Starwood Hotels & Resorts veteran Barry Sternlicht is looking for real estate to surge in Greenwich, Connecticut. The wealthy New York City suburb got spanked over the past year as the city's financial industry gurus saw their bonuses jobs disappear and flooded the market with ostentatious homes on the market at a time when buyers were few and far between. A year later, Sternlicht thinks this town is ready to stage a comeback.

Sternlicht just raised the asking price on his 5.8 acre estate in Greenwich to $5.95 million, even though the local market is about to finish its worst year in the past 30. Jean Ruggiero, Sternlicht's real estate broker, said he pushed up the asking price because "we felt like we were giving it away." People showed some interest in the home, and the fact that other sellers were cutting prices didn't mean that Sternlicht had to follow. "Just because people are lowering their price doesn't mean it's right, because he's not a desperate seller, "Ruggiero said of Sternlicht.

The new number is 8.3 percent higher than the $5.495 million Sternlicht previously asked, even though prices for single-family homes in Greenwhich dropped 40 percent year-to-date.

Originally, the home was put on the market at $8.25 million in June 2008, and it was cut three times from September 2008 to April 2009. It boasts a tennis and shuffleboard court, pool and guest house ... and is of course gated.

Even at $5.95 million, Sternlicht will come out ahead. He bought the place in November 1994 for a mere $2.93 million.

There's still plenty of money in Greenwich, Connecticut. Today's estate, at nearly $40 million isn't even the top listing in the market (that honor still belongs to Dunellen Hall at $60 million). Oldfield Farm looks nearly modest by comparison but the equestrian estate reflects the kind of horsey set luxury the town is known for. The home has a pool, tennis court, stables and groom's quarters. The estate spread over 20 pastoral manicured acres which border land trust land. The curving driveway snakes through acres of green pastures ending in front of the winged horse fountain at the front of the home. The 20,000+/- sq ft Palladian-style villa brings together modern conveniences with just a touch of fustiness shown in traditional choices in wallpaper and curtains. This home is listed at $39.5 million.



Experience more lush living in luxury homes and mansions or see the stars living large with celebrity homes galleries at AOL Real Estate.

Leona Helmsley's Greenwich estate, Dunnellen Hall is now under the 50 percent off mark. The estate which first hit the market for $125 million has gone tumbling down the entire time it has been on the market. Last we looked it was at $75 million. But a kind gentleman let me know that the home has now been reduced to $60 million.

The traditional brick mansion is approximately 23,0000 square feet with seven upstairs bedroom suites, a glass-walled music room, a wood- paneled library with a 15th century fireplace mantel, formal dining room, family room with a bar and much more. The back wing is home to the staff area which has six bedrooms. The indoor pool has four exposures and includes areas for sitting and changing. There is also a 75-foot outdoor pool with a terrace and a cabana with a kitchen. There are also brick cottages with an additional six bedrooms total. The Helmsleys bought Dunnellen Hall in 1983 for $9 million (paying an extra $2 million for the furniture) and later picked up another 14 acres bringing the total to 40 acres. How low will it go? Rumor has it that the home will require a lot of work to transform it back into a showplace.

The renovations have taken years, resulting in legal action from the Greenwich Village Society for Historic Preservation and a $15 million lawsuit against Leibovitz by her next-door neighbor. The suit was settled in 2003, when the photographer bought the litigant's building for $1.87 million. So, she wound up paying for three properties (12,000 sq. ft. in all), which contributed to a tenuous financial situation and the loan from Art Capital Group, according to Bloomberg News.

These transactions were only part of a mountain of debt amassed by the photographer. From 1999 to 2008, Leibovitz borrowed extensively to purchase property and refinance the debt she was carrying. In total, her activity stretched to more than a dozen loans, Bloomberg News reports, all on the back of her real estate holdings. Two 2006 loans – for $4.7 million in November and $2.5 million in December – were extended by Rhinebeck Properties LLC, which happens to have the same address as Conde Nast Publications Inc.

Mel can't sell. The soon-to-be-divorced star can't seem to shake Old Mill Farm, his Greenwich, Connecticut home. Gibson first put the home on the market in the summer of 2007 for $39.5 million. He dropped the price to $35 million last September. But with a divorce in the works and an eighth child on the way with his new girlfriend, he's got bills to pay and a home to get rid of and so now he's pared the price down to under $30 million. Old Mill Farm can be yours for $29.75 million.

Old Mill Farm is a design by architect Charles Lewis Bowman built in 1926 for his horse lover client, G.L. Ohrstrom. The home is one of the last great manor homes in Greenwich and is significant not just for the architecture but for the fact that it has 77 acres of land. The home itself is an Elizabethan-inspired Tudor mansion of 15,800 square feet and the property has 15 bedrooms and 18 bathrooms total. The jaw-dropping room of the place is the great hall which has a 40-foot cathedral ceiling with a stone minstrel's gallery, walk-in fireplace and leaded glass ceilings. The grounds, which were done by landscape designer James Doyle, include formal gardens and a maze. There is also a terrace pool, tennis court, greenhouse, stable, staff houses, log cabin and a pond on the property.

You'd think that this new low price might lead to a sale but in Greenwich, as the NY Times reports, nothing is certain anymore. Greenwich has been home to some of the biggest price drops in the history of residential real estate including the top spot in our recent list of big price cuts, Leona Helmsley's Dunnellen Hall which has dropped in price by $50 million since it first hit the market. One person who seems to have sold in the area is Regis Philbin. His Greenwich home listing has disappeared.

The 1928 Rolls-Royce (above) driven by Robert Redford in the big screen version of The Great Gatsby is being auctioned off by Bonhams during the Greenwich Concours d'Elegance in Connecticut on June 7. The 40/50hp Phantom I Ascot Dual Cowl Sport Phaeton with coachwork by Brewster is estimated at $150,000 - $200,000. Owned by Massachusetts collector Ted Leonard, who lent it for the 1974 film, the car is largely original with minimal restoration. It was however painted a buttery yellow and its leather upholstery died green to match the description in F. Scott Fitzgerald's original text: "It was a rich cream color, bright with nickel, swollen here and there in its monstrous length with triumphant hat-boxes and supper-boxes and tool-boxes, and terraced with a labyrinth of wind-shields that mirrored a dozen suns."

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

I've been missing the real estate intelligence of Bob Goldsborough over at Big Time Listings after the site was unfortunately hacked. But now he's back with a vengeance, dishing out an impressive amount of celebrity scoop. One of the biggest is the listing for Regis Philbin's Greenwich, Connecticut home. Regis has been saying for a while on his show that he was selling his home but no one had dug up the listing until now. The home was built in 1980 and is on 5.68 acres that include a tennis court, pool, gazebo and gardens. The house itself was featured in 2002 in Architectural Digest, and includes a formal dining room, paneled living and media rooms, a library with a wet bar, a family room, a gourmet kitchen and a breakfast area that opens to a covered terrace. There are four bedrooms including a master suite with a sitting area, fireplace and his and hers baths. The lower level of the home includes exercise and recreation areas. Regis bought in 1992 for $2.5 million and is now asking $5.4 million for the home.

Update: This home is now listed at $4.9 million.

Experience more lush living in luxury homes and mansions or see the stars living large with celebrity homes galleries at AOL Real Estate.

Forbes has just released its annual ranking of the 100 most expensive zip codes in America, and what with fluctuating real estate markets some of the results may surprise you. Beverly Hills for example, the famous 90210, barely makes it into the top 10 nowadays with a median home price of $2.41 million, while Bel Air (90077) lags way back at No. 29 with a median price of $1.72 million. New York City doesn't rate an appearance at all until Tribeca zip 10013 clocks in at No. 14 with a median price of $2.2 million.

That famous province of the rich, Greenwich, Conn. (zip 06870 in Old Greenwich) is way down at No. 26 with a median price of $1.75 million. The most expensive zip code in the country? 33109, the tiny private enclave of Miami Beach known as Fisher Island (above), where sales prices rose by $525,000 over the last year and which has an unbeatable median price of $3.85 million. Listed below are the Top 10 zips. You can see a slideshow of the full list here.

1. Fisher Island, Fla., 33109, Miami-Dade County
Median sales price: $3.85 million

2. Alpine, N.J., 07620, Bergen County
Median sales price: $3.59 million

3. Mill Neck, N.Y., 11765, Nassau County
Median sales price: $3 million

4. Newport Coast, Calif., 92657, Orange County
Median sales price: $2.8 million

5. Water Mill, N.Y. 11976, Suffolk County
Median sales price: $2.72 million

6. Atherton, Calif., 94027, San Mateo County
Median home price: $2.7 million

7. Santa Barbara, Calif., 93108, Santa Barbara County
Median home price: $2.7 million

8. Wainscott, N.Y., 11975, Suffolk County
Median home price: $2.56 million

9. Rancho Santa Fe, Calif., 92067, San Diego County
Median home price: $2.47 million

10. Beverly Hills, Calif., 90210, Los Angeles County
Median home price: $2.41 million

This home on 1.94 acres right on Long Island Sound offers more than a room with a view -- how about a whole house with a view? Located in Riverside, Conn. (part of tony Greenwich, where Kathie Lee Gifford and hubby Frank live) and built in 1956, this estate is offered for $12,900,000.

Sited in the gated Harbor Point Association, a peninsula of more than 500 feet of shoreline, this Contemporary Colonial offers the next owner the chance to build under current zoning for a new 11,000-plus square foot custom waterfront estate or live in the existing home, which is light-filled and recently updated with a cook's kitchen, built-in bookshelves, five tiled baths, new systems and new landscaping by a professional designer. There are two family rooms and two master suites among six bedrooms on both first and second floors. Three fireplaces and an artist's studio complete the picture.

Walk or jog to Elias Point, a sandy beach. A spectacularly landscaped enclave, historic Harbor Point is situated on the sweeping grounds of the former 49-acre Frederick T. Bonham estate, "Walhall," a legendary LI Sound private property with some of Southern Connecticut's best water views. The association's other amenities include a boat dock, boat mooring, picnicking and fishing privileges.

After reading about the real estate downturn in Greenwich, Connecticut in a recent issue of The New Yorker, I wondered what effect this will have on homes still on the market, in particular, Mel Gibson's Old Mill Farm. A quick look at the listing reveals that Gibson, who has had the property on the market for $39.5 million for over a year now, recently dropped the price to $35 million.

The home is one of Greenwich's treasures. No McMansion, Old Mill Farm is a design by architect Charles Lewis Bowman built in 1926 and is one of the last great manor homes in Greenwich and is significant not just for the architecture but for the fact that it has 77 acres of land which includes formal gardens, a maze, pool tennis court, greenhouse, stable staff houses, log cabin and a pond. The home itself is an Elizabethan-inspired Tudor mansion of 15,800 square feet and the property has 15 bedrooms and 18 bathrooms total. The great hall has a 40-foot cathedral ceiling with a stone minstrel's gallery, walk-in fireplace and leaded glass ceilings. In this real estate climate, will a $4.5 million price cut be enough or does Mel need to lower the price a bit more?

v
Another sign of real estate drama, a house up for sealed bid auction in posh Greenwich, Connecticut of all places. The owner, Stanley Cheslock, originally put the market on the home for $31 million in the usual manner but found that the current market was a bit stagnant.

The HIllcrest Estate features 26,000-square-foot mansion designed by Gilles Le Gorrec and built in 2003 as well as two carriage houses and 12-car capacity garage on 30 acres. The home has four master suites, guest suite and a service suite. There is a large kitchen that includes a wood-burning pizza oven, top-of-the-line appliances, separate accessories kitchen and a butler's pantry with walk-in refrigeration. The massive home has not one but two cathedral-ceiling living rooms that both open onto a 2,500-sq. ft. terrace. Other details include a 100-ft. central atrium, rooftop cupola with stunning Long Island Sound views, hand-crafted stained glass windows, iron-clad elevator, seven Rumsford fireplaces, multiple laundries, handmade plaster moldings, chestnut flooring and geo-thermal heating and cooling. There is also a theatre-quality home cinema, 3,700 bottle-capacity wine room, cherry wood office/library, 50-ft. indoor lap pool with Siberian spruce sauna and granite steam room, and a fully equipped private gym. The expansive grounds adjoin The Stanwich Club, one of United States' premier golf courses, and include a large mouth bass pond, waterfalls, English gardens, and statuary by sculptor Arturo Di Modica.

The estate may be purchased in whole or in part, with the mansion and 22 acres available for a minimum reserve price beginning at $15 million. The two carriage houses and more than seven acres are available for a minimum reserve price beginning at $4 million. And of course the whole package starts at $19 million. Sealed bids must be submitted by 5 p.m. Aug. 15, along with a check for $750,000 and bank documents proving the potential buyer's ability to pay.

For more prime properties and lush locations, see Luxury Homes and Mansions.

I first mentioned back in February that Leona Helmsley's Greenwich estate, Dunnellen Hall had hit the market for $125 million but at that time I hadn't found the listing. But it turns out that David Oglivy has the listing and some pictures giving a good look at this huge mansion. Like many other homes in Greenwich, it's a traditional brick mansion, it's just incredibly large and lavish. The entrance features iron gates and a long driveway culminating in a courtyard with a 70-foot marble reflecting pool with a three-tier fountain. Once inside there is a huge entrance hall with a cove ceiling and a cross arched center hall with a travertine marble floor, and limestone walls running the 86 foot length and a double-height plaster tracery ceiling. And then there's that stairway, a decadent marble, red-carpeted expanse crowned by a crystal chandelier. At 1,125 square feet the living room is larger than some homes.

The home is approximately 23,0000 square feet with seven upstairs bedroom suites, a glass-walled music room, a wood- paneled library with a 15th century fireplace mantel, formal dining room, family room with a bar and much more. The kitchen and pantry include plenty of storage, serving and cooking areas and there is a separate staff dining and sitting area. The back wing is home to the staff area which has six bedrooms. The indoor pool has four exposures and includes areas for sitting and changing. There is also a 75-foot outdoor pool with a terrace and a cabana with a kitchen. There are also brick cottages with an additional six bedrooms total.

The Helmsleys bought Dunnellen Hall in 1983 for $9 million (paying an extra $2 million for the furniture) and later picked up another 14 acres bringing the total to 40 acres. It's one of the grandest homes in the area but $125 million would stretch the budget even in a town famous for its lavish homes. After all, Mel Gibson's Old Mill Farm is only $39.5 million and that's been sitting on the market for nearly a year.

UPDATE: This home has now been reduced to $75 60 million.

On Saturday, renowned French champagne house Veuve Clicquot staged the first polo match in Manhattan in 70 years. The match, between two North American Polo League (NAPL) teams - Ralph Lauren's Black Watch, captained by Polo model Nacho Figueras, and Asprey's Skeeterville, captained by Will Johnston - was played on Governor's Island, the 172-acre former Army base on Manhattan's southern tip. New York is often cited as the birthplace of American polo c.1876, and Army officers played the sport on Governor's Island until just before the onset of World War II in 1941. Black Watch bested Asprey 10 - 6 in the inaugural match of the Veuve Cliquot Manhattan Polo Classic. Veuve Clicquot has long supported polo in Europe, and since last year other parts of the U.S. as well, such as the Greenwich Polo Club in Connecticut.

On Sunday June 8 London auction house Bonhams will stage its first ever auction in conjunction with the annual Greenwich Concours d'Elegance in Connecticut. The top-priced lots are rare racing cars prized by automotive historians, such as a 1931 Maserati Tipo 8C-2800 competition two-seater, est. $600,000 - $850,000, and a 1965 McLaren-Elva M1A Sports Racer, est. $250,000- $300,000. However, there are plenty of beautiful and highly collectible cars that one can actually drive on offer as well.

Among our favorites is this perfectly-restored British made 1956 AC Ace, est. $140,000 - 180,000, in British racing green, natch. Other highlights include: a 1963 Porsche 356B 1600 Super 90 Cabriolet, est. $110,000 - 130,000; a 1972 Ferrari 365 GTC/4 Coupe, est. $110,000 - $135,000; a 1974 Jaguar Series III V-12 XK-E Roadster, est. $50,000 - $70,000; a 1971 Mercedes-Benz 280 SE 3.5 Cabriolet, est. $100,000 - $150,000; and the steal of the sale, a 1979 Rolls-Royce Silver Wraith II Saloon, est. only $25,000 - $35,000.