Tahlequah Daily Press

Get the scoop!

May 7, 2014

Homes topping $100 million smash residential price records

The U.S. trophy-home market is shattering price records this year as an increasing number of residential properties change hands for more than $100 million.

Barry Rosenstein, founder of hedge fund Jana Partners, has purchased an 18-acre (7.3-hectare) beachfront property in East Hampton, New York, for $147 million, according to the New York Post. That would break the U.S. single-family price record of $120 million set last month with the sale of a Greenwich, Connecticut, waterfront estate on 51 acres. In Los Angeles, a 50,000-square-foot (4,600-square meter) home sold in February for $102 million in cash after a bidding war.

The world's richest people are moving cash to real estate as they seek havens for their wealth. In the U.S., an improving economy and stocks at a record are bolstering confidence among the affluent. Home purchases of $2 million or more jumped 33 percent in January and February from a year earlier to the highest level for the two-month period in data going back to 1988, according to an analysis by DataQuick.

"Last year the stock market broke all kinds of records and when that happens, you're going to see art and resort real estate break all kinds of records," said Judi Desiderio, chief executive officer of Town & Country Real Estate in East Hampton.

Rosenstein bought the estate on Further Lane in East Hampton, near the mansions of Jerry Seinfeld and Steven Cohen, without the help of a broker, she said. The property, with formal gardens and a pond, was previously owned by the late value investor Christopher Browne and his partner, Andrew Gordon, the New York Post reported on May 3.

"It's sitting on a little stretch of land in East Hampton that has had the who's who from the beginning of time," Desiderio said. "You would recognize every name of the oceanfront owners. They are all Googleable."

Charles Penner, a partner at New York-based Jana, declined to comment on the reported transaction.

The Greenwich property, known as Copper Beech Farm, was originally listed for $190 million. It has a 12-bedroom main house built in 1898, almost a mile (1.6 kilometers) of shorefront, two islands, a 75-foot (23-meter) pool with a spa, grass tennis court, stone carriage house and an 1,800-foot driveway. Its buyer hasn't been disclosed.

Kurt Rappaport, who represented owner Suzanne Saperstein in the $102 million sale of the five-acre Fleur de Lys mansion in the Holmby Hills neighborhood of Los Angeles, said that property sold to a European billionaire who beat out two other bidders. Rappaport, co-founder of Westside Estate Agency, said he is negotiating for a seller of another Beverly Hills property that will probably sell for more than $100 million.

"The next benchmark will be $200 million," Rappaport said. "This is a very small segment of the market that very few can afford but they rarely change hands, and when they do, it's an opportunity."

Last month, a Beverly Hills compound once owned by William Randolph Hearst went on the market for $135 million, making it the highest-priced residence for sale in California, according to listing broker Hilton & Hyland.

The boom in high-end real estate coincides with the slowdown in the broader housing market as tight credit, slow wage growth and higher prices and borrowing costs put homeownership out of reach for many Americans.

Purchases costing $1 million or more, representing 2 percent of sales, rose 7.8 percent in March from a year earlier, according to the National Association of Realtors. Transactions for $250,000 or less, which represent almost two-thirds of the market, plunged 12 percent in the period as house hunters found few available homes in that price range.

Sales of more than $100 million, while rare, underscore the growing gap between the rich and poor, said Jonathan Miller, president of New York-based appraiser Miller Samuel Inc.

"The average citizens in the U.S. are looking at this stuff like it's happening on another planet," Miller said. "It's not a proxy for the remainder of the market, it's a phenomenon happening to a tiny fraction of the top 1 percent. It's a few dozen people paying these kinds of numbers."

1
Text Only
Get the scoop!
  • 3.2 quake shakes area near Enid

    A magnitude 3.2 earthquake shook the Enid area Thursday evening.

    August 1, 2014

  • Why a see-through mouse is a big deal for scientists

    A group of Caltech researchers announced in Cell Thursday their success in making an entire organism transparent. Unfortunately, this isn't any kind of "Invisible Man" scenario: The organism in question is a mouse, and the mouse in question is quite dead.

    July 31, 2014

  • Lindley, Tom.jpg Grandstands feel a little empty at NASCAR races

    Two decades after NASCAR started running at Indianapolis Motor Speedway, the crowds have thinned considerably. It's probably no reflection on the sport's massive following, which stretches from coast to coast, but it surely doesn't NASCAR's image help when the cameras pan across all of those empty seats.

    July 31, 2014 1 Photo

  • The virtues of lying

    Two computational scientists set out recently to simulate the effects of lying in a virtual human population. Their results, published in the Proceedings of the Royal Society B, show that lying is essential for the growth of a cohesive social network.

    July 31, 2014

  • lockport-police.jpg Police department turns to Facebook for guidance on use of 'negro'

    What seems to be a data entry mistake by a small town police department in western New York has turned into a social media firestorm centered around the word "negro" and whether it's acceptable to use in modern society.

    July 31, 2014 3 Photos

  • Sunburn isn't the only sign of summer that can leave you itchy and blistered

    You've got a rash. You quickly rule out the usual suspects: You haven't been gardening or hiking or even picnicking, so it's probably not a plant irritant such as poison ivy or wild parsnip; likewise, it's probably not chiggers or ticks carrying Lyme disease; and you haven't been swimming in a pond, which can harbor the parasite that causes swimmer's itch.

    July 30, 2014

  • Rodden, Danny.jpg Sheriff accused of lying about relationship with prostitute

    The sheriff of Clark County, Ind., faces an eight-count federal indictment that accuses him of lying about paying a prostitute for a sex act and giving her a badge so that she could claim a discount rate at a hotel.

    July 30, 2014 1 Photo

  • Sharknado.jpg Sharknado 2 set to attack viewers tonight

    In the face of another "Sharknado" TV movie (the even-more-inane "Sharknado 2: The Second One," premiering Wednesday night on Syfy), there isn't much for a critic to say except to echo what the characters themselves so frequently scream when confronted by a great white shark spinning toward them in a funnel cloud:
    "LOOK OUT!!"

    July 30, 2014 1 Photo

  • Lindley, Tom.jpg Sideshows involving Rice and Dungy stain NFL's image

    Pro football training camps should be all about, well, football. But the talk around the NFL is about Baltimore Ravens running back Ray Rice's two-game suspension, Tony Dungy's indelicate remarks about Michael Sam and Jim Irsay's largesse. What kind of league is Roger Goodell running?

    July 30, 2014 1 Photo

  • 20140729-AMX-GIVHAN292.jpg Spanx stretches into new territory with jeans, but promised magic is elusive

    The Spanx empire of stomach-flattening, thigh-slimming, jiggle-reducing foundation garments has expanded to include what the brand promises is the mother of all body-shaping miracles: Spanx jeans.

    July 30, 2014 1 Photo

  • linda-ronstadt.jpg Obama had crush on First Lady of Rock

    Linda Ronstadt remained composed as she walked up to claim her National Medal of Arts at a White House ceremony Monday afternoon.

    July 30, 2014 1 Photo

  • Medical marijuana opponents' most powerful argument is at odds with a mountain of research

    Opponents of marijuana legalization are rapidly losing the battle for hearts and minds. Simply put, the public understands that however you measure the consequences of marijuana use, the drug is significantly less harmful to users and society than tobacco or alcohol.

    July 30, 2014

  • Can black women have it all?

    In a powerful new essay for the National Journal, my friend Michel Martin makes a compelling case for why we need to continue the having-it-all conversation.

    July 30, 2014

  • 20140727-AMX-GUNS271.jpg Beretta, other gun makers heading to friendlier states

    In moving south and taking 160 jobs with it, Beretta joins several other prominent gunmakers abandoning liberal states that passed tough gun laws after the Newtown shooting.

    July 28, 2014 1 Photo

  • Fast food comes to standstill in China

    The shortage of meat is the result of China's latest food scandal, in which a Shanghai supplier allegedly tackled the problem of expired meat by putting it in new packaging and shipping it to fast-food restaurants around the country

    July 28, 2014

Poll

Do you think "blue laws" related to Sunday alcohol sales in Oklahoma should be relaxed? Choose the option that most closely reflects your opinion.

Alcoholic drinks should be sold Sundays in restaurants and bars, and liquor stores should be open.
Alcoholic drinks should be sold Sundays in restaurants and bars only; liquor stores should stay closed.
Liquor stores should be open Sundays, but drinks should not be served anywhere on Sundays.
The law should remain as it is now; liquor stores should be closed, and drinks should be served on Sundays according to county option.
No alcohol should be sold or served publicly on Sundays.
Undecided.
     View Results
Tahlequah Daily Press Twitter
Follow us on twitter
AP Video
Renewed Violence Taking Toll on Gaza Residents 2 Americans Detained in North Korea Seek Help US Employers Add 209K Jobs, Rate 6.2 Pct House GOP Optimistic About New Border Bill Gaza Truce Unravels; Israel, Hamas Trade Blame Raw: Tunisia Closes Borders With Libya Four Rescued From Crashed Plane Couple Channel Grief Into Soldiers' Retreat WWI Aviation Still Alive at Aerodrome in NY Raw: Rescuers at Taiwan Explosion Scene Raw: Woman Who Faced Death Over Faith in N.H. Clinton Before 9-11: Could Have Killed Bin Laden Netanyahu Vows to Destroy Hamas Tunnels Obama Slams Republicans Over Lawsuit House Leaders Trade Blame for Inaction
Stocks