PRESS RELEASE

Immediate release

Contact: Aria Schoenfelt, ariakristen@gmail.com or (512) 771-1776

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

Most expensive home on the market in Austin — $17,500,000

August 11, 2008 — The market for the average priced U.S. 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 Lakshmi Mittal, with the reported purchase of a London home for his son for an estimated $236 million.

“While the French Villa is a fabulous property, this sale does put into perspective the value U.S. properties represent,” said Aria Schoenfelt, a luxury home expert with BridgeOne Properties in Austin, Texas.  “The most expensive residence on the market locally is listed for just $17,500,000 and is a to-be-built 17,271 square foot English-style castle in Lago Vista.  Next in line is a $16,900,000 895-acre creek-front ranch with a 5,500 square foot home in Johnson City.”

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 in the 1960s for legendary jet-set parties attended by Frank Sinatra, Ronald Reagan (in his acting days) and other celebrities.

“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 (www.LuxuryHomeMarketing.com), 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 citizens 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.”

Schoenfelt is a member of The Institute for Luxury Home Marketing and has received special training in assisting upper-tier buyers and sellers.

###

#1: $165 million, Beverly Hills, Calif.
Once owned by newspaper magnate William Randolph Hearst, this expansive villa sits on six and a half acres in Beverly Hills.  A massive 75,000 square feet of living space is spread across three stories. The home boasts 29 bedrooms and 40 bathrooms.

#2: Bran Castle, $140 million, Brasov, Romania
Once inhabited by Romanian prince Vlad the Impaler, the inspiration for Count Dracula, this castle, built in 1212, sits on 20 acres.  The 17-bedroom castle rests on the top of a cliff and offers views across the countryside and surrounding mountains.

#3: $138 million, Updown Court , Windlesham, Surre
Larger than either Buckingham or Hampton Court palace, this 103-room home has 58 acres of gardens and woodlands, making it the idyllic English country home for those flush with cash.  Several ballrooms and grand entrance ways punctuate this house, which has a panic room, an indoor squash court, bowling alley, 50-seat cinema, helipads, space for eight limousines and a heated marble driveway.

#4: $135 million, Hala Ranch, Aspen, Colo.
The Starwood Ranch estate boasts a 56,000-square-foot mansion with 15 bedrooms and 16 baths.  The estate features several smaller buildings, stables, a tennis court and an indoor swimming pool.

#5: $125 million, Maison de L’Amitie, Palm Beach, Fla.
With the refurbished version–complete with ballroom, conservatory and 475 feet of oceanfront–Trump is confident the property will move (although the land this property sits on is worth more than the improvements!).  If the water is too rough on the beach, the property has a 100-foot swimming pool surrounded by gardens.

#6: $100 million, Tranquility, Lake Tahoe, Nev.
Conveniently on the tax-free Nevada side of Lake Tahoe, this 210-acre property is owned by Joel Horowitz, the cofounder of Tommy Hilfiger, who built the property from scratch.  The main house has 20,000 square feet of living space, is modeled after a northern European mountain home and has a 3,500-bottle wine cellar.

#7: $100 million Waterfront Estate, Istanbul, Turkey
Located on three-quarters of an acre directly on the Bosphorus in Istanbul, Turkey.  This residence offers more than 30,000 square feet of opulent living space in 64 rooms, which feature large windows looking to the water.

#8: Eurasia $100 million Moscow
This sizable property consists of an 11,700-square-foot manor house, two 4,000-square-foot guest houses and a 91,000-square-foot recreation center that has a pool, Turkish and Russian baths; a gym; sauna; and lounges. The property is 15 miles from the Moscow city center.

#9: $99 million Bishops Avenue, Hampstead, London
Just under the $100 million mark–depending on today’s exchange rate–the Toprak Mansion was built by Turkish entrepreneur Halis Toprak.  The 28,000-square-foot house has a double staircase and glass elevator.

#10: $75 million, Three Ponds, Bridgehampton, N.Y.
Three Ponds, which encompasses more than 60 acres of Hamptons farmland, is named for its surrounding lakes, but also features its own USGA-rated Rees Jones golf course.  Surrounding the main house are 14 gardens, a 75-foot-long swimming pool, golf pro shop, grass tennis court and a guest house.

Anyway, the most expensive home sold so far this year was listed at $3,800,000 in Northwest Travis County. The sales price was under asking, but I don’t believe in revealing those details! This home was one of two homes to sell for over $3 million so far this year.

5 homes have sold for $2,000,000 to 2,999,999 and 37 have sold from $1,000,000 to $1,999,999 this year alone in the 4.5 months we’ve had so far.

According to my ABOR MLS search, 4858 homes total have sold so far this year by Austin’s Realtors.

For about a year now, I have been a member of The Institute for Luxury Home Marketing. By joining the Institute, I have access to education and resources specific for effectively working with high-end home buyers and sellers and marketing luxury properties. If you’d like to learn a little more about my membership or The Institute for Luxury Home Marketing, here’s a short video with some highlights of what I, as a member, can offer you.

Why work with a Member of The Institute