.-ft. residence was completed this spring by Dan Swanson, president of Addison Development, and has eight en suite bedrooms, nine bathrooms, a 60-ft. pool, a separate guesthouse, and room to park 50 cars.
3. Beverly Hills, Calif.
9577 Sunset BoulevardListing price: $68.5 million
Year built: 2010
This enormous new residence offers about 36,000 sq. ft. of living space on nearly two acres. It has nine bedrooms, 13 bathrooms, a pool, tennis court, and gym with sauna, steam shower, and Jacuzzi. The owner, C. Frederick Wehba Sr., founder of real estate investment firm Bentley Forbes Group, spent four years and $65 million building the mansion for fund-raising events but decided to list it, according to the Los Angeles Business Journal.
4. Alpine, N.J.
1 Frick DriveListing price: $68 million
Year built: 2010
Richard Kurtz, chief executive of apartment management company Kamson Corp., started building this New Jersey mansion for himself and his family nearly three years ago but recently decided to move to Florida instead. Completed in July, this new estate features 30,000 sq. ft. of interior space, including 12 bedrooms, 15 full bathrooms and four half baths, a theater, indoor basketball court, 65-ft. pool, and a tennis court. Broker Dennis McCormack says this is the third largest house in Alpine, a small town that has also been home to such celebrities as Chris Rock and Britney Spears. If the house sells for the asking price of $68 million, it would be New Jersey’s most expensive home sale ever, McCormack says.
5. Bridgehampton, N.Y.
612 Halsey LaneListing price: $49.5 million
Year built: 2009
The Sandcastle estate, set on 11.5 acres, features 31,000 sq. ft. of living space on three floors, which include 12 bedrooms, 12 baths, and recreational amenities such as a pool, tennis court, skateboard half pipe, rock climbing wall, squash and racket ball court, two-lane bowling alley, full bar and disco, and a spa. It was originally built by Joe Farrell, founder of Farrell Building Co. in Bridgehampton, as his own residence, reports newsday.com, and has been rented for $500,000 per two-week stay. The asking price has been reduced from $59.5 million.
6. Palm Beach, Fla.
101 El Bravo WayListing Price: $47.5 million
Year Built: 2010
This Mediterranean residence, completed in the spring by Addison Development of Palm Beach, offers about 21,200 sq. ft. of living space on three floors that include nine bedrooms, eight full baths, and two half baths, according to realtor.com. The property has a swimming pool and 175 ft. of frontage on the Atlantic Ocean.
7. Santa Barbara, Calif.
East Mountain Drive EstateListing price: $42.5 million
Year built: 2010
This colonial-style Montecito estate includes a six-bedroom main residence measuring 10,800 sq. ft. and a two-bedroom guest home on five acres, featuring gardens, a 56-ft. pool, koi pond, and brook, among other amenities. The grounds feature views of the Pacific Ocean.
8. Greenwich, Conn.
14 Meadow LaneListing price: $36.5 million
Year built: 2010
This newly built Georgian Colonial-style estate sits on 14.48 acres near the Round Hill Country Club and has 14,131 sq. ft. of living space. The property features gardens, stables with grooms' quarters, a pool and pool house, a stone gate house, and a one-mile walking path.
9. Aspen, Colo.
379 & 389 Ridge RoadListing Price: $35 million
Year Built: 2009
A number of costly new homes have been completed in Aspen in the past two years. This luxury compound on Ridge Road consists of two adjacent lots on more than two acres. The main home, which is 11,300 sq. ft., has five bedrooms, five full baths, three half-baths, a theater, 1,600-bottle wine room, and three-car garage. The guesthouse, which measures 4,178 sq. ft., has five bedrooms, five and a baths, and a two-car garage.
10. Santa Barbara, Calif.
780 Ashley RoadListing price: $35 million
Year built: 2010
This modern residence, called the Glass Pavilion, offers nearly 14,000 sq. ft. of living space, including five bedrooms, five and a half baths, and an art gallery large enough to exhibit 32 cars. The house, set on 3.5 acres of oak groves, overlooks the surrounding mountains and woods.
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