By Ryan Velez
Interestingly, while luxury home sales have slowed a bit overall in 2016, Celebrity Net Worth reports that the year also hit a real estate record: the most homes sold over $100 million. The numbers came from a recent report by Christie’s International Real Estate. Sales of homes valued at over $1 million went up by a single percent from 8%, and in 2014, the number was 16%. In 2016, a total of eleven homes sold for over $100 million.
Included among these eleven homes are a massive ranch in Texas that brought in a $724 million sale and an estate in the Hamptons that sold for $110 million. Adding himself to the list was Beal Bank founder Andrew Beal. Beal purchased a 28,000 square foot mansion in Dallas, Texas for $100 million. This 25-acre property comes with seven bedrooms and many bathrooms and was once owned by prominent Dallas businessman Tom Hicks. Another individual who brought a $100 million home is Tom Gores, owner of the Detroit Pistons. Gores bought a home in the Holmby Hills neighborhood of Los Angeles, and this is also an impressive property. Some of the luxuries include a lounge, theater complex, wine room, and separate valet entrance. Inside, there are 10 bedrooms, 20 full baths, and an entertainment pad. Outdoors, there is a fireside lounge, lap pool, multiple sports courts, and a hiking trail.
However, the most famous, (and infamous) property sold last year was the Playboy Mansion. The $105 million that it sold for was $105 million, the first sale of its kind to take place in Los Angeles, and over 100 times what Hugh Hefner bought it for in the 1970’s. The buyer is Daren Metropoulos, co-owner of the snack company Hostess. Metropoulos, a neighbor of Hefner, doesn’t plan on capitalizing on the notoriety of the property, instead looking to merge the five acres with his own home to restore the original property envisioned by its developer back in the 1920’s.
While it is still a bit early to tell, sales look to be picking up well for 2017. Two additional Hong Kong homes have sold for over $100 million, and properties above $5 million have sold at a sharp increase in Manhattan, an area with no shortage of luxury real estate.