Luxury Home Sale Update

$58 Million New Jersey Mansion Ranks as Year’s Top US Home Sale

$125 million world and $70 million US home sale records still unbroken

(January 10, 2007 – Minneapolis, MN) From New York City to Malibu and Palm Beach, the 2006 US real estate market boasted at least ten buyers willing to pay $28 million or more for high-end residences.

Topping the year’s list of most expensive homes sold in the US was a 63-acre estate with a 10,000 sq. ft. mansion just five miles from Manhattan in Alpine, NJ. Advanced Photonix CEO Richard Kurtz bought the English-style residence with guest cottages, pool and tennis courts from Henry Clay Frick II for $58 million, a price substantially below last year’s record-setting $70 million sale of financier Ron Perelman’s Palm Beach Oceanfront estate.

Neither sale comes close to the standing world record, a $125 million London mansion sold in 2004 to steel magnate Lakshmi Mittal, who ranked number five on this year’s Forbes list of billionaires, with an estimated net worth of $23.5 billion. .

“Strong corporate profits, good news on Wall Street, and a global commodities boom helped grow fortunes and sparked a surge of demand for trophy homes in 2006,” said Jennifer Kirby, local Real Estate Agent with Exit Realty Eden Prairie. “Final numbers aren’t in, but estimates are that the US’s 2006 sales of home priced at $5 million and above were up about 11% over 2005.

“Record Wall Street bonuses will jump-start 2007 luxury sales in New York,” predicted Kirby, “and, we’ll see spillover into other markets as well.”

Fortunes did grow in 2006 as demonstrated by the 18% growth in the number of the world’s billionaires, a list which now includes 793 names. At least five current sellers of luxury homes are hoping these uber-rich billionaires will step up to pay $100 million or more for homes in 2007. The priciest home for sale in the world — Updown Court in Windlesham, England (near Windsor Castle) — has a whopping price tag of $139 million. This spec-built home has 103 rooms, five pools, and a heated marble driveway.

Rounding out the list of $100 million dollar plus homes currently on the market, a Saudi Prince’s Aspen, Colorado retreat is listed at $135 million. Donald Trump is offering a “decorator-ready” Palm Beach, Florida property for $125 million. Those fancying a waterfront home in Istanbul, Turkey on the Bosporus Sea will find a $100 million home available there. Another waterfront option is a $100 million estate with lovely views of Lake Tahoe.

“Fabulous homes are just one example of the luxury goods and services which are in demand,” said Kirby, who specializes in Luxury Homes for the Twin Cities area. “This fall, Willem Kooning’s painting, ‘Woman III’ sold for a record $142.5 million, auction houses set art sales records, and yachts and private jet makers have waiting lists. Around the world, from Russia to Great Britain, there is a super rich group with wants, needs and the wealth to satisfy those desires.”

Jennifer Kirby is a Luxury Home specialist for the Minneapolis/ Twin Cities areas in Minnesota, including Waterfront properties and Historic Homes. She is also a licensed real estate agent in Florida and sells waterfront homes and condominiums in Northwest Florida. For more information on Minnesota or Florida real estate, please contact Jennifer at
651-785-3400, or visit,, or her Real Estate blogs, or

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