Wealth

A Look Inside The World's Richest Man's New Museum

by Deidre Woollard (RSS feed) — Mar 2nd 2011 at 2:01AM

Last fall we saw video renderings of the plans for the new Soumaya museum planned by Mexico's richest man Carlos Slim. The new branch of the museum named for his late wife is the the second one that he has created. The six-story museum was designed by his son-in-law Fernando Romero. The modern and shiny aluminum structure is composed of over 16,000 tiles. The building has five stories of exhibition space totaling 183,000 square feet with six halls. The AP shot some photos as the museum prepared for its inauguration on March 1 by Mexico's President Felipe Calderon.

Tags: auguste rodin, carlos slim, dali, mexico city, mexico city museum, rodin, salvador dali, soumaya museum

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Russian Billionaire Andrey Melnichenko Buys $12 Million Central Park Pad

by Jared Paul Stern (RSS feed) — Mar 1st 2011 at 8:00PM

Russian billionaire Andrey Melnichenko, owner of the eye-popping $300 million megayacht 'A' (above) designed by Philippe Starck, has splashed out $12.2 million on a penthouse pied-à-terre in Central Park. It's the first New York property for Melnichenko, at 38 one of the world's youngest billionaires, and his model wife Aleksandra, the Wall St. Journal reports, added to a real estate portfolio that includes apartments and estates in Moscow, France and the U.K. The 2,800-sq.-ft., two-bedroom duplex has two balconies, a terrace facing Central Park, and an entrance gallery with 24-foot ceilings. As we reported back in January Melnichenko, who amassed a $4.4 billion fortune in fertilizer and banking, entertained Martha Stewart, Demi Moore and Aston Kutcher on his yacht in St. Barth's over New Year's during Roman Abramovich's bash.

Tags: Andrey Melnichenko, billionaire, Central Park, mega+yacht, megayacht, New York, oligarch, penthouse, Philippe Starck, real estate, Roman Abramovich, Russia, Russian billionaires, superyacht, wealth, yacht

South America's First Luxury Fair Coming to Brazil in November

by Jared Paul Stern (RSS feed) — Mar 1st 2011 at 7:01PM

Sao Paulo in Brazil will host the very first luxury fair in South America from November 23 – 25, an indication of the growing economic clout of the country and the BRIC nations in general. Modeled on the millionaires' fairs popular in places like Moscow, Expo Luxo will feature the latest high-end products including luxury cars, yachts, private jets, helicopters, jewelery, watches, fashion, electronics and technology, home decor, cosmetics, real estate, spirits, gourmet goods and artwork, along with providers of "premium and luxury" services such as architecture, interior design, landscaping, concierge services, private chefs and more. Over 100 international exhibitors are expected along with an audience of about 35,000.

Tags: Brazil, BRIC, economics, events, Expo Luxo, helicopters, luxury fair, millionaire fair, millionaires, South America, wealth

Warren Buffett To Turn Jewelry Salesman For One Day

by Deidre Woollard (RSS feed) — Feb 28th 2011 at 6:01PM

For one day only, financial guru Warren Buffett will be taking on a new role, jewelry salesperson. The Berkshire Hathaway will be behind the counter at Borsheims in Omaha, Nebraska during Berkshire Hathaway Annual Shareholders' Weekend. You can buy your jewelry directly from Mr. Buffett on Sunday afternoon, May 1 at the Borhsheims store. Borsheims is a Berkshire Hathaway company. In a release, Borsheims President & CEO Susan Jacques said, "We are thrilled and flattered that Warren wants to come and sell at our store. I'm sure he'll be a record-setting salesman within a few minutes of being on the sales floor!" Given the fact that his charity lunches go for millions, I'm guessing there will be a line out the door.

As the video below explains, the Buffett family in Omaha goes back for generations explaining why, although he has the means to live anywhere in the world, Warren Buffett has always chosen to remain close to home. Buffett's success as one of the world's top financial minds has turned the annual shareholder's weekend for Berkshire Hathaway into a well-attended event bringing the world to Omaha each year. It has become the Super Bowl of shareholder meetings with major media and thousands of shareholders in attendance.

[via JCK Online]

Tags: berkshire hathaway, berkshire hathaway shareholders meeting, omaha, warren buffett

Dimostra Debuts Digital Portfolios for Car Collectors

by Jared Paul Stern (RSS feed) — Feb 23rd 2011 at 4:01PM

Dimostra is a recently launched service for car collectors that brings classics into the digital age. The company's offerings include portfolio development, virtual showrooms, iconic photography, auction or show marketing, and asset documentation services to owners of the world's finest automobiles. The company is based on the concept that regardless of the size or value of a collection, true car connoisseurs should be willing to share their precious investments with fellow enthusiasts. "As rare collector cars become more valuable, their presence in public will continue to diminish," Dimostra's David Nawrocki tells us. "We hope to bridge this void in the collector car market."

By featuring and celebrating each car's beauty and history in a contemporary environment online with fellow enthusiasts, Dimostra also hopes to educate younger generations on the historical significance of the cars, "ultimately protecting their long term collectability and value." Don't have your own car collection? No problem – for $9.99 / month, you can purchase a VIP subscription to the portfolios on Dimostra's website, some of which belong to well-known collectors. A subscription gives you access to all the photographs, original documentation and a brief narrative about the history of each car, some of which are worth millions. You can check out a preview of some of our favorites in the gallery.

Gallery: Dimosta Automuseo

Tags: bugatti, car collection, car collector, cars, classic cars, collections, Dimostra, Ferrari, investment, Lamborghini, luxury cars, photography, wealth, websites

Florida's Foreclosure King David Stern Putting His Assets Up For Sale

by Deidre Woollard (RSS feed) — Feb 22nd 2011 at 10:02PM

Foreclosure lawyer David Stern is putting his luxury assets worth tens of millions up for sale according to a comprehensive piece by the Orlando Sun-Sentinel. The newspaper tracked down the many possessions of the lawyer who built Florida's largest foreclosure legal practice. Stern took a $58.5 million payout last year and his company DJSP Enterprises which provide paperwork services to his law firm is traded on the Nadaq stock exchange.

The company has faltered in recent months and around 1,000 DJSP employees have been laid off since last fall. Stern's firm was once one of the largest foreclosure firms in Florida but there have been claims of fraudulent court documents being filed in foreclosure cases. It is now one of seven foreclosure law firms being investigated by the Florida Attorney General's Office.

Stern has listed two properties on South Florida's Hillsboro Beach and the Sun-Sentinel article says that what is believed to be his Italian-built superyacht, the 130-foot yacht, Misunderstood, is listed for sale for $18 million at The Yacht & Brokerage Show on Miami Beach. Together two properties on Hillsboro Beach which have enviable ocean-to-intracoastal lots are listed for a total of nearly $20 million. A Vail ski house belonging to Stern's wife is also on the market for around $6 million.

Even if he sells those properties he still has a $15 million mansion in Fort Lauderdale and a penthouse condo in the Ritz Carlton on Fort Lauderdale Beach.

Tags: david j stern, david stern, florida real estate, foreclosure, plantation florida

How Many Millionaires Are There in the World?

by Jared Paul Stern (RSS feed) — Feb 22nd 2011 at 10:01AM

How many millionaires are there in the world today? It depends on what you mean by "millionaire". The Economist reports that there are two different "official" methods for determining who makes the cut. Capegemini, a financial consultancy, defines a millionaire as anyone with investable assets of $1 million or more – meaning that they actually have over a million dollars as that doesn't include the home in which they live, for instance. By this measure there are about 10 million millionaires on the planet, according to Capegemini and Merrill Lynch. Mega bank Credit Suisse uses a different definition, however, denoting anyone whose net assets exceed $1 million a millionaire. In those terms, there are 24.2 million millionaires on the planet – about 0.5% of the world's adult population, or more than the entire population of Australia. 41% of them live in the U.S., 10% in Japan and 3% in China.

Tags: Merrill Lynch, millionaire, millionaires, money, wealth

Rarest U.S. Coin Is Worth $20 Million

by Deidre Woollard (RSS feed) — Feb 22nd 2011 at 4:01AM

What is the most valuable United States coin? The coin, shown at right is the Smithsonian's 1849-dated "Double Eagle" $20 denomination gold piece. The unique coin was struck by the United States Mint in Philadelphia during the early days of the California Gold Rush. The Professional Coin Grading Service (PCGS) has rounded-up the 2011 PCGS Million Dollar Coin Club and their experts agree that this coin has gone up in value from an estimated $15 million last year to $20 million now. The first $20 gold piece struck at the United States Mint is part of the National Numismatic Collection at the Smithsonian's National Museum of American History. It will be exhibited in Chicago in August at the World's Fair of Money.

Here's a reason to start collecting, the group says that the most valuable rare coins have increased in value by an estimated 25 to 50 percent the past year. There are currently 235 historic U.S. coins valued at $1 million or more that are in private collections or museums (an estimated total combined value of $548.6 million).

"It was only 15 years ago that a coin first broke the million dollar mark at auction. That coin is the finest of only five known 1913 Liberty Head nickels, and in 1996 it sold for $1,485,000. It now is valued at $4,500,000," explained David Hall, President of Collectors Universe, Inc.of Santa Ana, California.

The 2011 PCGS Million Dollar Coin Club listing was compiled by Hall and Ron Guth, President of PCGS CoinFacts, in consultation with four other well-known professional numismatists: Jim Halperin, Co-Chairman of Heritage Auctions, Dallas, Texas; Kevin Lipton, President of Kevin Lipton Rare Coins, Beverly Hills, California; Greg Rohan, President of Heritage Auctions; and Laura Sperber, President of Legend Numismatics, Lincroft, New Jersey.

Tags: coin collecting, coins, gold coins, nickels, pennies, silver dollar

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Steel Billionaire Lakshmi Mittal Plans Green Mega Estate

by Deidre Woollard (RSS feed) — Feb 21st 2011 at 9:01PM

Steel billionaire Lakshmi Mittal is going green. He's already hard at work on the most expensive estate in Scotland but he's also turning a country estate in southeastern England into a new green palace. The home, Alderbrook Park was built as a country estate during the 19th century but that home was partially demolished and replaced with a less attractive one in the 1950s.

Now Mittal, one of the world's ten richest men, plans to create the ultimate green estate. Plans including using outdoor temperature differences to create natural air conditioning and an ambitious idea to grow enough wood to feed large boilers to provide heating and hot water. Workers at the home will cut down 110 tons of wood a year for the boilers but plant trees to replace them. Solar panels on the roofs of two outbuildings will also provide electricity. Steel tubes will draw cool air from the estate's wooded areas in the summer and in the winter, solar-heated air will be drawn down from the roofs to add additional warmth.

Mittal bought the home for a reported £5.25 million but is expected to spend another £25 million making it conform to his customizations. He will need approval from the local planning authority to develop the estate. The only issue, according to The Telegraph India, may be the preservation of badger habitats on the estate. The badgers are protected and Mittal will need to prove they will not be harmed. The home will have at least 10 bedrooms, indoor and outdoor pools, and underground art gallery, tennis courts and a croquet lawn.

Tags: alderbrook park, england, Lakshmi Mittal

Prince William and Kate's Royal Wedding Invitation Revealed

by Jared Paul Stern (RSS feed) — Feb 21st 2011 at 7:01PM

1,900 people just received their invitations (above) to the Royal wedding of Prince William and Kate Middleton at London's Westminster Abbey on April 29. The heavy card bearing the engraved gold insignia of the Queen of England was delivered to various VIPs from kings to charity leaders, close family and university friends, old schoolmates and prime ministers around the world, People reports. The edges of the card, which is about 10 in. by 6 in., are beveled and then gilded. The simple wording reads that the Lord Chamberlain has been "commanded by the Queen" to invite the holder to the ceremony. Guests are asked to wear military uniform, a morning coat or a "lounge" (business) suit. 600 of the 1,900 invitees have also been invited by the Queen to a reception immediately following the ceremony, and 300 of those are also invited to a dinner hosted by William's father, Prince Charles, later that evening at Buckingham Palace.

Tags: British royalty, Buckingham Palace, Kate Middleton, London, Prince Charles, Prince William, Queen of England, royal family, Royal Wedding, royalty, UK, wedding

Abramovich Moves Down on Russia's Rich List

by Jared Paul Stern (RSS feed) — Feb 21st 2011 at 6:01PM

Oligarch Roman Abramovich has taken a major tumble on this year's list of Russia's richest men and now languishes in fifth place. Russia's Finans magazine puts Abramovich's wealth at $17.1 billion, up only $100 million from a year ago despite a strong recovery for the Russian economy that saw rival tycoons cash in big time. Steel magnate Vladimir Lisin captured the top spot once again with a $28.3 billion fortune, up from $18.8 billion last year. Mikhail Prokhorov, owner of the New Jersey Nets, makes the list at number two with $22.7 billion, while Alisher Usmanov, part-owner of Arsenal Football Club, clocks in at number three with $19.9 billion. In fourth place, edging out Abramovich, is another steel tycoon, Oleg Deripaska, with $19 billion. Meanwhile there are 37 newly-minted billionaires in Russia this year, bringing the total to 114 up from 77 in 2010.

Gallery: Russia's Richest Men

#4 - Oleg Deripaska (with Putin at left)

Tags: abramovich, billionaire, Mikhail Prokhorov, Oleg Deripaska, oligarch, richest, Roman Abramovich, Russia, Russian billionaires, Vladimir Lisin, wealth

The Classicist: Is the Royal Warrant Losing Its Lustre?

by Jared Paul Stern (RSS feed) — Feb 21st 2011 at 9:01AM

A recent decision by two venerable British brands to drop the Royal Warrants from their packaging has occasioned some hand-wringing in the UK over whether the much-coveted distinction has lost its lustre. The Classicist calls it a tempest in a Royal Doulton teacup; read on to find out why. Only three royals are entitled to grant warrants – the Queen of England, the Duke of Edinburgh and the Prince of Wales – to firms who supply their royal requisites for at least five years, though most warrant holders have ties to Britain's royal family dating back several decades or more. Of course, Prince William will one day be granting his own.

Holders of the Royal Warrant include many of our favorite luxury brands – Asprey, Aston Martin, Bentley, Barbour, Burberry, Fortnum & Mason, Gieves & Hawkes, Holland & Holland, Hunter Boots, Jaguar, John Lobb, Johnnie Walker, Land Rover, Laphroaig, Lock & Co., Swaine Adeney Brigg, Smythson, Tanqueray and Turnbull & Asser – along with a host of lesser names, such as After Eight mints and Jacob's Cream Crackers. It is the latter two that have now decided to do without their warrants – though no insult is intended to the royal family, as it was when former Harrods owner Mohamed al Fayed burned his last year. That coupled with the results of a new survey showing that only 13% of respondents thought that warrants make any difference have called their usefulness into question, the London Guardian reports.

However, "It's hard to say that interest in royal warrants is conclusively on the wane," Vicky Bullen, chief executive of Coley Porter Bell, tells the paper, "because there is no existing data with which to make a comparison. However, consumers' apparent indifference to the royal warrants has surprised us. We can only surmise there could be a number of factors at play." Said factors, Bullen says, include "that we live in a less deferential society in which the royal family enjoys less prestige and political support." That of course is not exactly new, though the upcoming Royal Wedding may give them a boost. [cont'd]

Gallery: Holders of the Royal Warrant

Tags: Asprey, Aston Martin, Barbour, Bentley, British royalty, Burberry, Fortnum and Mason, Harrods, Holland Holland, Hunter Boots, Jaguar, John Lobb, Johnnie Walker, Land Rover, luxury brands, Mohamed al Fayed, Prince of Wales, Prince William, Queen of England, royal family, Royal Warrant, Royal Wedding, royalty, Smythson, Swaine Adeney Brigg, Tanqueray, UK

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Home Team Wins Cartier International Dubai Polo Challenge

by Jared Paul Stern (RSS feed) — Feb 19th 2011 at 7:01PM

The home team emerged victorious for the second year running at the Cartier International Dubai Polo Challenge on Friday. Four pro-am polo teams competed in the prestigious event at the Desert Palm Polo Club under the patronage of Princess Haya bint Al Hussein, wife of Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum. The Desert Palm team edged out Cartier's own team to capture the top prize. The other two teams were fielded by Swiss bank (and Wikileaks target) Julius Baer and the UK's Guards Polo Club. Desert Palm patrons Clive Reid and Tariq Albwardy received the impressive trophy from Sheikh Majid bin Mohammed bin Rashid Al Maktoum, the son of Dubai's ruler. Cartier suffered a setback early in the final when their best player, Salvador Ulloa, was injured though another Cartier team member, Nico Petracchi, was named Most Valuable Player.

Tags: Cartier, cartier+international+dubai+polo+challenge, cartier+international+dubai+polo+challenge+2011, cartier+polo+dubai, cartierinternationaldubaipolochallenge, cartierinternationaldubaipolochallenge2011, cartierpolodubai, Dubai, equestrian, horses, Julius Baer, polo, Sheikh Mohammed bin Rashid Al Maktoum, UAE, wealth

Trump Bids on Patricia Kluge's Virginia Estate

by Carrie N. Culpepper (RSS feed) — Feb 18th 2011 at 6:01PM

trump bids on patricia kluge estate The latest wrinkle in Patricia Kluge's dispursal of fortune involves another famed billionaire: Donald Trump. This Wednesday, Trump had two lawyers representing him at the auction of Albemarle House, Kluge's luxe estate on 300 acres in tony Albemarle County, Va.

Shortly before the auction began, Steve Blaine and Les Goldman announced to the crowd of approximately 60 gathered in front of the Albemarle County Courthouse that they represented Donald Trump. What others might not have realized is that Trump had already purchased the adjacent 200 acres which, because of conditions outlined when Kluge gained the property in her divorce, would grant him right of first refusal on Albemare House.

"I think Mr. Trump wanted others to be aware that he was a bidder and he controlled the front yard of the house," said Baine, a Charlottesville, Va. lawyer. "He's a savvy business person but I think any other person with a serious interest in the house would have tried to figure out how to secure those 200 acres first."

Gallery: Patricia Kluge's Albemarle House

Tags: albemarle county, albemarle house, Charlottesville, Donald Trump, Luxury Real Estate, Patricia Kluge, Patricia Kluge Broke, virginia real estate

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Qatari Pagani Zonda Uno Listed for Sale at $2.3 Million

by Jared Paul Stern (RSS feed) — Feb 15th 2011 at 2:01PM

A one-of-a-kind Pagani Zonda Uno custom-built for Qatar's royal family – the ones who recently paid $2 billion for Harrods – has been listed for sale in Italy via global online luxury marketplace JamesList for about $2.3 million. As my colleague Noah Joseph reported last summer, the supercar borrows elements from the exclusive Zonda Cinque and blends them with parts from the track-only Zonda R (see video below) for a truly unique creation. The 690-horsepower 7.3-liter V12 engine paired with plenty of carbon fiber make it a barely street-legal beast that burns fuel like mad but has lots of fun doing it. It's painted a pretty garish shade of turquoise like all the Qatari royal vehicles, including the Lamborghini they crashed back in November. We have no idea why they're selling this one but we somehow doubt it's because they need the cash.

Tags: carbon fiber, custom cars, Harrods, JamesList, Pagani, Pagani Zonda, Pagani Zonda Uno, Qatar, supercar, UAE

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