Rich and looking to invest? Don’t buy a mansion

Conrad Wilson May 8, 2014
Share Now on:
HTML EMBED:
COPY

Rich and looking to invest? Don’t buy a mansion

Conrad Wilson May 8, 2014
Share Now on:
HTML EMBED:
COPY

The highest end of the high end real estate market is buzzing. Already this year three homes in the U.S. have sold for more than $100 million. 

Just last week, a property in the Hamptons (outside New York) sold for $147 million — the most ever paid for a single-family house in the U.S. Still, UCLA’s Eric Sussman says real estate that gets this kind of attention is full of risk.

“I don’t think any economist, any real estate expert … would say that buying a $100 million home is a safe place to put your money. Because let’s face it you’re talking about a very scarce asset with very few potential buyers,” says Sussman.

Below is a list of the top real estates sales in the U.S.: 

Address City State Price paid Date of sale
60 Further Lane East Hampton N.Y. $147,000,000 May 2014
Blossom Estate Palm Beach Fla. $140,000,000 Dec 2012
Broken O Ranch Augusta Mont. $132,500,000 2012
Copper Beech Farm Greenwich Conn. $120,000,000 April 2014
360 Mountain Home Road San Francisco Calif. $117,500,000 January 2013
Further Lane Hamptons N.Y. $103,000,000 2007
The Fleur de Lys Los Angles Calif. $102,000,000 2014

Credit/Compiled by: Miller Samuel Real Estate Appraisers

As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.

Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.

Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.