[M_Six]

Ok, screw the 1%ers. They're pedestrians. These folks are in the 0.1% range. This house in the Hamptons is listed in this month's issue of Architectural Digest at $54 million. And it's not the biggest house in the area. Fly around this area and check out some of the "cottages." What amazes me is the interspersed farm land. How the hell can anyone afford to maintain land there as agricultural? Do they charge $50k per ear of corn or tomato?

https://www.google.com/maps/@40.9163.../data=!3m1!1e3

[xyaaeg234g234]

When I did home A/V installs (home theaters, whole house audio, etc) in Southern California I got to see how they lived daily.

One of the more impressive places I've been was Paul Merage's 34,000sq ft mega-mansion in Newport Coast. I don't remember what they said the value/cost was, but it was big.. and until recently held the title of the largest home in a good portion of Southern Cali.

http://homesoftherich.net/2009/03/pa...ort-mega-home/

However, Paul is a little asshole and I hated working at that house. He went super cheap on all home A/V and was in a perpetual state of change with everything - including the house. We spent months on that project and really got very little done... the only consolation was the view from that pool house.

I have a bunch of pictures but they're on storage that's put away. One of the other awesome houses we worked on was the [Portabello Estate](http://portabello.com).

[M_Six]

What do you do with 34,000 sq ft of space? Our house is 2400 and there are rooms we rarely set foot in. Of course we don't entertain a ton of guests or have big parties, so we don't need that space, but still...

[Sidewinderpb]

Originally Posted by M_Six

What do you do with 34,000 sq ft of space? Our house is 2400 and there are rooms we rarely set foot in. Of course we don't entertain a ton of guests or have big parties, so we don't need that space, but still...

Fill it with cocaine and whores...what else?

[Delta0311]

Originally Posted by Sidewinderpb

Fill it with cocaine and whores...what else?

That's what I would do. I would also have a big ass gym in there and a steroid dispensing vending machine.

[PoorLurker]

That's probably more like .01%

I have pondered the same thing as well regarding the agriculture. I have seen many areas around here with that make me question why don't the owners sell the land to developers as it would make a lot more money than what they are making with their nursery.


Just to think that there are people who are paying over a million dollar in fees, upkeep, and fuel for their private planes.

We see people on Instagram with two or three exotics and think they are balling out of control. However, when your "basic" needs to live are nearly a Ferrari a month you are on a whole different level.

In terms of purchasing power, it's actually pretty sad. The world's most expensive meals to the 0.1% and 0.01% is like buying stuff off the mcDonalds value menu. Cars are like cheap bicycles, etc.

prodigymix Thanks for sharing! That's pretty cool. I used to always look at that portobello house online haha

[jtodd_fl]

I will start with the fact that I have zero actual knowledge on this, but would bet that the only way a farm could survive is with some sort of long term tax "grandfathering" or tax code gerrymandering or something. No way they could sustain the tax rate on that property under normal tax rates.

[F30lolz]

In my last place of employment where we catered to the VIP's around the world, the owner (yes the one who would bang) told us that he met with someone in this .1% who spent $7 million for his 7 year olds birthday party to have a show of an abandoned ship being blown up/sunken in some island in the pacific.

[M_Six]

Here's the article on that home.

http://www.architecturaldigest.com/g...ns-real-estate

[M_Six]

I'm looking at this picture of one of the bedrooms and I'm thinking "Super Storm Sandy." Not a lot of elevation change between the beach and the glass wall.

[KingOfJericho]

Funny that you highlight this home when the one behind it is one of the largest private residences in the US. It's 60,000+sqft and cost something like $110M to build. It's owned by Ira Rennert (used to own AM General and still owns lots of really un-green commodity properties - mines, smelters, etc - dude is like a Bond villian)

[M_Six]

There are lots of huge houses out there and the one I highlighted isn't even close to being the biggest or most expensive. That in itself is amazing. I just happened to see the one I posted in Architectural Digest. In the magazine it's listed at $54mil. On the website it says $50mil. Either way, it's 4 times the cost of a huge chateau in France that they also featured in the magazine.

http://www.architecturaldigest.com/s...french-chateau

Of course with the chateau you'd have to deal with the French, so there's that...

[ASBSECU E93]

Originally Posted by jtodd_fl

I will start with the fact that I have zero actual knowledge on this, but would bet that the only way a farm could survive is with some sort of long term tax "grandfathering" or tax code gerrymandering or something. No way they could sustain the tax rate on that property under normal tax rates.

This - or land held in conservation.

[M3 Number 86]

Originally Posted by M_Six

Ok, screw the 1%ers. They're pedestrians. These folks are in the 0.1% range. This house in the Hamptons is listed in this month's issue of Architectural Digest at $54 million. And it's not the biggest house in the area. Fly around this area and check out some of the "cottages." What amazes me is the interspersed farm land. How the hell can anyone afford to maintain land there as agricultural? Do they charge $50k per ear of corn or tomato?

https://www.google.com/maps/@40.9163.../data=!3m1!1e3

I thought you were rich. Guess you're just another peasant lol

[M_Six]

Originally Posted by M3 Number 86

I thought you were rich. Guess you're just another peasant lol

I'm a serious peasant. Not quite a serf, but a peasant for sure.

[M3 Number 86]

Originally Posted by M_Six

I'm a serious peasant. Not quite a serf, but a peasant for sure.

[dsad1]

Originally Posted by M_Six

Ok, screw the 1%ers. They're pedestrians. These folks are in the 0.1% range. This house in the Hamptons is listed in this month's issue of Architectural Digest at $54 million. And it's not the biggest house in the area. Fly around this area and check out some of the "cottages." What amazes me is the interspersed farm land. How the hell can anyone afford to maintain land there as agricultural? Do they charge $50k per ear of corn or tomato?

https://www.google.com/maps/@40.9163.../data=!3m1!1e3

Agricultural land is usually tax exempt, or taxed at a much lower rate. The owners of the land are probably leasing to farmers so that they can have the tax benefits while their land appreciates, or until they want to build something.

[fecurtis]

Originally Posted by M_Six

I'm looking at this picture of one of the bedrooms and I'm thinking "Super Storm Sandy." Not a lot of elevation change between the beach and the glass wall.

Just buy another massive house in that case obvi.

[Flying Ace]

Originally Posted by M_Six

What amazes me is the interspersed farm land. How the hell can anyone afford to maintain land there as agricultural? Do they charge $50k per ear of corn or tomato?

https://www.google.com/maps/@40.9163.../data=!3m1!1e3

I've seen this setup before. If the house and farm land all belong on the same property, the buyer owns everything. But usually, when these houses go on sale, there's some additional information on how the farm is being used.

I've seen many times that the land is usually leased to a farmer, and said farmer pays a % of revenue or profit for its use. Your agent should show you the current lease contract and give you more information on how seasoned and long term the tenat is. Most buyers I image retain the current tenat indefinitely and don't ask to change the terms of the contract, mostly b/c they probably don't want to go out and look for another tenat nor do they want to repurpose the farm land. You'll still be on the hook for some insurance liability and such...

These things are common here in the SF bay area with vineyard properties.

[John 070]

Originally Posted by M_Six

What do you do with 34,000 sq ft of space? Our house is 2400 and there are rooms we rarely set foot in. Of course we don't entertain a ton of guests or have big parties, so we don't need that space, but still...

This is likely to be old news, but I was thinking that 6 years ago when that dude built a 51k sq ft home in CT, that's pure ego, heliport, 103 person movie theater, etc. I think it "only" cost $14 mil. and the property tax is only $100k.

I have a hs buddy who pays $56k/yr. in MA. He's definitely a 1 %'er but not a 0.1 %'er. Donald Trump has a Gucci outlet store worth more than my buddy's total net worth.

Being rich is overrated. But I can assure all of us they don't install their own DSC Hydro pumps or wonder what codes are or replace a PCV valve. Their loss.

[John 070]

Originally Posted by KingOfJericho

Funny that you highlight this home when the one behind it is one of the largest private residences in the US. It's 60,000+sqft and cost something like $110M to build. It's owned by Ira Rennert (used to own AM General and still owns lots of really un-green commodity properties - mines, smelters, etc - dude is like a Bond villian)

See this trumps that guy I thought of with the 51k sq ft home in CT.

Personally, if our family ever achieves 3,500 sq. ft. with a 3 car garage, I'll be happy (professional kitchen and nice pool too).

Honestly, when you earn something on your own, it means a lot. The fact that I can not be 100% for certain we'll get it, keeps me motivated.

[insanecoder]

I have alil over 3500 sqft and I think even its too much for me & family.. but I guess its not enough for some of us (the .1%ers)

Looky those fancy hedges.. but noone in sight.. all of it for just one dude I suppose.. how much is enough?