Filed under: Estates

Last January, we heard about the plans for a $155 million home planned for the Yellowstone Club, the exclusive millionaires’ playground in Montana. The AP reports that Tim Blixseth, the founder of the Yellowstone Club has sold the parcel of land where he had planned to build the home. Large Sky resident Loren Bough purchased the 160-acre parcel.

Earlier this month, The Desert Sun did a comprehensive story on Blixseth’s fight to keep his wealth. He and his wife Edra Blixseth have been involved in a bitter divorce. He’s also been fighting a multimillion-dollar settlement with former cycling star Greg LeMond. When Tim and Edra first split in December 2006 after a 25 year relationship, they were lauded for dividing their property and assets without fights and lawyers. But since then, they have been involved in a protracted battle for their shared assets.

Also Tour de France champion Greg LeMond, his parents-in-law David and Sacia Morris, and Jorge Jasson, a family friend have claimed i ncourt that Blixseth tried to buy their shares at the Yellowstone Club for a total of $13 million, which they say was a fraction of their value. The celebrations reached a $38 million settlement in the case. Blixseth paid the first installment on the suit but missed a payment in January and interest is now accruing.

Blixseth is trying to sell the 13,400-acre gated community. In January he was working with CrossHarbor Capital Partners LLC, the Boston-based private- equity firm founded by Yellowstone member Sam Byrne to sell assets of the club for $455.7 million.

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Filed under: Estates

For the next couple of weeks we will be checking out some homes in the most pricey zip codes in the United Says, up today, 33404. This zip code is is in the Riviera Beach/Singer Island section of Palm Beach County, Florida and has a median price of $2,890,000 with an appreciation rate of 563% since 1990. Singer Island was founded by Paris Singer, the Singer Sewing Machine company founder who, rumor has it, purchased the island as a present for his mistress.

Much of the Singer Island area is given over to condominiums which so far don’t seems to have suffered the real estate disaster that has plagued so many Florida condominiums. Perhaps this is because there is only so much of Singer Island to go around. This condo is in One Singer Island, a new complex stocked with amenities that include a private and enclosed parking garage, lobby with a grand salon, social room and Versace patio, private theater, wine room, billiard room, fitness center and a pool and spa deck. There are just 15 residences in the building. The first five floors have two residences per floor. The top five floors have one “ocean to intracoastal” penthouse each. This unique unit is the top full floor and it has a truly dramatic feature, a spiral staircase leading to your own private rooftop terrace with a lounge area and sheltered hot tub. This apartment is listed at $5,995,000.

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Filed under: Estates

For the next couple of weeks we’ll be checking out some homes in the most pricey zip codes in the United Says, up this day, 33480. This zip code is is in the exclusive town of Palm Beach in South Florida and has a median price of $2,910,000 with an appreciation rate of 426% since 1990.

Palm Beach has been a place for the wealthy to wait out the winter since Henry Flagler, a founder of Standard Oil, made the Atlantic coast barrier island accessible through his Florida East Coast Railway. The town was incorporated in 1911 and way by then home to many beautiful mansions. Over the years the building has continued and Palm Beach is one of the most affluent areas in the U.S. and is host to a variety of luxury events. Over the past couple of years there have been many homes in the $30-$40 million range in Palm Beach and since 2005 Donald Trump has been trying to sell a home in the area for the astronomical price of $125 million.

Today’s home is nowhere near that pricey but it is still a display of Palm Beach wealth. The home is located on directly on the Atlantic and has a fantastic beachside pool and cabana. There are five bedrooms total and the scale of the home, include what looks to be a big marble art gallery, all continue the legend that’s Palm Beach. This home is listed at $25.75 million.

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Filed under: Estates, Celebrity Shopping

It’s the season for worrying each last deduction you can possibly take on your taxes. As you are sweating those last minute details here’s a story to make your blood boil. The San Francisco Chronicle reports that Oracle CEO Larry Ellison will get a $3 mllion tax break because his Japanese-style home in Woodside, California is “functionally obsolete.”

Ellison’s Octopus Holdings LP purchased the 23-acre site in Might 1995 for $12 million and then sent to work on a nine year project constructing his version of Xanadu, a lavish 8,000-square-foot home based on a Japanese emperor’s 16th century estate. Ellison seems to have a taste for all things Japanese, he also bought a home in Atherton in 1987 and turned it into a Japanese-style palace with seven bedrooms, a traditional tea home, bath home, gardens, a koi pond and waterfalls on 2.8 acres. That home was quietly put on the market in 2005 for $25 million. The property website for that home is here.

According to the Chronicle, the assessor’s office based its January 2005 valuation of Elllison’s Woodside home on reproduction costs, the $166.3 million it should have cost to build the home. The construction actually cost more than $200 million. But attorney William Bennett representing Octopus Holdings argued that the property was worth only $64.7 million at that time and in the two tax years, since entitling Ellison to a $3 million rebate on taxes paid. The appeals board concurred and so the $3 million will come from San Mateo county’s property taxes paid this year. Of that $3 million it is estimated that nearly $1.4 million would have gone to schools in the area .

Ellison’s home decline in value is shocking in an area that boasts very expensive real estate thanks to the Googleaires, people who made their fortune at Google and invested in massive homes locally. The reason for the dip in value is essentially that Ellison created a home that no one else would want to purchase. The home is said to suffer from “significant functional obsolescence” because the Japanese architecture, elaborate landscaping and over improvements to the property have made it a home that’s high-priced to maintain and has reduced value to to others.

Ellison, who has a net worth of $25 billion according to Forbes, has turned his attentions to Southern California in recent years. In 2005 he picked up five lots in Malibu’s pricey Carbon Beach area for a reported $65 million and is stated to be looking into buying an NFL franchise for Los Angeles.

As the Chornicle article points out, perhaps the only good news out of this may come from the fact that it draws attention to the fact that homeowners can have their property values reassessed. With the declining real estate market in many regions some people may be in a situation where their property is being over-assessed but they’re not aware of it.

[Thanks to Uncle Roger and Lana for calling our attention to this one]

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Filed under: Estates

For the next couple of weeks we’ll be checking out some homes in the most high-priced zip codes in the United States, up this day, 02554. This zip code is is on the island of Nantucket off the coast of Cape Cod in Massachusetts. While not the best place to wait out a long winter (it’s a 30-mile ferry ride from the Cape) it is a very popular place to spend the summer months. This zip code has a median price of $1,550,000 and an appreciation rate of 321% since 1990.

Today’s home is a newer build but it has many of the qualities associated with Nantucket homes includes a shingled exterior, plenty of clean white walls and blue accents, a widow’s walk and views of long sandy beaches and the Atlantic Ocean. This nearly two-acre property is located in the Squam area of the island and is actually two houses on one property, a four-bedroom main home, and a two-bedroom guest home with a pool and spa. This property is listed at $11.75 million.

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Filed under: Estates

The Nautilus Home is a cartoon-like combination of bright vibrant colors and a gigantic shell-shaped design. It’s a real house, located in Mexico City and occupied by a young couple and their two small children. Not only does the Nautilus Home look like a giant work of art, but because it’s built from a mix of chicken wire and concrete (among other things) and takes cues from a Nautilus shell (hence the name) it’s also an earthquake-proof and maintenance-free structure. And that’s always handy.

The inside decor is all about smooth rounded surfaces, rich colors, and greenery all over the place. And even though the home is surrounded by Mexico City on 3 sides, the West side has most of the windows and faces out to a beautiful view of the mountains.

I really like it, but for anything other than a vacation home it might get old — living in this house must make a person feel like they’re in a tropical version of Whoville.

Via DVICE

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Filed under: Estates

For the next couple of weeks we will be checking out some homes in the most pricey zip codes in the United Says, up this day, 20815. This zip code is in Chevy Chase, Maryland has a median price of $2,020,000 and an appreciation rate of 253% since 1990. This residential Maryland suburb offers simple access to Washington D.C. and is home to a variety of traditional homes.

Today’s home, Wirelawn was first bought from the Chevy Chase Land Company in 1905. It’s full of political history, Harry Truman’s presidential inaugural ball was held here and the home, which is now a private residence, once served as an embassy. The ten-bedoom home has a grand foyer, formal living room, formal dining room, music room (with a beautiful Egyptian-themed mural), family room and ballroom. The first floor is also home to the sunroom, kitchen, butler’s pantry and mudroom. The upper levels are home to the bedrooms including the master suite with his and hers baths and dressing area, bedroom suites with sitting rooms, and staff quarters. There is also a temperature-controlled wine cellar and a gentleman’s study. The 1.36 acre property includes a covered veranda off the ballroom, big heated pool and spa, three-car garage, gazebo and pool house, tented terrace and deck, a circular drive, motor court and a lawn huge enough to accommodate football and soccer games, or a tennis court. This home is listed at $6.9 million.

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Filed under: Estates, Auctions

Louis Kahn only designed 3 major architectural homes in his career and one of them, the Escherick Home (named after the woman for whom it was built, Margaret Escherick) is up for auction. Its address is in Philadelphia and according to some it’s his best residential creation and has “mature style” and a “warm and human quality” to the interior (and I tend to agree).

So the home will be sold, but unlike most houses its price won’t only reflect the local regular real estate market but also the art market. Valued at $2 million only about half of that’s unbiased structural and land values — the rest is all artistic and historical sentiment.

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Filed under: Estates

For the next couple of weeks we will be checking out some homes in the most expensive zip codes in the United States, up today, 02114. This zip code is in the Beacon Hill area of Boston, Massachusetts has a median price of $2,070,000 and an appreciation rate of 271% since 1990. In this part of Boston, you’re paying for history, convenience and also for the picturesque beauty of the area.

Today’s selection is a townhouse located near Charles Street, Beacon Hill’s main drag which is backed with antique stores, small cozy restaurants and small gourmet grocery stores. This four-bedroom home has a bottom floor with a sitting room, kitchen, and a classic shuttered bay windo. The second floor includes a southern-orientated music room with s its own wood burning fireplace. The second floor also features the formal living room with moldings and hardwood floors. The master suite is on the third floor and has a marble vanity, his and her sinks, and a dual shower as well as a separate office/dressing room with built in shelving. The au-pair suite is on the lower level and has a living/kitchen area that could be converted to a media room. This home is listed at $4.25 million.

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Filed under: Estates

For the next couple of weeks we will be checking out some homes in the most costly zip codes in the United States, up this day, 07620. This zip code in Alpine, New Jersey has a median price of $2,420,000 and an appreciation rate of 318% since 1990. Alpine is consistently on lists of the best places to live in New Jersey. Famous residents of Alpine have included Damon Dash, Patrick Ewing, Jay-Z, Lil Kim, Chris Rock and Sean “Diddy” Combs. Here at Luxist we’ve covered this area multiple times for houses ranging up to $40 million. Right now the MLS for this zip code reveals a listing for $59 million and one for $40 million, both without pictures unfortunately.

Today’s home is in the desirable Rio Vista neighborhood. This brick home sits high on a hill and has over 19,000 square feet of space including seven bedrooms. The style is over-the-top lavish and has everything you could possibly need including two lane bowling alley, movie theatre, squash court billiards room. a swimming pool with full service cabana, five car garage and lift for sixth vehicle. With all the marble and chandeliers it’s basically Tony Soprano’s dream home. This home is listed at $17 million.

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