It’s not a great time to sell a mega-mansion.
This year, just 29 properties sold for at least $50 million, according to a list compiled by Jonathan Miller, the president and chief executive officer of appraiser Miller Samuel. That’s down more than 35% from last year, when 45 properties in that tier closed, and it’s down more than 44% from 2021, whose 52 sales made it the best year for ultraluxury real estate on record, according to data provided by Miller.
“In 2021 and 2022, the outlook was optimistic,” Miller says in an interview, citing low interest rates and a resurgent stock market. “That was not the case over the last 18 months and frankly, I’m surprised that there were this many transactions at all.”
Even as the number of sales dropped, the average value of ultra-luxury sales has actually risen: The decrease from last year ($3.2 billion) to this year ($2.3 billion) is 28%, slightly better than the decline in volume. “This isn’t a normal housing market,” Miller says, emphasizing how the spending habits of the super rich are divorced from the rest of the country. “It has nothing to do with the local markets these properties sit within. It’s more national and global in scale.”
Miller cautions that this list, which he compiles annually, is subject to change before the year ends; late-to-the-game closings can pop up.
As it stands, he says, for all the lingering anxiety about the ultrarich leaving New York, the city and its environs continues to dominate the $50 million-plus list, with 14 property sales notched this year. (Some might include the Connecticut suburbs’ two entries.) Florida had eight, California had three and Colorado came in a distant fourth, with two.
For Miller’s top 10 sales of 2023, see below.
1001 Ute Avenue, Aspen, Colorado—$76 million
The backstory: This 21,500-square-foot home, which sits on just a half-acre lot, is not without controversy. Following allegations that its developer “ran afoul” of building approvals in 2019, the seven-bed, seven-bath, six half-bath house, which has ski-in access from Aspen Mountain, was more recently the subject of a lawsuit. A broker says she was “squeezed” out of a seven-figure commission for the sale, according to reporting by the Aspen Daily News.
12 Indian Creek Island Road, Miami—$79 million
The backstory: Earlier this year, Bloomberg reported that this seven-bedroom home had been purchased by Jeff Bezos. The billionaire founder of Amazon.com Inc. got a 7% discount, apparently; the house, set on a man-made island in the Miami area, had most recently listed for $85 million. A few months earlier, Bezos had bought the house next door for $68 million.
220 Central Park South, New York—$80 million
The backstory: Set on the eighth and ninth floors of the skyscraper’s “villa” portion—a smaller structure that stands in front of its supertall tower—residents of this roughly 8,000-square-foot duplex will also have about 1,000 square feet of outdoor space. A huge, 56 foot-long living room runs the width of one floor, according to an offering plan.
Great Island, Darien, Connecticut—$85 million
The backstory: This 60-acre island, which has been with the same family for multiple generations, features a 13,000-square-foot mansion, an 18-stall horse barn, a polo field, indoor and outdoor riding rings, a separate three-bedroom house, a farmhouse, a beach cottage, and a bungalow. Initially put on the market for $175 million, the house’s buyer was the town of Darien, whose plans for the island are still under deliberation.
26-32 Windmill Lane, East Hampton, New York—$91.5 million
The backstory: Three years after purchasing this 6.7-acre oceanfront compound for a reported $45 million, the owner flipped the property, which includes a 7,000-square-foot main house and a 1,500-square-foot guest house, netting a clean $46.5 million profit. Aside from 300 feet fronting the ocean, the house comes with a pool, although multiple publications have noted that the property’s zoning allows for construction of a much larger home—meaning that this could become a $91.5 million teardown.
700 Meadow Lane, Southampton, New York—$112.5 million
The backstory: Seen one way, this was a bargain: The house originally came on the market for a reported $175 million. The property has eight acres, with 500 feet of ocean frontage. The sprawling 15,500-square-foot home has 11 bedrooms and 12 full baths. At one point, it was offered for rent, available the entire summer for $2.25 million.
499 Indian Field Road, Greenwich, Connecticut—$138.8 million
The backstory: Known as Copper Beach Farm, the 50-acre estate was sold by an LLC with ties to hedge fund billionaire Ray Dalio, Bloomberg reported. The property includes a 13,500-square-foot main house with walled gardens, a swimming pool and a grass tennis court. Built during the Gilded Age, the house has two private beaches, a heated 75-foot-long swimming pool, and an additional carriage house, gate house, pool house and two greenhouses.
1495 North Ocean Boulevard, Palm Beach, Florida—$155 million
The backstory: This 2.7-acre property was purchased by billionaire cosmetics heir William Lauder from the widow of the late right-wing radio host Rush Limbaugh, according to The Wall Street Journal. The Palm Beach estate contains a roughly 24,000-square-foot main home and was “decorated by Mr. Limbaugh himself,” the Journal reported.
589 North County Road, Palm Beach, Florida—$170 million
The backstory: According to the Real Deal, this off-market sale was between the seller, Green Mountain Coffee Roasters founder Robert Stiller, and the buyer, luxury car dealer Michael Cantanucci. The 1.6-acre property has around 150 feet of ocean frontage; the house measures approximately 20,000 square feet with 10 bedrooms, 11 full bathrooms and seven half-baths. Stiller and his wife reportedly paid $25 million for the property a decade ago.
27712 Pacific Coast Highway, Malibu, California—$190 million
The backstory: This approximately 40,000-square-foot home, designed by celebrity architect Tadao Ando under commission from Maria and William Bell Jr.; Maria, a writer and producer, and Bill, a producer, are noted art collectors. The buyers, however, eclipse both the house and its patrons: TMZ reported that the new owners of the home are none other than Beyoncé and her husband Jay-Z. (The outlet reported that the purchase price was $200 million; Zillow’s official record is $190 million.) TMZ subsequently reported that the couple paid in cash.
This article was provided by Bloomberg News.
