How the Jet Set Does Real Estate
Would that we were billionaires - maybe a steel tycoon, a media magnate, or a vampire. These are a few who have owned some of the world’s most expensive properties. Technically not a vampire, per se, but 15th Century Romanian prince Vlad the Impaler, who served as inspiration for the infamous Count Dracula.
At any rate, he was part of an elite class of property owners. They rarely list their homes publicly and do not fret over interest rates, housing gluts, or the price of gasoline as they jet from one home to another around the world. And yes, Vlad positively did own a jet.
A new Forbes article is the reason for my latest ramble. It lists Vlad as one of the most elite property owners ever, alongside the late newspaper publisher William Randolph Hearst, steel tycoon Lakshmi Mittal, and of course, “The Donald.”
It is truly a fascinating read. Mittal is the only man ever to pay more than $100 million for a home, having bought a Kensington townhome in 2005 for $127 million. Meanwhile, the current year’s list of most expensive properties, according to Forbes, is headed by Hearst’s 75,000-square-foot mansion on six and a half acres in Beverly Hills. It’s a deal at a mere $165 million.
Number two on the list is Vlad’s pad, 18 bedrooms on a Romanian cliff, built in 1212 and currently operating as a museum. $140 million and it’s yours. Another property on the list, the $18 million, 10-bed, 10-bath, 500-acre wine estate in Cape Town, seems like a true steal by comparison.
The article makes the interesting point that China, India and Russia are steadily making their claim in the world of top-flight real estate. The wealth in these countries is rising and their more affluent citizens are coming out to play. And last but not least, those interested in real estate investing may want to take a cue from Donald Trump:
“Donald Trump, for example, bought his Palm Beach mansion three years ago for just over $40 million and, after extensive refurbishing, placed it back on the market at $125 million, a price from which ‘the Donald’ says he will not budge.”
