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Real Estate |
What doWhatsApp co-founder Jan Koum, rapper Kanye West and "Undercover Billionaire" Grant Cardone all have in common? They're part of growing group of big-name buyers that are throwing down major moola in Malibu. Oracle co-founder Larry Ellison set the standard by buying up numerous homes in the once quiet California beach city, only this time around, the deals seem "out-of-control high," as one resident put it. And the numbers don't lie. Mr. Koum has spent $187 million on his Paradise Cove compound, while venture capitalist Marc Andreessen and his wife have bought three separate Malibu homes for a combined $255.5 million. And, as you can probably imagine, some people aren't too happy about it. |
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| An aerial view of homes along Malibu Colony. ROGER KISBY FOR THE WALL STREET JOURNAL |
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Mansion's Katherine Clarke also got an exclusive look inside a members-only club near the top of New York's Central Park Tower, the world's tallest resident building. Whereas the 100th floor might typically command peak prices as a penthouse, developer Gary Barnett wanted to create "something really special." How special? The restaurant, for instance, will have a menu designed by not one, not two, but three Michelin-starred chefs. Holy stars. |
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And finally, we went inside a Bend, Ore., house that was built using cross-laminated timber, which you really don't see in the United States. Sure, it took twice as long as expected and cost twice as much as Kat and Michael Burn planned. But the owners have zero regrets. "We could have never imagined living in a house like this,” says Ms. Burn. That's a happy ending I can get behind. —Kerry Barger, senior platform editor of Mansion |
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| Decades After Larry Ellison Landed, These Kingpins Are Sending Malibu Prices Even Higher |
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| ROGER KISBY FOR THE WALL STREET JOURNAL |
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| A Sky-High Penthouse at the World’s Tallest Residential Tower? Try a Members-Only Club. |
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| AXEL DUPEUX FOR THE WALL STREET JOURNAL |
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On the 100th floor of New York’s Central Park Tower, developer Gary Barnett is getting ready to open an exclusive club with a ballroom, a restaurant, bar and a cigar and cognac lounge. |
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| Building Their Dream Home Was a Nightmare. But in the End, ‘It’s Exactly What We Wanted.’ |
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| MIKE WEST FOR THE WALL STREET JOURNAL |
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Kat and Michael Burn ‘took a massive risk’ constructing their Bend, Ore., home with cross-laminated timber, which led to a number of delays and unexpected costs. They have no regrets. |
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5.78% | The average rate on a 30-year fixed-rate mortgage, the highest level since November 2008, according to mortage-finance giant Freddie Mac. The surge stands to add pressure on U.S. home prices, which remain strong despite rising rates and tumbling affordability. (Read more) |
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Billionaire internet entrepreneur Jim Clark bought an oceanfront home near Palm Beach for $94.2 million last year. Now he's selling the estate for around $175 million, a price record for Florida. [More] |
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He's outta here: Yankees legend Mariano Rivera has sold his turreted home in the New York suburbs for $3.783 million, significantly less than the $5.7 million he paid for it. [More] |
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Actress Emma Stone has sold her Malibu home for $4.425 million after putting it on the market last month. The Midcentury Modern house went into contract roughly a week after listing, according to the buyer's agent. [More] |
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Oh, what a price: Frankie Valli, lead singer of the rock ‘n’ roll group the Four Seasons, is listing his Los Angeles condo for $3.195 million. The 88-year-old singer used the roughly 3,200-square-foot apartment as a pied-à-terre. [More] |
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Former National Hockey League star Bobby Holík is putting his home in Jackson, Wyo., on the market for $22 million. The 25-acre property with views of the Teton Range will be the priciest home for sale in the state. [More] |
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Leslie Sillcox, the former chief information officer of Goldman Sachs, is listing her penthouse at 40 Mercer Street in Manhattan for $22.5 million. The three-bed duplex spans about 3,500 square feet. [More] |
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That’s a wrap. Director James Burrows, a co-creator of the hit television show “Cheers,” is putting his roughly 4.3-acre Los Angeles estate on the market for $38 million. [More] |
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Inside Story | In Birmingham, an English Tudor in the Same Family for 100 Years Inherits New Owners | | The Haskell family bought and renovated the Niazuma House estate, which had been owned by members of the Murray family since it was built. |
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House Call | Kenny Loggins Was ‘Terrified’ the First Time He Was Asked to Perform In Front of People | | The singer-songwriter and memoirist on learning to become a rock star, convincing his dad that music was his passion and dropping out of college to join a band. |
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Redfin and Compass have handed out hundreds of pink slips as the market shows signs of cooling. (New York Times) Some real-estate stocks are performing better than others. Well, as best as they can right about now. (The Real Deal) First Malibu. Now Hawaii. Oracle co-founder Larry Ellison has bought up most of Lanai, pricing out locals in the process. (Bloomberg) |
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| June 17, 2022 Edition of Mansion |
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