Russian billionaire’s purchase of French villa sets new world record for most expensive home -- $750 million!

Russian billionaire’s purchase of French villa sets new world record for most expensive home -- $750 million!
The market for the average priced US residence may be soft, but the über rich (especially the Russians) continue to drive prices up at the very top of the world’s luxury market. Case in point -- Villa Léopolda, one of the most historic estates on the French Côte d'Azur, is now under contract by an anonymous Russian billionaire for $750 million (€500m). This three-quarters-of-a-billion dollar sales price sets a new record for the most expensive home sale in the world. The previous record was set earlier this year by Indian billionaire Laksmi Mittal, with the reported purchase of a London home for his son for about $236 million.
Villa Léopolda, a cream-colored, turreted mansion with two guest houses, is midway between Monaco and Nice overlooking Cap Ferrat, near Villefranche-sur-Mer. The villa was originally built about 1902 by King Leopold II of Belgium. The grounds are regarded as among the most spectacular on the Côte d'Azur. Fifty full-time gardeners look after 20 acres of gardens and terraces, planted with 1,200 olive, orange, lemon and cypress trees.
The property’s new owner is said to be a Russian oil oligarch but not – despite initial rumors – Roman Abramovich, the highly visible owner of Chelsea Football Club, who already owns a €100m mansion near Antibes.
According to the Nice-Matin newspaper, a contract was signed last week to transfer ownership of the villa from Lily Safra, the widow of Edmond Safra, a murdered banking billionaire. Rumor has it that Mrs. Safra held out for months as the persistent mystery buyer kept raising his offering price. The paper also reported that 60 villas or mansions on Cap Ferrat are now owned by wealthy Russians.
The property has a unique history. In 1916, King Leopold’s nephew and heir, King Albert I, turned the villa into a hospital for officers wounded during the First World War. It later passed into the hands of the Agnelli family – Fiat automotive tycoons -- and became the scene for legendary jet-set parties in the 1960s, attended by Frank Sinatra, Ronald Reagan (in his acting days) and others.
“This sale raises the bar and makes the half dozen or so $100 million U.S. properties on the market seem like bargains,” said Laurie Moore-Moore, Founder of The Institute for Luxury Home Marketing, a US-based organization which trains real estate agents who work in the luxury market and awards the international Certified Luxury Home Marketing Specialist designation. “Today’s affluent are citizen’s of the world and the successful luxury agent must know how to reach them and what lifestyles they are seeking. It’s an exciting and active market for agents at the top.”

Great expectations dominate top of luxury home market
Sellers price homes above $100 million in wake of last year’s record sales
Owners of the ultimate luxury properties are betting that the über-rich are still shopping for luxury homes, despite the real estate market doldrums according to Laurie Moore-Moore, Founder and CEO of The Institute for Luxury Home Marketing. “The fact that the newest list of the most expensive properties for sale in the US features six homes priced at $100 million or more is an indication that home prices at the top of the US market have definitely broken through the $100 million level, despite the general slowdown in the housing market,” said Moore-Moore. “Last year’s $103 million dollar sale of a Long Island estate and the subsequent sale of a Colorado ranch for $175 million established that the $100 million level is no longer a hurdle. Sellers have responded by pricing aggressively at the very top of the market.”
The most expensive home currently on the US market carries a $165 million price tag. This legendary estate on 6.25 acres just blocks from the center of Beverly Hills (CA), tops the list of the 1000 most expensive homes currently on the market, according to the just-released Unique Homes magazine's special issue, Ultimate Homes, 2008. The residence was formerly owned by William Randolph Hearst. John F. and Jacqueline Kennedy honeymooned at the home. The least expensive price on the Top 1000 homes list is $11.2 million.
Among members of The Institute for Luxury Home Marketing on the list, Shari Chase (Chase International, Lake Tahoe, NV) has one of the six most expensive listing at $100 million dollars. Overall, Institute members listed numerous properties featured in the magazine.
“The number of Institute members on the Unique Homes "Ultimate Homes" list is indicative of the superior marketing skills these individuals possess in the luxury arena," said Moore-Moore. "Agents chosen to list these multi-million dollar homes must have a proven track record of success, as well as the tools, market knowledge, and luxury agent contacts necessary to market these homes to potential buyers."
California has the most properties on the Top 1000 list with 246 listings, followed by New York with 195 properties. Florida dropped from second place last year to third with 188 properties. Overall, thirty nine states had properties that made the list. The total dollar value of all the properties on the list is more than $19.2 billion, a gain over last year’s total of $19.1 billion.
About The Institute for Luxury Home Marketing The Institute for Luxury Home Marketing is an international organization which offers training to real estate professionals who work in the luxury residential market and awards the Certified Luxury Home Marketing Specialist designation to those who meet strict performance standards. The Institute has thousands of members in the US, Canada, and abroad. www.clhms.org