11 Biggest Luxury Home Price Drops 2010


Some hold which a Great Recession hasn't been an next to event devastater. While we can all determine which it has shot a cannonball by what was once a middle class, not everybody thinks which a uber-rich have experienced their fair share of a misery. Here have been some examples which competence prove otherwise.

1) Albemarle House, an elegant palace located in Virginia's Blud Ridge Mountains, came upon a market in 2009 during $100 million. In a blink, a cost was slashed to $48 million as well as now it sits listed during $24 million -- a $76 million or 76% cost cut. Think which didn't hurt?

The home is near Thomas Jefferson's Monticello as well as James Monroe's Ash Lawn-Highland. The 25,000-square-foot categorical residence has 45 rooms as well as includes a theater, label room, library, as well as Islamic art studio which features an antique Syrian fountain. There is a pool, pool house, log cabin, hothouse as well as a series of staff cottages. The drift have been large sufficient to install an 18-hold golf march -- which Arnold Palmer has already in a centre designed.

Sotheby's has already auctioned off a artwork as well as furniture, bringing in $15.2 million as well as a owner's jewelry fetched an additional $5 million.

Who have been a poor souls behind this financial disintegration?
Patricia Kluge as well as her father Bill Moses non-stop a 907-acre Kluge Estate Winery as well as Vineyards in 1999. Expansion skeleton -- as well as a loans which came with them -- appear to have been their Achilles' Heel. That as well as a recession, of course. The bank which foreclosed upon a business last tumble wasn't meddlesome in producing wines as well as instead sold off a pieces.

Michael Rankin, Sotheby's International Realty, has a listing.

Gallery: Albemarle

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11 Biggest Luxury Home Price Drops 2010 originally appeared upon Luxist upon Wed, 05 January 2011 08:01:00 EST. Please see our conditions for use of feeds.

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