Buyers are more likely looking for a place to park their cash than make an investment that they hope will balloon in worth, so they’ll wait until the right home presents itself. In other words, the ultra-rich may not actually want a sprawling beachfront mansion in Florida for $195 million or a $300 million chateau outside Paris. And since sellers aren’t usually in a big hurry—fire sales are uncommon in this world, since sellers usually spread their assets around—they aren’t always willing to accommodate negotiations.
“If they get their number they’re happy to go,” says Aaron Kirman, president of Aaroe Estates, whose clientele includes many Middle Eastern royal families. “If they don’t, they love their home, they’re happy to stay.”
Centurion Club
“It needs to be irreplaceable and very hard to find,” says Kirman of what lets homes command such high prices. “It starts with site: the view, the grounds, the privacy, and usually it’s a combo of all of the above. At that price point, it better have it all.” Architectural or historical significance also drive up the price.
This year’s offerings include a seven-bed, 10-bath duplex on Fifth Avenue in New York; the magnificent “Bubble Palace” once belonging to Pierre Cardin, on the Cote d’Azur in France; and, not to be forgotten, Michael Jackson’s former Neverland Ranch. Of the 26 on our list, nine were in or near Los Angeles, four were in the New York area, and three were in France. The rest ranged from Panama to Barbados to Switzerland.
Kirman says he has two listings about to sell near the $100 million mark, and Perkins says a ranch in Montecito is under contract for $125 million, and she’s expecting a backup offer.
And these are only the ones we know about. Many sellers of $100 million-plus properties require discretion, and don’t want the world to know they’re unloading an asset.
Whisper Listings
“We’re aware of other properties that never hit the market publically,” says Conn of what are known as ‘pocket listings’ or ‘whisper listings.’ “Some people are shy about letting people know that they’re selling an asset. You have a lot of people at this end of the market that don’t love having publicity around what they’re doing.” Conn doesn’t know for sure, but he estimates there are a dozen around the world now.
Some of these sellers are so publicity-shy that they wouldn’t allow us to reprint the photographs of their homes, despite the listings being available on the web. (But here you go—there’s this luxury tower in Monaco, allegedly for $300 million; a castle in Geneva on the market for $106 million; and the Palais Vénetian in Cannes, which Christie’s has priced at $105 million.)