Need Somewhere to Spend That $159 Million???

Always good to check in to see how the wealthy are spending their hard earned cash around housing.  This article from Buzz Buzz Home News, tells about the most expensive home on the US market, that was just re-listed for $159 million in Florida.  Not everyone’s cup of tea, but then again, somewhat of a limited market segment as well!

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There’s something about estate homes modeled after the Palace of Versaille that sets the Internet abuzz and its owners into financial uncertainty. The 2012 documentary, The Queen of Versaille, chronicled the rise and fall of the Siegel family as they sought to construct the largest single-family home in the country. In April, BuzzBuzzHome News reported on an unfinished Versailles-inspired mansion in Toronto’s Bridle Path neighborhood that sunk its owners into bankruptcy and failed to sell at auction twice.

But a taste for 17th century French architecture has not been lost on the kingdom of the one-percent. A 60,500 square foot home in Hillsboro Beach, Florida is currently on the market for $159 million. The four and a half acre estate beat its own record for the nation’s most expensive listing by increasing the asking price by $20 million to account for the addition of two guest homes and an entertainment facility.

The home, dubbed “Le Palais Royal,” is owned by Robert Pereira, the founder of Middlesex Corp., a Massachusetts-based civil construction company. Pereira originally intended to live in the house, but has since changed his mind and listed the property with One Sotheby’s International Realty.

The property is situated between the Intercoastal Waterway and the Atlantic Ocean, boasting 11 bedrooms, six artificial waterfalls, 30-car underground garage, two private boat docks, 3,000-bottle wine cellar, 18-seat IMAX theater and a 1,300 gallon fish tank.

Among the home’s most opulent features is a double grand marble staircase that cost $2 million and took two years to build. Over $3 million worth of gold leaf was used to embellish crown mouldings, hardware and lighting fixtures.

Outside, there’s a 4,000 square foot infinity pool with a swim-up bar, double-loop waterslide, suspended glass-bottomed hot tub, putting green and an outdoor kitchen with a pizza oven.

The latest additions to the property include two modest guest houses that span 3,000 square feet each. A go-kart track, ice skating rink, bowling alley and nightclub are currently under construction, and are expected to be completed within the next two years.

It has taken seven years to design and build Le Palais Royal — the main house, where Pereira resides, is now 95 per cent complete. However, it remains to be seen if the Versailles replica will sell at its (new and higher) asking price or if Pereira will be forced to cut a deal.

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Posted: Monday, November 16, 2015