By Helena Madden, Rachel Cormack
Simon Berlyn of Berlyn Photography
Against all odds, 2021 was a good year for the luxury real estate market. Major cities bounced back—New York City had one of its best sales years ever for the $10 million and up segment—and farther-out locales such as Aspen and the Hamptons continued to boom. Overall, a whopping 40 residences sold for more than $50 million in the US this year. And yet one of the hottest markets is still Palm Beach, where million-dollar mansions are flying off the shelves, often only to be demolished and rebuilt by the next well-heeled owner. In fact, an unprecedented seven of the 20 entries on the Most Expensive Homes That Sold in 2021 list are in Palm Beach, which suggests the gold rush for land in the area’s so-called Billionaire’s Row isn’t slowing down anytime soon.
As ever, we’ve crunched the numbers and rounded up the priciest transactions in the US for this year. Consider it your guide to what 2022 might hold—although if the past two years taught us anything it’s that the real estate market can be impossible to predict.
20. The Weeknd’s House, Los Angeles, California—$70 Million
It’s been a busy real estate year for Abel Tesfaye, the chart-topping singer-songwriter better known by his stage name The Weeknd. The R&B star sold his Hidden Hills digs to none other than Madonna for $19 million in the spring, and managed to snap up a new home in Los Angeles for a whopping $70 million just a few months after, albeit this time planting roots in Bel Air. The sellers for the latter deal were Dutch actor Reinout Oerlemans and his wife, Danielle Oerlemans—the couple subsequently bought up another $19 million home in the same area. It’s not hard to see the appeal of Tesfaye’s new digs: At 33,000 square feet, it’s downright massive and has both indoor and outdoor pools, a home movie theater, a music studio and a hammam. Like the Hidden Hills residence that he offloaded earlier this year, these lofty Bel Air digs are ideal for entertaining—so long as something by The Weeknd is on the evening’s playlist anyway.
19. Aspen Mansion, Aspen, Colorado—$72 Million
Last year, a home in Vail sold for $57 million and made our Most Expensive Homes That Sold List, and this year another Colorado home has cracked the top 20. The mansion in question sold for $72 million to Patrick Dovigi, a former hockey player and the president, CEO and founder of Green For Life Environmental. The businessman bought the 21,476-square-foot digs from Lewis A. Sanders, the CEO of eponymous investment firm Sanders Capital. The deal represents the priciest ever in Aspen—no small feat considering the many luxe homes that have traded hands in the skiing town over the years. Altogether the sprawling mansion has 11 bedrooms and 13 bathrooms and sits on about 4.5 acres. Designed by local firm Charles Cuniffe Architects, it also includes a guesthouse, heated outdoor pool and a garage.
18. Star Island Home, Miami Beach, Florida—$75 Million
It’s no Palm Beach, but Miami managed to notch a noteworthy sale that made our annual list regardless. The $75 million deal was a real buzzer beater too, closing mere days before the end-of-year holidays, so it may be a bellwether for future interest in the area. The 15,000-square-foot home in question is situated on a 1.8-acre lot in the Star Island neighborhood. According to The Wall Street Journal, the seller was Dr. Lourdes Sanjenis, a physician whose late husband purchased the property for $1.4 million. The identity of the buyer remains unknown and much of the home’s finer details are also shrouded in mystery—what we do know is that it’s a nine-bedroom parcel with a four-car garage.
17. The Carter Estate, Maui, Hawaii—$78 Million
Last year Jeff Bezos topped our Most Expensive Homes That Sold List when he dropped $165 million on the Warner Estate in Los Angeles, so in many ways, this year’s edition would feel incomplete without at least one entry from the Amazon founder. This time he and partner Lauren Sanchez spent around $78 million on a home on Maui, the second-largest island in Hawaii. It shouldn’t come as a surprise, as the market for homes in the Aloha State has exploded in 2021, with six times more sales above $10 million this year than in 2020 according to local brokerage Hawaii Life. Bezos’s parcel consists of 14 acres and is easily the most expensive transaction ever on the island. It was sold by Doug Schatz, the co-founder of Advanced Energy Industries, who purchased the property in 1996. It’s now a pretty ideal pandemic hideaway, as it’s on a far corner of the island away from any major metropolises and consists of a 4,500-square-foot main home plus multiple other structures for visiting guests. Best of all it has both a pool and its own white-sand beach, so residents won’t have to compete with tourists for access to Hawaii’s renowned, picturesque shores.
16. Larry Ellison Home, Palm Beach, Florida—$80 Million
In a rare turn, this Palm Beach home sold for over its asking price, having originally been listed for $79.5 million and closing on an $80 million deal. It’s an indication of how hot the Palm Beach luxury market is right now as demand outpaces supply. The buyer of this particular mansion is Larry Ellison, the co-founder and former CEO of Oracle Corporation. Ellison is the ninth richest person in the world, according to Fortune, and is no stranger to buying up uber-luxe real estate: His portfolio includes a hotel in Palo Alto, a 23-acre estate in Woodside and 98 percent of the Hawaiian island of Lanai. He reportedly bought his new Palm Beach digs from hedge fund manager Gabe Hoffman, who purchased the property in 2012 for $17.5 million. It’s a 15,514-square-foot mansion with seven bedrooms and 520 feet of ocean frontage. Rare amenities include a tennis court plus a landing pad for a helicopter, so owners can pop in and pop out as they please. Rumor has it that Ellison plans to demolish the preexisting mansion and start fresh, though, so don’t get too attached to what you see here.
15. Pacific Palisades Record-Breaker, Los Angeles, California—$83 Million
With the $83 million sale of this massive, 20,000-square-foot mansion, Ardie Tavangarian is shaping up to be the next Los Angeles developer to watch. This particular transaction smashed records for the city’s Westside area; Tavangarian notched a similarly jaw-dropping $75 million sale for another spec home in Bel Air just two years ago. While the details of this Palisades buyup were initially shrouded in mystery, Dirt recently reported that the buyer was in fact 26-year-old billionaire Austin Russell, the founder and CEO of self-driving car startup Luminar. It’s a home that makes sense for a tech enthusiast: The primary bedroom, for instance, is accessed via a retinal scanner, something that’s mostly only been seen in Mission Impossible flicks. It doesn’t stop there either—the whole residence is equipped with smart home features, and the garage features a turntable for displaying prized marques. Outdoor entertaining options abound from the infinity pool to the cabanas; there’s even a sauna with spectacular views. The only quirk? It’s a home with six bedrooms and a whopping 18 bathrooms, which seems a touch disproportionate.
14. Calvin Klein Home, East Hampton, New York—$85 Million
Venerable American fashion designer Calvin Klein has finally parted with a historic Hamptons home he bought way back in the ‘80s. In a blockbuster deal this July, the unnamed buyer paid $85 million for two side-by-side parcels of land near Georgica Pond. Sited on 6.8 acres, the storied oceanfront estate with the main residence sold for $75 million. It was actually the home of Klein’s ex-wife, Kelly Klein, but the designer was listed as the seller. The adjacent 1.6-acre property, meanwhile, was snapped up for $10 million. It was vacant but Klein and his daughter, Marci Klein of Saturday Night Live fame, were both named on the deed. The stately main home was originally built by the famous Sedgwick family in the late 1800s. It was purchased by the president of Pan Am Airlines, Juan Trippe, during the early 1900s and extensively renovated. Klein then acquired it in 1987 and kept it for a good 34 years. The fashion icon also offloaded a Southampton Village oceanfront estate for $84.4 million in March 2020. Perhaps the Hamptons aren’t so chic after all.
13. Tarpon Island, Palm Beach, Florida—$85 Million
Forget a single home, developer Todd Michael Glaser and his partners Jim Randall, Jonathan Fryd and Scott Robins snapped up a whole private island in Palm Beach last July for $85 million. The real estate mogul isn’t planning on holding onto it, though. Glaser promptly relisted the sought-after Tarpon Island for an eye-popping $210 million in October. That hefty sum includes the full renovation of the historic 1930s home that is located on the 2.3-acre island. This work would see the existing five-bedroom, 12,321-square-foot abode turned into an imposing 25,000-square-foot modern manse. Buyers can also choose to purchase the estate “as is” without the renovation work for $125 million. Either way, you’ll enjoy a total of about 1,300 feet of water frontage on all four sides of the man-made rectangular island. Not to mention full privacy–Tarpon Island is accessible only via a private bridge, boat or seaplane. Glaser and Co have a myriad of multimillion-dollar renovation projects and new builds in Palm Beach and Miami, so expect to see them on this list again in the near future.
12. Jan Koum House, Malibu, California—$87 Million
WhatsApp co-founder Jan Koum, who has a net worth of $10.7 billion, has spent $300 million on real estate in Los Angeles over the past 18 months. If the message isn’t clear, the tech tycoon loves a West Coast mansion. His most recent purchase is a picturesque Malibu estate that overlooks the Pacific Ocean. The billionaire shelled out a cool $87 million for the five-bedroom pad in February, and it just happens to be next door to the Paradise Cove property he snapped up for $100 million in 2019. In addition, Koum owns a $100 million hideaway up north in Atherton and a $125 million Beverly Hills compound that he bought from Jeffrey Katzenberg last September. His latest acquisition was originally listed by socialite Diana Jenkins for a sky-high $125 million in June 2020, but Koum managed to score it for some $38 million less than asking. Quite the bargain considering the estate comes complete with a guesthouse, swimming pool, sports court and koi pond. Not to mention it’s a stone’s throw from the most desirable beach in the entire city.
11. The Owlwood Estate, Los Angeles, California—$88 Million
Finally, after years on the market and multiple price tags, the famed Owlwood Estate has sold. Originally listed for a lofty $180 million in 2017, it resurfaced at $115 million in 2019, and found a buyer at $88 million in January of this year. That’s not to say it’s a run-of-the-mill home, if anything, its history makes it a real standout. Sonny and Cher once lived here–Cher was reportedly so smitten with it after attending actor Tony Curtis’ birthday party that she subsequently bought it from him a few years later. Before that, Joe Schenck, the chairman of 20th Century Fox, lived here. His rumored girlfriend, Marilyn Monroe, reportedly visited him at Owlwood. It’s still an impressive estate and sits on 10 acres in the tony Holmby Hills area of Los Angeles. It’s a 12,201-square-foot home with nine bedrooms and 10 baths. Evidentially the property is great for parties too: Jay-Z, Rihanna and Nick Jonas attended a Grammy Awards brunch here in 2017 (though it seems none of them were as compelled as Cher was to shell out for it).
10. Manalapan Home, Palm Beach, Florida—$90 Million
Million-dollar homes in Palm Beach became the hot commodity this year, and among the most sought-after were mansions with beach frontage. One estate with just that changed hands for a whopping $90 million. Located in the town of Manalapan, the 16,000-square-foot residence has access to 200 feet of ocean, and even includes its own dock for the boating set. It’s a two-acre parcel altogether—more space than many other homes in the area—so the land stretches from the Intracoastal Waterway all the way to the Atlantic. Inside the five-bedroom main home is a golf simulator room, and outside there’s an additional putting green, plus an outdoor kitchen and pool. While the identity of the buyer is unknown, The Wall Street Journal cites Paul Saunders, founder of hedge fund James River Capital Corp., and his wife, Victoria Saunders, as the sellers. They snapped up the land for just $14.4 million in 2018, and subsequently built on it—not a bad flip at the end of the day.
9. Gemini, Palm Beach, Florida—$94 Million
After more than half a decade, the Ziff publishing family has finally inked a deal on the residential albatross that is Gemini. The sprawling waterfront estate, which has routinely ranked among the world’s most expensive homes, was snapped up by an unknown buyer for $94.17 million in March after some six years on the market. That’s a relative steal considering the Manalapan manse was originally listed for just shy of $200 million back in 2015. The well-heeled Ziffs acquired the property in the ‘90s, but struggled to land a buyer in recent years. Quite the mystery considering Gemini’s credentials. Sited on 15 acres, the scenic estate has the ocean on one side and Lake Worth on the other for gorgeous vistas all around. The main residence, which spans a lofty 62,000 square feet, was penned by starchitect Marion Sims Wyeth in the ‘40s and renovated as recently as 2002. This is complemented by a full suite of amenities, including a swimming pool, golf area, tennis court and a half basketball court. Elsewhere on the premises, there are a couple of beachside cottages offering four bedrooms each, the seven-bedroom “Mango House” and a staff house.
8. Pietra Mare, Palm Beach, Florida—$95 Million
If you need further proof that Palm Beach was a fount of multimillion-dollar deals throughout the pandemic, consider this oceanfront estate. The lavish residence sold for a cool $95 million this past May, after being listed for $110 million in July 2020. Trusts were involved on both sides of the deal, though the sellers are Karen and Edward “Chris” G. Watkins. The latter is the grandson of E.G. Watkins, the creator of the punch clock and founder of Simplex. After taking the reins in ‘67, Chris expanded the family business and sold it to Tyco for $1.2 billion in 2001. A portion of that dosh—$17.7 million, to be exact—was used to purchase the Billionaire’s Row property that same year. The couple demolished the original residence to build this seven-bedroom manse in 2003. Designed by Smith Architectural Group, Pietra Mare, which is Italian for “stone” and “sea,” emulates a European villa with a coquina exterior and stellar ocean views. It features oak wood floors from France, hand-painted tiles from Portugal and fireplaces from Italy. Molto bello indeed.
7. Jule Pond, Southampton, New York—$105 Million
After what seems an eternity, the biggest oceanfront estate in the Hamptons has sold. Jule Pond, which first went on the market for $175 million in 2017, finally changed hands this past August for a record-breaking $105 million. That makes it the most expensive single piece of property ever sold on the East End. The seller was financier Brenda Earl, who paid just $21.8 million for the storied 42-acre Southampton estate in 2002. The buyer, meanwhile, remains anonymous but reportedly hails from a family of American real estate tycoons. Fitting, since the elegant stucco home was originally built for another brood of bigwigs, the Ford family, back in the late ‘50s. The epic 20,000-square-foot main residence has 12 bedrooms and 12 baths, along with a sprawling living room, family room, game room, kitchen and more. On top of that, the property features a separate carriage house with three bedrooms and one and a half baths, as well as a detached six-car garage, pool, tennis court and a private quarter-mile-long beach. Some things are just worth the wait.
6. South Ocean Boulevard, Palm Beach, Florida—$109 Million
Palm Beach had two residential sales top $100 million this year. This particular sea-to-lake estate was snapped up by a trust, thus the identity of the buyer is unknown. What we do know is that an eye-popping $109.6 million was shelled out for the palatial property. Fittingly located on the south end of Billionaires Row, the custom two-story manse was completed in 2014 for seller Dr. Ernst A. Langner and his wife Nataly. Sited on just shy of three acres, the L-shaped home overlooks the beach on one side and the Intracoastal Waterway on the other for unprecedented water views. Spanning 29,422 feet, the living quarters offer a total of nine bedrooms and 10 and a half baths, along with a full suite of glitzy amenities and a four-car garage. There’s a guest house, too, because, well, a multimillion-dollar house is just something you have to show off.
5. County Road, Palm Beach, Florida—$122.7 Million
Scoring fifth place on the list is a nine-figure stunner in the Sunshine State. The beachfront manse, which sold for a staggering $122.7 million in February, set a new record in both Palm Beach and Florida. The expansive estate is reportedly one of three carved from a 6.26-acre lot that once belonged to former President Donald Trump. Trump sold the land to Russian businessman Dmitry Rybolovlev in 2008, who then subdivided it into three separate properties in 2016. The stately two-story abode in question now sits on two acres and spans a lofty 21,066 square feet. It features nine generous bedrooms, 12 baths and seven half baths, along with an oceanfront swimming pool, cabana, six-car garage and, naturally, its own separate guest cottage. Rumor has it that the buyer was New York financier Scott Shleifer, who walked away with a relative bargain since the fully furnished property was originally listed at $140 million.
4. Climbing Arrow Ranch, Bozeman, Montana—$136 Million
Million-dollar ranches in the American West are a dime a dozen, but not all of them can claim a silver-screen pedigree. One Montana ranch that went into contract for close to its $136 million asking can, as it was the backdrop of Robert Redford’s 1992 film “A River Runs Through It,” which stars Brad Pitt. The property itself is situated in the Bozeman area, and consists of 80,000 acres of land. It was sold by the Anderson family—per The Wall Street Journal, it was purchased in 1959 by Buck Anderson, who was the grandson of Bank of California founder Frank B. Anderson. He and his wife passed away in 2012 and 2020, respectively, so the ranch was sold by their children. Fortunately for the new buyer the estate already has many of the bits and bobs they’ll need to get the ranch up and running, including numerous homes for staff and a herd of 2,000 Black Angus cattle. There’s even an abandoned railroad on the grounds, though that may not prove to be as useful for day-to-day operations.
3. 220 Central Park South Condos, Manhattan, New York—$157 Million
Since opening in 2019, 220 Central Park South has tallied a number of blockbuster deals featuring sums as imposing as the tower itself. It’s unsurprising, then, that the supertall very nearly topped this list with one of the priciest residential transactions in US history. Back in June, one anonymous buyer shelled out a sky-high $157.5 million for two of the building’s units. The big spender ended up paying $82.5 million for a condo on the 60th floor and $75 million for one on the floor directly above it. It’s quite possible that the pair will be eventually combined to create a mega condo. It comes just one year after a fellow mystery buyer dropped $100 million on a 9,000-square-foot duplex on the 76th and 77th floor. In 2019, meanwhile, hedge funder Ken Griffin snapped up a four-floor penthouse in the building for $238 million; singer Sting spent a comparatively modest $65.7 million on his own pad there that same year. It’s certainly easy to see the attraction of the Central Park centerpiece. Designed by starchitect Robert A. M. Stern, it abounds with luxury amenities and spectacular views of the Big Apple. Expect to see it on the list again next year, folks.
2. Paradise Cove, Malibu, California—$177 Million
Silicon Valley venture capitalist Marc Andreessen is certainly no stranger to mammoth deals, but now he’s made real estate history with one of the biggest property sales of the year. The billionaire business mogul—who was an early investor in Instagram and Facebook, but has since focused his attentions on the lucrative world of cryptocurrency—shelled out a record-breaking $177 million for a sprawling compound in Malibu in October. It’s the most ever paid for a home in California, eclipsing the previous record set by Jeff Bezos when he dropped $165 million on the Warner Estate, which topped our annual list last year. Andreessen and his wife, Laura Arrillaga, who is the only daughter of billionaire real estate developer John Arrillaga, purchased the lavish pad of fashion mogul Serge Azria of Joie and Equipment fame. Azria, who bought the property from Hollywood producer Jerry Weintraub for $41 million back in 2013, recently tapped starchitect Scott Mitchell to revitalize the epic estate that includes no less than 13 separate dwellings. The Andreessens, who rank among the world’s most prolific art collectors, will now have full run of a 10,000-square-foot main house, two guesthouses, a car collector’s garage, a detached screening room, poolside cabana and more. The couple also own a manse in Silicon Valley, but it’s no record-breaker.
1. Beaverhead Ranch, Dillon, Montana—$200 Million
This year, the most expensive real estate deal in the US goes to media tycoon Rupert Murdoch. He didn’t shell out for a Los Angeles megamansion, though—instead, the businessman dropped about $200 million on a 340,000-acre ranch in Montana near Yellowstone National Park. The seller, according to The Wall Street Journal, was Matador Cattle Co., a subsidiary of Koch Industries. Fred Koch, who founded the crude oil company that eventually became Koch Industries, originally bought the property—dubbed Beaverhead Ranch—about 70 years ago. It’s reportedly a very scenic piece of land, with surrounding mountains and valleys. In many ways it’s fitting that this transaction holds the top spot, as it indicates the country’s still-ravenous appetite for far-flung, remote real estate. No word yet on what Murdoch plans to do with the massive purchase, which is the largest ever in Montana both in terms of size and price, but there’s certainly no shortage of space to develop.
Authors
Helena Madden
Helena Madden is a staff writer at Robb Report. She covers real estate and design for the magazine and the website. Her work ranges from polling interior experts on how to create the perfect game…
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Rachel Cormack
Digital Editor
Rachel Cormack is a digital editor at Robb Report. She cut her teeth writing for HuffPost, Concrete Playground, and several other online publications in Australia, before moving to New York at the…
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As an expert in luxury real estate and property markets, I can confidently analyze the information provided in the article, shedding light on key concepts and trends. The details reveal a robust performance in the luxury real estate market during 2021, especially in prime locations such as Palm Beach, Florida, and other affluent areas. Here's a breakdown of the concepts and noteworthy transactions covered in the article:
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Overview of the Luxury Real Estate Market in 2021:
- The introduction highlights the surprising success of the luxury real estate market in 2021, citing examples such as New York City, Aspen, and the Hamptons experiencing significant sales.
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Top Transactions of 2021:
- The article presents a list of the most expensive residential transactions in the U.S. for the year 2021, showcasing properties with multimillion-dollar price tags.
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Palm Beach, Florida Dominance:
- Palm Beach emerges as a particularly hot market, with seven out of the top 20 most expensive homes sold in 2021 located in the area. The mention of "Billionaire’s Row" in Palm Beach indicates the concentration of wealth in this specific region.
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Key Players and Buyers:
- Notable buyers include Larry Ellison, co-founder of Oracle Corporation, who purchased a mansion in Palm Beach for $80 million. WhatsApp co-founder Jan Koum's extensive real estate acquisitions in Los Angeles and Malibu are also highlighted.
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Record-Breaking Transactions:
- The article features several record-breaking transactions, such as the $177 million sale of Paradise Cove in Malibu, California, marking the highest price ever paid for a home in the state.
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Geographical Diversity:
- The transactions are not limited to traditional luxury markets, with diverse locations like Dillon, Montana, featuring the largest and most expensive real estate deal of the year—a 340,000-acre ranch purchased by media tycoon Rupert Murdoch for $200 million.
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Trends and Market Insights:
- Trends such as the demand for beachfront properties, the appeal of large estates with extensive land, and the influence of technology executives in the real estate market are evident throughout the article.
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Market Unpredictability:
- The article concludes with a recognition of the challenges in predicting real estate market trends, acknowledging the unpredictability observed in the past two years.
In summary, the luxury real estate market in 2021 saw remarkable activity, with Palm Beach, Florida, being a standout location. The transactions reflect the diversity of buyers and preferences, from tech executives to media tycoons, and highlight the resilience and dynamism of the luxury real estate sector.
