‘Backlash against mega-mansions, not mega-prices’, says Bloomberg

Photo: The Pinnacle List
Celine Dion’s Jupiter Island property sold for $28 million. Photo: The Pinnacle List

In an article about the wildest sales of real estate in 2017, Bloomberg reported a mix of record-breaking listings for the super-rich but sparse sales for “the merely wealthy”.

“There was a backlash against mega-mansions but not mega-prices. It was a year in which billions changed hands, but very few records were set,” the news agency said.

The most expensive 2017 sale, and which happened post-Irma, was the seven-acre Girasol estate in St Barts ($67 Million), complete with 175 yards of beachfront and two separate villas. “It’s proof that the real estate industry in paradise is still booming, and it comes as a major relief to a lot of nervous second-home owners.”

The second most expensive property sold last year, for $61 million, was a 5,000 sq ft Triplex Penthouse in Monte Carlo’s Golden Square. The three-story penthouse, with six bedrooms and en-suites, and views of the Med, was one of several “$100 million-plus listings” in 2017 in Monaco – “the safe haven for the international super-rich and their money”.

The third priciest property – which set an Australian national sales record – was the 1.7 acres Elaine Estate in Sydney, a 154-year-old waterfront mansion in the Point Piper complete with tennis courts, for a reported $54 million.

The other seven most highly-priced properties sold last year, according to Bloomberg, were in the US: a 5,300 sq ft penthouse at 15 Central Park West, New York ($50.55 million) and a Beverly Hills 13,860-square-foot house comprising six-bedrooms with a 22-person screening room ($45 million) rounded off the Top Five.

These were followed by a Billionaire’s Row mansion in San Francisco ($35 million), a Santa Ynez Valley ranch ($34.25 million), a beachfront property in the Hamptons, ($31 million) and Sabine Farm in Greenwich, Connecticut ($25 million).

Celine Dion’s 10,000 sq ft oceanfront “compound” in Jupiter Island, Florida – with 13 bedrooms, three pools, and a water slide, guest house, tennis house, beach house, and a pool house – sold for $28 million.


Demand for St Barts luxury property returns