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$650 Million Price Cut on Villa Leopolda?

Filed under: Estates, Wealth


Villa Leopolda on the Cote D'Azure (above), once the world's most expensive estate with a $750 million pricetag, is apparently back on the market with an astonishing $650 million price cut, a new world record. The 11-bedroom, 14-bathroom mansion has 29,000 square feet of interior space that opens to manicured lawns and a swimming pool. The spiraling outdoor staircases, balconies and terraces have waterfront views and of the surrounding hillsides. Working fireplaces, a sauna, outdoor kitchen and pool house are other features. As we noted back in February, Russia's richest man Mikhail Prokhorov had reportedly agreed to purchase the Villa for $750 million but later backed out of the deal, forfeiting a $55 million deposit. In May we reported that the recession had caused the estate's value to plunge significantly. Owner Lilly Safra did not re-list the property right away, but according to Forbes the Villa is now available for $102 million. The magazine now places it as the 4th most expensive estate in the world, behind No. 1, the Spelling Manor at $150 million; No. 2, Fleur De Lys at $125 million; and No. 3, Updown Court at $117 million.

McParlin Partners: Portraits in Words

Filed under: Holiday Guides, Books


Here's a novel gift idea that is more thoughtful and less flashy than mere jewels. What accessory could be more individual or luxurious than your own book? New York-based McParlin Partners boasts a team of highly experienced former Forbes and Dow Jones editors as well as former Time Inc. art directors who will craft anything from a memoir or family history to a coffee-table book in praise of your spouse.

McParlin writers produce a portrait in words, complemented by your own photographs, commissioned photos and/or original art, that depicts the person you fell in love with or want to thank. It is the perfect way to celebrate an anniversary, wedding, graduation or other significant milestone.

Want to honor someone upon retirement? Consider a tribute book, full of reminiscences and career highlights. This is also a professional way to document a dynasty with a family history, ideal for handing out at that annual reunion or to favored clients.

McParlin editors work with clients to distill their management philosophy into a book or tell the story of their rise to the top. "People deserve the chance to tell their own stories in their own voice," says McParlin co-founder Kasia Moreno, an editor at Forbes for more than 20 years.

Moreno notes that, although McParlin also does corporate editorial work and has affiliations with custom publishers in Russia and China, the firm's individual services are a labor of love. "A family history," she says, "is a precious legacy that will be handed down over generations."

Indeed, the firm is named after Alida McParlin (1867-1957), a woman who wrote a memoir about her doting father, Brig. Gen. Thomas McParlin, an Army surgeon who served as Medical Director of the Army of the Potomac during the Civil War. That book sparked the fascination with family history for McParlin co-founder Hugo Moreno, who is also McParlin's great-grandson.

Every McParlin project is completely customized. Prices vary depending on length of the project. For example, a book-length executive memoir starts at $30,000, while a version the length of a magazine cover story can be had for $10,000. A coffee-table book full of commissioned photographs and striking layouts can run into six figures.

Forbes' List of 'Billion Dollar Donors'

Filed under: Charity, Wealth

gordon mooreI'm sure a list of the world's wealthiest is a fluctuating compendium these days making a list of donors a nice change of pace from Forbes. Of course most of these 'Billion Dollar Donors' would most likely make the cut for some of the nation's most affluent individuals as well but here their philanthropic tendencies are the focus of attention. These fourteen people, out of 793 billionaires worldwide, have actually donated, not just pledged, over $1 billion total. Here are some of the world's most generous givers:

1 Bill Gates, $28 billion donated.
2 George Soros, $7.2 billion
3 Gordon Moore (shown at right), $6.8 billion
4 Warren Buffett, $6.7 billion
5 Eli Broad, $2 billion
6 James Stowers, $1.9 billion
7 Herbert and Marion Sandler, $1.5 billion
8 Michael Bloomberg, $1.5 billion
9 Li Ka-shing, $1.37 billion
10 Dietmar Hopp, $1.25 billion
11 Michael Dell $1.2 billion
12 Klaus Tschira, $1.1 billion
13 Stephen Schmidheiny $1 billion
14 Ted Turner, $1 billion

Anybody you are surprised didn't make the list?

Jay-Z Hip-Hop's Top Earner at $35 Million

Filed under: Wealth


You gotta hand it to Jay-Z. Despite taking a 57% pay cut -- down from $82 million in 2008 to $35 million in 2009 -- he's still the Hip-Hop Cash King, according to Forbes. (Cash Queens, aka the women, can be found on their own list, which focuses on all women in music, not just in the hip-hop genre.) Diddy squeaks in as the #2 cash king, with $30 million, and Kanye West is #3 with $25 million. Both of these gents also are down several million from last year.

Many of the artists on the Hip-Hop Cash Kings list earn a good chunk of their income through licensing and endorsements, but gone, at least for as long as the economy is uncertain, are one-time mega deals in the $100 million-plus range. This is what knocked 50 Cent out of first place in 2008 down to #4 this year, with "only" $20 million.

In Pictures: Hip-Hop's 20 Top Earners

NY Billionaire's Yacht Seized Over Endangered Animals

Filed under: Water, Wealth, Crimes and Misdemeanors


A $26 million yacht with Versace interiors owned by cab driver-turned-fertilizer king Tamir Sapir - who lives in Manhattan's famed Duke-Semans mansion (above) - was seized by customs officials in Miami this week over trophies made from the skins of endangered animals. The yacht, named the Mystère, was found to contain zebra skins, a jaguar skin rug, Bengal tiger and African lion heads, cigar boxes covered in elephant hide, a reticulated python cigarette holder, and large carved ivory tusks, the Miami Herald reports.

Sapir, an emigré from Russia whose $1.4 billion fortune is now mainly invested in real estate, will get the yacht back minus the gruesome décor after paying a $150,000 fine. Sapir bought the historic seven-story Duke-Semans mansion across from the Metropolitan Museum of Art from Doris Duke's relatives for $40 million after a single walk-through, and is now said to be spending $10 million on renovations including - get this - a gallery for his world-class collection of ivory. He is ranked at No. 522 on Forbes' Richest Americans list.

The World's Hottest Billion-Heiresses

Filed under: Wealth


Forbes has just taken a look at the world's most promising billion-heiresses, introducing us to our new favorite filthy rich twins, Kathrine and Cecilie Fredriksen (above). The 25-year-old blonde daughters of Norwegian shipping magnate John Fredriksen, who's worth $4 billion, each have a seat on the board of directors of their father's companies. Kathrine became a board member of oil trading company Arcadia Petroleum earlier this year.

Cecilie has been on the board of Aktiv Kapital since 2006. The twins, based in London, have worked on various parts of their father's oil and shipping empire for several years. Others featured in Forbes' survey of 25 well-heeled hotties include Marta Ortega Perez, daughter of Spain's richest man - featured in our billion-heiresses post from last year (pictures here), Sir Richard Branson's daughter Holly and of course Ivanka Trump. Click here for a slideshow.

Aspen Comeback? Now Most Expensive Zip Code in U.S.

Filed under: Estates, Wealth


The real estate market in Aspen, CO has recovered somewhat and its priciest zip code is now the most expensive neighborhood in the U.S., according to a new ranking by Forbes. Back in February we reported on the dire straits of Aspen real estate, when Sotheby's International Realty shuttered its Aspen office in the wake of plummeting sales. Now Aspen's south end 81611 zip code, home to ultra-luxe ski lodges, is top of the field with an impressive $6.5 million median home sale price, the magazine reports. However the seasonal nature of the Aspen market gives it a yearly boost which might well mean its triumph is temporary; and indeed the big picture is still pretty glum. "In 2007, the market in our valley was $2 billion in sales," top Aspen broker Steve Walker tells Forbes, "this year it'll be between $500 million and $1 billion. In volume and dollars, it's been a 50% drop."

We predict that Beverly Hills, which is currently in 3rd place, will quickly eclipse Aspen especially since a mansion was just sold there for $31.5 million, the most expensive property sold in California so far this year, while a second recently changed hands for $22 million. The former, a 27,000-sq.-ft. Norman-style estate on 2 acres with 10 bedrooms, 14 baths and seven fireplaces, had originally been listed at $45 million and was on the market for almost nine months. Aspen's neighboring Snowmass Village has also experienced a resurgence. Other neighborhoods that have clocked recent gains include the Hollywood Hills and Chappaqua, NY, while the second most expensive zip belongs to Alpine, NJ, a luxurious New York suburb home to Wall Street execs and rap moguls like Sean Combs and Damon Dash.

Want to live in the country's priciest zip? There are several choice Aspen properties available including this $60 million estate, this $58 million spread and this cozy $43.8 million ski lodge. Here's the new list of the top five most expensive zip codes in the U.S. as determined by median prices (which are quite high overall right now at the top end):

1. Aspen, CO, 81611: $6.5 million
2. Alpine, NJ, 07620: $4.7 million
3. Beverly Hills, CA, 90210: $4.04 million
4. Snowmass Village, CO, 81654: $3.99 million
5. Newport, CA, 92661: $3.9 million

The Classicist: The New World's Most Expensive Estates

Filed under: Estates, The Classicist, Wealth


Five months ago when Forbes ranked the world's most expensive houses (in terms of current listings) only three of them clocked in at over $100 million. And in fact, one of those, Leona Helmsley's Dunnellen Hall in Greenwich, CT which started out at $125 million had already been reduced to $95 million by the time the list was published (it's currently being offered at $75 million). The other, Fleur de Lys in Beverly Hills listed at $125 million, was therefore the world's most expensive and one of only two $100 million-plus properties officially on the market.

Re-surveying the field now we've decided it's time for a new World's Most Expensive list, mainly because despite the recession - or, perhaps, because of it - there are now seven properties in what we've dubbed the Hundred Million Club (N.B. - those listed at only $100 million don't make the cut), three of which are in the U.S. These are the modern-day equivalents of the magnates' great estates we wrote about back in February.

Some recent market activity which regular Luxist readers will be aware of makes a new ranking imperative. For starters, last month Candy Spelling listed her Holmby Hills mega-mansion at $150 million, making it the world's most expensive estate. Then just last week a mansion at No. 10 Belgrave Square in London hit the market for around the same price - £100 million, or about $149 million (depending on exchange rates), while a second Belgrave Square property finally completed renovations and has been listed at £80 million, or about $120 million.

We also received confirmation this week that an incredible 40-room private mansion in Paris' Place des États Unis (above), built in 1890, has been listed at €105 million, or about $138 million. Fleur de Lys, whose "world's most expensive" status (though not its "legendary estate" status) was also usurped by the $135 million Manaplan Residence in Palm Beach now languishes in 5th place (sorry, Mariah).

Here is our new ranking of the world's most expensive estates (in terms of current verifiable listings), all members of the Hundred Million Club:

1. The Manor - Holmby Hills, CA: $150 million
2. No. 10 Belgrave Square, London, UK: $149 million
3. Place des États Unis, Paris, France: $138 million
4. The Manalapan Residence, Palm Beach, FL: $135 million
5. Fleur de Lys, Beverly Hills, CA: $125 million
6. No. 31 Belgrave Square, London, UK: $120 million
7. Updown Court, Surrey, UK: $110 million

Russia's Richest Man Offers A Bail Out

Filed under: Wealth


Russia's richest man, billionaire Mikhail Prokhorov is offering a bail out to Russian financial news provider RBC. The offer comes through investment bank Renaissance Capital which is half-owned by Prokhorov. Renaissance Capital announced that Prokhorov's Onexim investment group would buy 65 percent of the new share capital for $35 million. On this news RBC's stock rose more than 30 percent. The money will be used to help repay debt and finance operations so that the company can continue to function. The company's total debt has been estimated at $200 million and $230 million.

This isn't the first time Prokhorov's name has been linked to a financial news provider, he was rumored to be buying Forbes last year although that rumor turned out to be false.

Number of World's Billionaires in Sharp Decline

Filed under: Wealth

My colleague Deidre Woollard just reported that the number of millionaire households in the U.S. has shrunk to its lowest level since 2003. To that we can now add that the number of billionaires in the world has also seen a steep decline.

According to Forbes' newly-released annual list of the world's billionaires, there are now only 793 billionaires around the globe, down from 1,125 a year ago. That means 332 people lost their billionaire status.

This year the exclusive group has an average net worth of $3 billion, down 23% in 12 months, making for a loss of some $1.4 trillion. Americans now account for 44% of the money and 45% of the list's slots, up 7 and 3 percentage points from last year, respectively. Some billionaires have fared better than others, though most have lost masses of money.

Bill Gates lost $18 billion but regained his title as the world's richest man with a $40 billion fortune. Warren Buffett, last year's No. 1, saw his fortune decline $25 billion as shares of Berkshire Hathaway fell nearly 50% in 12 months, and is in the No. 2 slot with $37 billion. Mexican telecom titan Carlos Slim Helú maintains his spot in the top three but lost $25 billion, and is now worth $35 billion.

Best of Forbes This Week, 02/21/09


--A rug made entirely of jewels is the star of Sotheby's first-ever auctions in Doha, Qatar. Bidding will start at $5 million.

--Some stores are still pulling in customers and they range from Urban Outfitters and American Apparel to Hermes. The ten stores we can't stop shopping in.

--Brooke Astor's co-op isn't the only deal to be found in the world of Manhattan luxury real estate. Some prices are down 20%.

Best of Forbes This Week, 02/14/09


Take a trip into the diamond vault with the video above which showcases the jaw-dropping jewelry at William Goldberg Corp.

Bad news for shopaholics, some of your favorite stores will be buying less this year hoping to avoid the type of inventory glut they experienced last year. Could this mean the era of the deep discount is already ending?

If you can get away, why not get very far away, Forbes lists the top remote island getaways.

The annual list of most expensive cities is out and once again Monte Carlo tops the list.

A battle of the billionaires pits Oracle's Larry Ellison against Ernesto Bertarelli with the prize being the America's Cup.

The Richest 400 Make Big Bucks but Give Less in Taxes

Filed under: Wealth

moneyMy colleague, Jared, highlighted Forbes' Richest 400 this past September including billionaires Bill Gates, Warren Buffett and Michael Bloomberg. Now, Forbes has released interesting information about this elite group's tax responsibilities. It seems even though the top 400 make the most money they are not paying the highest percentage of taxes. The following numbers are based on the IRS' 2006 figures and the IRS' ranking of the top 400 (although there is a lot of overlap between the Forbes' 400 and the IRS' 400):
  • The Top 400 only paid an average of 17% of federal income tax
  • 17% is the lowest tax bite in the fifteen-year period of this group's IRS statistics
  • In contrast, the top 5% pay an average of 21% of federal income tax and the top 1% pay an average of 23%!
You can read more of the financial details here but that synopsis just goes to show...its good to be at the top.

Fleur de Lys Named World's Most Expensive Estate

Filed under: Estates


Forbes has named Fleur de Lys (above), the lavish Beverly Hills estate featured in this week's Classicist column, as the world's most expensive house currently on the market with its $125 million pricetag. The palatial mansion beat out Leona Helmsley's Dunnellen Hall in Greenwich, Conn., which had been listed at $125 million as well, but saw its price cut by $30 million back in October (Forbes has not yet registered the change). Fleur de Lys has been on the market since 2007, but unlike some other major property owners, billionaire's ex Suzanne Saperstein has yet to slash the price. In compiling its list of the world's 10 most expensive estates, Forbes culled from property listings, high-end brokerages and conversations with real estate agents. "We include only publicly listed properties," they note. "In Europe, especially, estates and luxury residences that might qualify are shopped privately for undisclosed prices." You can see a slideshow of the list here.

Gallery: Fleur de Lys

Forbes Ranks World's Most Expensive Fictional Houses

Filed under: Estates


The fellows at Forbes must be feeling a little light-headed. The magazine just came out with its first ever ranking of the most expensive houses in the world - that don't actually exist. Well, it's fun anyway. First they laid out a few ground rules: 1. "All the properties had to be primarily residences (no schools, evil lairs or Death Stars) and we excluded castles (sorry Cinderella, Dracula). 2. "In the interest of variety, we limited our selections to no more than one or two of a 'type.'" 3. "We eliminated any selections that were deemed too obscure." Other than that, the properties in question could come from everything from comic books to TV shows to movies and videogames.

The most expensive fictional house, according to Forbes, is Xanadu, the home of newspaper baron Charles Foster Kane in Citizen Kane, at $160 million. The house is modeled on Hearst Castle (above), the real life San Simeon, Calif., estate of media mogul William Randolph Hearst. In the #2 spot is Richie Rich's cartoon mansion, complete with diamond-walled swimming pool, at $135 million. Elsewhere on the list: Tony Stark's bachelor pad in Iron Man, at $50.8 million; Gone With the Wind's antebellum plantation Tara, at $17.2 million; Croft Manor from Tomb Raider, at $46.1 million; and Jay Gatsby's Long Island mansion from The Great Gatsby, $42.5 million. Click here for a slideshow.



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