The Dubai mansion won’t be completed until next year, but it already holds the title of the emirate’s most expensive home.
Mystery Buyers recently dropped 302.5 million dirhams — $82.4 million worth — A villa on Dubai’s Palm Jumeirah, a tree-shaped artificial island jutting out into the Persian Gulf.
Although it is Dubai’s most expensive home sale ever, the deal pales in comparison to other trophy properties sold around the world in recent years.
“Years ago, I started calling this market the circus sideshow,” says appraiser Jonathan Francis, who has tracked trophy real estate — homes that sell for $50 million or more — since 2007. Miller said.
According to Miller, homes in this higher price range tend to share some key characteristics, such as uniqueness, privacy, amenities and status. They are typically single family homes and pricing is often independent of the local property market.
“This is not a pandemic event,” he said.
The US trophy property market is concentrated in three major areas: Manhattan and the Hamptons, Palm Beach County, Florida, and the Los Angeles area, particularly Malibu. Miller said some recent deals have moved beyond these traditional areas. Laguna Beach, Californiain Miami coconut orchard When Aspen, Colorado.
Trophy trading is also rapidly picking up pace. When he started tracking the market, Miller said he had one or two deals in excess of his $50 million a year. Now he meets every other week.
This is largely due to the increase in wealth of America’s richest 1%, whose wealth increased by $12 trillion during the pandemic and reached a record $45.9 trillion at the end of last year. That’s what I mean. CNBC.
Real estate is seen as a stable way to preserve capital and is in high demand as billionaires look to safely store their growing financial resources.
“This is not just a residence for humans,” said Miller.
Let’s take a look at some notable recent home purchases by the global elite.
Hedge fund billionaire Ken Griffin has held the record for the most expensive home ever purchased in the United States for more than three years. The Citadel founder paid $238 million in 2019 for one of the most luxurious towers on Manhattan’s Billionaires Row. Won the most luxurious spreads. At this time, the condos are just one part of Griffin’s nationwide real estate portfolio. His insatiable appetite for real estate led him to own one, including his Citadel-owned property, which Griffin owns an estimated 85%. well over $1 billion Florida alone is a valuable asset.
The most expensive home ever sold in California sits on 7 waterfront acres of Paradise Cove in Malibu. Silicon Valley venture capitalist Marc Andreessen said a year ago he bought the property, which includes a 10,000-square-foot mansion, for $177 million. The billionaire signed a deal with fashion mogul Serge Azria in 2013, who paid him just $41 million for the property. Miller said such price spikes do not reflect an increase, but a complete reset of the Trophy real estate consumer base’s valuation.
Billionaire Oracle co-founder Larry Ellison is also coveted for trophy possessions, and this historic 16-acre estate in Palm Beach County in particular was sold to fellow tech billionaire earlier this year. Purchased from Jim Clark for $173 million. This was almost double the $94 million Clark paid him the year before to acquire the compound known as “Gemini” from the Ziff family. Another notable trophy property Ellison owns is Hawaii’s Lanai Island, which is owned by the mogul. 98 percent.
That same year, Ken Griffin broke a record with 220 Central Park South penthouses and was also behind the UK’s most expensive property sale in years. Griffin paid the equivalent of $122 million for his mansion at 3 Carlton Gardens near Buckingham Palace and St. James Park in London. Once inhabited by French politician Charles de Gaulle, his three-story house has a pool and private gardens.
A six-bedroom mansion in Shawson Hill, Hong Kong, sold for $111 million earlier this year. The identities of the buyers have not been disclosed, but whoever they are, they are now neighbors of Hong Kong’s richest resident and billionaire business tycoon Li Ka-Shing.