2019 was a significant year in the real estate market, marked by an unprecedented surge in sales exceeding $100 million. From luxurious penthouses in Manhattan to sprawling estates in Palm Beach and Los Angeles, these high-profile transactions captured headlines and sparked conversations across the nation. In particular, the influx of wealthy New Yorkers relocating to Florida due to tax law changes ignited debates about the shifting dynamics of America's affluent class.
The most astonishing sale of the year was hedge fund manager Ken Griffin's remarkable $238 million acquisition of a penthouse located on Manhattan's prestigious Billionaire's Row. Griffin's real estate endeavors have become legendary, with two of his properties making the list of the ten most expensive homes sold in 2019. Additionally, he secured a Palm Beach property for $99.1 million, further solidifying his status in the elite real estate market.
Before 2019, the record for the most $100 million-plus deals in a single year was three, a mark set in both 2014 and 2016. However, 2019 shattered that record with a total of six transactions exceeding the $100 million threshold. Notably, three of these deals transpired in Los Angeles, two in Palm Beach, and one in New York City, showcasing a diverse and competitive landscape for luxury real estate.
220 Central Park South (TIMOTHY A. CLARY/AFP via Getty Images)
High-Value Real Estate Transactions of 2019
Let's dive into some of the most notable real estate sales that took place in 2019, each highlighting the extravagant nature of the ultra-luxury market.
#6. A Charles Gwathmey House in Malibu
Price: $100 million
In August, NBCUniversal vice chairman Ron Meyer sold his stunning Malibu estate for $100 million to WhatsApp founder Jan Koum. Originally listed for $125 million earlier that year, this impressive 14,000-square-foot house sits on three oceanfront acres and features six bedrooms, a two-story library, a home theater, and a gym. The property was designed by renowned architect Charles Gwathmey in the late 1990s.
#5. La Follia, Palm Beach
Price: $110.25 million
This opulent Palm Beach estate sold for $110.25 million during the summer after initially being listed for $135 million in October 2018. Although the buyer's identity remains undisclosed, the property is situated on a coveted stretch of South Ocean Boulevard, just south of Mar-a-Lago, known as Billionaire's Row. Spanning nearly five acres, La Follia boasts 37,500 square feet of living space and 13 bedrooms.
#4. La Reverie, Palm Beach
Price: $111 million
Another remarkable sale in Palm Beach was the massive estate purchased by hedge-fund billionaire Steven Schonfeld and his wife, Brooke. This deal set a price record for Florida, with the property featuring an astounding 70,000 square feet, 11 bedrooms, and 22 bathrooms. Notably, the estate includes unique amenities such as a bowling alley, candy parlor, tennis court, pool, and even an ice cream stand.
#3. Spelling Manor, Los Angeles
Price: $119.75 million
The infamous Spelling Manor, originally built for the late television mogul Aaron Spelling, sold for $119.75 million in the summer of 2019. The property, located in the prestigious Holmby Hills neighborhood, spans 56,000 square feet. Formula One heiress Petra Ecclestone sold the estate to a buyer from Saudi Arabia, marking a significant transaction in the luxury market.
#2. Chartwell, Los Angeles
Price: $150 million
In December, Lachlan Murdoch, co-chairman of News Corp and son of Rupert Murdoch, made headlines by purchasing Bel Air's Chartwell for $150 million. This monumental sale set a record for Los Angeles and became the second priciest sale for a single-family home in the United States. The 25,000-square-foot manor had previously hit the market for $350 million in 2017.
#1. 220 Central Park South, New York
Price: Roughly $238 million
Ken Griffin made waves yet again with the purchase of this lavish 24,000-square-foot apartment on New York City's Billionaire's Row. Shortly after finalizing the deal, New York's legislature expanded the mansion tax, targeting buyers of properties priced at $2 million or more. The brand-new building is home to other notable residents, including the musician Sting.
Key Takeaways
What You Will Learn
- The year 2019 witnessed a record number of real estate sales exceeding $100 million.
- Ken Griffin's purchase of a $238 million penthouse set a new benchmark in luxury real estate.
- The shift of wealthy individuals from high-tax states to places like Florida significantly impacted the market.
- Los Angeles and Palm Beach emerged as primary locations for ultra-luxury real estate transactions.
