Two U.S. homes have broken past the $100 million threshold since the real estate downturn: a $100 million château in Los Altos Hills, Calif. that changed hands in 2011, and a hilltop estate in nearby Woodside, which quietly went for a staggering $117.5 million in November. Eight more listed with asking prices of $95 million and above are on the sale block, while several others, like financier Gary Winnick’s Bel Air manse, Casa Encantada (reportedly available for $225 million), are supposedly being shopped around as unofficial “pocket” listings.
What makes a home into a $100 million treasure chest? The iron rule of real estate comes into play, of course: A location in one of America’s most expensive Zip codes. In Manhattan that means a palatial spread in one of the most exclusive white-glove buildings bordering Central Park, like the Pierre Hotel, where the triplex penthouse co-op is listed for $125 million. In Los Angeles it means a coveted address on one of the guard-gated streets of the Platinum Triangle (Holmby Hills, Bel Air and Beverly Hills).
A prime piece of land is necessary, particularly in an area where abundant acreage is hard to come by, like the expansive 47-acre De Guigne estate in Silicon Valley’s Hillsborough. Offered at $ 100 million, it’s remained in the same family for the better part of 150 years. In the ritzy Mayflower Estates enclave of Dallas, Tex., where land commands $2 million an acre, the 25-acre Crespi-Hicks estate, designed by architect Maurice Fatio, can be yours for $135 million.
The homes themselves typically span 10,000 square feet-plus and pack in the kind of amenities produced when expansive imaginations meet bottomlessly deep pockets. Los Angeles’ $125 million Fleur de Lys manse boasts a 200-guest ballroom, a 50-seat home theater and a three-quarter-mile jogging track. Nearby, the Beverly House, once home to William Randolph Hearst, offers over 50,000 square feet of living space that includes two screening rooms, an art deco-themed private nightclub, spa facilities and a lighted tennis court with accompanying indoor bar. The Beverly Hills compound’s asking price, formerly at $95 million, was recently hiked to $115 million.
Equally important is the ownership lineage. A home tied to an esteemed public figure can offer unique bragging rights, even when the connection isn’t a happy one, as with Casa Casuarina, the $100 million Miami Beach mansion where Gianni Versace was murdered on the front steps.
“Homes of the trophy market aren’t simply defined by their price; they are unique properties that attract global interest,” adds Miller. As the number of billionaires in the world grows, so too does the possibility of more record-breaking real estate.”We will see more $100 million-plus sales in the coming years.”
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