The luxury property market was probably the only segment that did not take a major hit during the global financial crisis in 2008. Instead, the sector became the new currency of the world, as Jonathan Miller wrote for the Elliman Blog earlier.
Investors usually bank their money on brick-and-mortar assets and that is perhaps why the luxury market never lost its gleam. In honor of the strength of the luxury property market, we present to you the most expensive homes of the world.
1. Penthouse at the Tour Odéon Monaco, Monaco - $388 million
Monaco is considered the land of the rich as more than a third of its population comes under the "millionaire" bracket. Residents are not taxed on foreign income and crime rates are also low in the city-state. Therefore, when news of the Tour Odéon Monaco hitting the market for almost $400 million surfaced, it wasn't a surprise.
The penthouse, however, does boast of some breath-taking features. To start with, it is a four-story residence atop a 50 floor building. It spans more than 30,000 square feet and has a kitchen on each floor. Plus, one could slide down into a personal pool form the living room of the penthouse!
2. "The Palazzo di Amore (Palace of Love)," California, US - $190 million
The Palazzo di Amore (Palace of Love) located in Beverly Hills, Calif., is the most expensive listing of the United States. For that loft price – you get to own 25 acres of prime land including a vineyard, a 35,000-square-foot villa, an entertainment "barn" and a 27-car garage!
3. The Manor, Los Angeles, US - $150 million
"The Manor" is the biggest private residence in Los Angeles and is currently owned by Formula One racing heiress Petra Ecclestone. She bought the mansion from Candy Spelling, the famous TV personality for $85 million and renovated the mansion to a T adding velvet and crystal embeds in the walls, bikini-sporting Pamela Anderson statuettes etc spending another $65 million on the refurbishments.
The residence is being sold privately and is not on the public listing service.
4. Le Palais Royal, Florida, US - $139 million
"Le Palais Royal" located in Fort Lauderdale, Fla., hasn't yet completed construction but makes it to the list of the most-expensive homes in the world. This mansion offers some eye-popping features like 22-karat "gold-plated" staircases and gates, an "IMAX" theater and a 1,300-gallon aquarium in the family room!
5. The Beverly House, Los Angeles, US - $135 million
"The Beverly House" is one of the most famous homes in the world. Owned by publishing giant William Randolph Hearst, the residence was featured in the legendary "The Godfather" and "Bodyguard."
Spread across 50,000 square feet, the mansion has a nightclub and gaming arena of its own. It also has a 400-seater theater, a 75-foot pool and two lighted tennis courts as well.
When it comes to luxury property, the US dominates location wise. The UK and Switzerland follow in after America.