Million Dollar Mega Mansions, Now on the Market

January 10, 2011 / Russell Legato, Residential Property Analyst

Mega mansions are once again on the trend, as a small group high end developers has entered into a risky business in investing million on luxury speculative homes. A 10-room mega mansion situated on a private island near Florida’s Biscayne Bay, and when an asking price of $60 million is built entirely on speculation by high-end developers in search for a buyer.

Million Dollar Mega Mansions, Now on the Market

Recent big sales in various markets provides confidence for developers and the recent developments in the economy to believe that some of the world’s richest buyers are out once again to shop for trophy mega mansions.

Recently, art auctions in London and New York last year brought in total sales that exceeds 2009’s record, which include auction record of $104.3 million for a sale of a Giacometti sculpture last February 2010, but the sale was topped in May by the $106.5 million sale of a painting made by Picasso.

One of the few mega mansions constructed, the $60 million mansion in a private island Indian Creek in Miami consists of different high end amenities like the big movie theater/media room, luxurious and high-end kitchen, a master bathroom with gold-fleck marbles, plus a home gym, sauna and sat on a 30,000 square feet of living space.

Other recently built mega mansions in the market include a ski mansion in Aspen, Colorado’s Red Mountain neighborhood, with a price tag of $23.9 million, plus a $26 million farmhouse-style home in New York and a 13.7 million minimalist house in Los Angeles.

Currently, there is no national sales statistics for mega mansions or million dollar homes, but signs that the super rich have begin to rebound are increasing.

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