Tariko declined to comment on his purchase, his assistant, Tatiana Kapusta, said in an e-mail.
The seller of the property, Thomas H. Morgan, declined to discuss details of the transaction. Morgan, the founder of Morgan Energy Corp., a closely held oil and gas exploration company based in Englewood, Colo., says it's no surprise that foreigners are stepping up to buy while Americans hold back.
"Americans don't want to put down 80% or pay cash," Morgan says. "A lot of Americans are tapped out."
Morgan, who says his "hobby" is building trophy homes, constructed the Star Island mansion in 2003.
New York and Los Angeles were near the bottom of a list measuring luxury real estate price appreciation in 15 cities that attract "the world's global elite," ahead of only Moscow, according to a June 4 report by Knight Frank LLP, a London-based property consulting firm. In the year through March 31, prices rose 1% in Manhattan and fell 2.2% in Los Angeles. Prices in Paris increased the most, with a 22% gain, followed by Hong Kong, Helsinki, Shanghai and Beijing.
The firm defines luxury as the top 5% to 10% of the market in each city.
"Compared to other markets around the western world, the U.S., including New York and Los Angeles, lost significant value during the crash and are more fairly priced," Liam Bailey, the head of residential research at Knight Frank in London, says in an e-mail. "There is no doubt a surge in interest in New York, particularly for people looking for deals."
Selling At Discounts
U.S. home prices in 20 cities are 32% below their peak in July 2006, according to the S&P/Case-Shiller index. While luxury values haven't been hit as hard, the sellers don't always get what they want. The Spelling home in Los Angeles was on the market for two years at $150 million before selling at a 43% discount. The Miami Beach estate bought by Tariko fetched 20% less than its $32 million list price.
A weakening U.S. currency helps make the nation's homes seem like a good deal, says White, the Sotheby's president. The dollar has fallen against each of the 16 most-traded currencies in the past year, according to data compiled by Bloomberg.
Among emerging-market currencies, the Russian ruble increased 7.7% against the dollar in the 12 months through yesterday. The Brazilian real advanced 1%, while the Chinese yuan gained 5.%.