Because the house was goofy as hell. Amazing, yes, but more like a mall than a home. Very much in the lime light of real estate and architecture junkies, though. $75M was a stupid amount of money for the home to begin with, that's why the thing stayed on the market forever. A fancy roof doesn't warrant $75M. Even though $35M is hard to wrap my mind around, I can almost accept that considering the area, and the home's features.
I would think that people with 75 million to spend on a house would want to design and build it to their own specs, no?
Probably, but if there isn't any open land available, I guess they rather buy something already made. Unless they want to buy adjacent lots and knock down the other homes (the original owners of that $75mm place did that I think). Others probably don't want the hassle of building something and waiting years.
Personally, if I had the scratch, I would buy 1920-1930's estates. You could never match the level of craftsmanship, and longevity of the quality of construction IMO... and there is something about the style of the era that I really dig. Still it might take a year to make a mansion like those to modern standards. I wonder how many wifi-repeaters you would need for 30,000 sq. ft LOL
+1 BUT you end up having to do extensive window, roof and insulation work to a house that old. Some of those old places can cost thousands per month in electricity alone.
NOT TRUE. While California has lower exemptions in Nevada, planned right you can keep several million in personal property and still file for chapter 7. Further, this makes it sound like you lose everything, when in fact cars and homes that are still secured by debts are not going to be bothered unless you have equity over the exemption limits. For example, Nevada's home equity exemption is $550,000 - I have a business owning couple keeping a $1.4mm home through their Ch7 and their mortgage is about $1m. Even if you do have too much equity, you can usually negotiate a settlement amount with the trustees. I haven't had anyone lose a business that they wanted to keep either. What you can't keep around here are paid off motorcycles, boats, RVs, ATVs or timeshares over $2k in value. Even then, as I mentioned, the trustee will often settle by trading a tax refund or some cash instead of auctioning the vehicle.
All I can think of is a line from a movie: "if people are going to have money they should at least be taught how to spend it".
Quite a unique home, check out the wood work in the tour photos http://www.utahrealestate.com/report/public.single.report/report/detailed/listno/1037960/scroll_to/1037960
Many like myself can't see the finished concept in our heads to be sure enough about it to go ahead. I've always had to buy used because I have to physically walk through and feel everything. I lack the brainpower and mental capacity to look at a plot of land and trust the architect that everything will be perfect - position, sun, trees, views, etc. Never mind interior layout etc etc etc all of which I can grasp and fall in love with in 30 seconds in "real life". So if I ever win $500,000,000 I'll be still shopping used.
How can something in Layton be "just minutes" away from SLC International? In comparison, my house is only 6 minutes further than that one.
+100 They knew how to do it in those days. That level of design and craftsmanship can yet be had at present, at a price (think $500/sq.ft. to get it basically right, then up from there) With the dough in hand, I'd look for a really fine old place in original or semi-original condition, clean up, repair, and paint as needed, bring electrical and related stuff up to code, install up to date HVAC, cable/internet network and security system, and move in.
Just in case any of you are looking to ring in the new year in a New to You home. http://homesoftherich.net/2011/07/new-jerseys-62000-square-foot-blairsden-estate.html
Here's around the corner from me - 21,000sf, $8M: http://www.examiner.com/luxury-homes-in-newark/massive-colts-neck-nj-mansion Colts Neck is one of NJ's ritzy areas, many homes in this size / price range. Here's another that was foreclosed on - 39,000sf: http://celebrityhomeforsale.blogspot.com/2011/10/paul-parmars-39000-square-foot-mega.html
Wow. That's a hell of a deal! $4.9MM for 62K square feet? That's only like $80 bucks a foot! Of course, those $80 feet add up when you have to maintain and pay taxes on 62K of them.
Auction set for bankrupt Newport mega-mansion http://www.ocregister.com/articles/auction-348539-bankruptcy-newport.html?pic=1 See above Article..... After more than two years of trying unsuccessfully to sell the estate formerly known as Villa del Lago, partners in One Pelican Hill LLC got the bankruptcy court's permission to auction the property off on April 26. Live bidding will take place at Pelican Hill Resort, with bidders watching an online simulcast also taking part.
Oh my! WOW! From Google: Considered as the largest residential compound in America. It is worth a $170 million with 27 bedrooms, a bowling alley, 5 sports courts, and a $150,000 hot tub. This is the home of a billionaire named Ira Rennert.