13 Magnificent Mansions To Buy With Your Lottery Millions

WRITTEN BY JAYMI NACIRI

13 Magnificent Mansions To Buy With Your Lottery Millions

At press time, Saturday’s Powerball jackpot was sitting at $510 million – the eighth-largest in U.S. lottery history. Choose the cash option as the sole winner and you’d bank $324.2 million before taxes. If that kind of money has you daydreaming about buying a Jay-Z and Beyonce-like mansion, well, we’re right there with you. I mean, real estate remains one of the best long-term investments you can make, so what’s a few more zeroes, right?

We’ve done some of the legwork so you can take your winning numbers right to the real estate apex, buying one of the most luxurious – and expensive – homes around the world.

The Chartwell Estate, AKA the Beverly Hillbillies Home

Who wouldn’t want to own the Beverly Hillbillies house? This L.A. landmark known as the Chartwell Estate is on the market for $350 million (so you’ll still have to take out a mortgage!), but, for that, you get 10 acres, a “grand 18th-century French Neoclassical style” manse, and more than 25,000 square feet of living space, including “a ballroom, formal salon, and paneled dining room,” said Curbed.

Bel Air Spec House

We couldn’t not include another L.A.-area mansion, because this one is a spec house – a spectacularly outfitted spec house that is on the market for $250 million. “The extravagant 38,000 square foot property features 12 bedrooms, 21 bathrooms, five bars and three kitchens and comes complete with its own moat, four-lane bowling alley and an 85-foot Italian glass infinity pool fitted with a hydraulic theater-sized movie screen,” said CNN. “These features alone may seem luxurious, but the property’s developer, BAM Luxury Development group, have equipped the residence with a range of other unique fittings that ensure the home lives up to its opulent price tag. These include an art collection comprised of more than 100 carefully curated pieces including an interactive installation by British artist Dominic Harris and an oversized Leica camera by Chinese sculptor Liao Yibai, valued at $1 million.”


cnn.com
Connecticut’s Great Island

This $175 million, 63-acre waterfront property on Long Island Sound, “known as the Great Island, has been owned since around 1900 by the family and descendants of William Ziegler, an industrialist whose fortunes were attributed to baking powder,” said REALTOR Mag. It features a stone mansion, a 21-stall horse stable, its own polo field, a private beach and dock, a boathouse, and several additional structures dotted on the property.

Hamptons Oceanfront

Prefer The Hamptons? Perhaps this 14-acre compound featuring a 12,000-square-foot main house and more than 700 feet of oceanfront spread across three separate lots is to your liking. For $150 million, you get 360-degree water views, and a “world-class trophy location” with indoor pool, tennis court with tennis house, and two golf greens with golf houses.


sothebyhomes.com
Manhattan Manse

Perhaps Manhattan is more your speed. For a mere $85 million, you could own this eight-bedroom, 10,000-square-foot condo that comes with just a few bells and whistles. “The full-floor apartment comes with a million-dollar yacht (and docking fees for five years), as well as two Rolls Royce Phantoms, a standing weekly dinner date for two at Daniel Boulud’s restaurant Daniel for one year, court-side season tickets to the Brooklyn Nets for a year, a live-in butler for one year, a mansion rental in the Hamptons for a summer and a private chef,” said CNBC.


cnn.com
New Jersey Jewel

This European-inspired estate in exclusive Morristown, NJ features 15 scenic acres and a 30,000-square-foot custom home. Some of its more over-the-top features include a full regulation tennis court, an 80,000-gallon swimming pool, three outdoor kitchens, 13 imported fireplaces from Italy and Portugal, an elevator, Pietra Cardoza and Calacatta marble, a “museum-quality wine cellar graced by Roman brick and Jerusalem limestone floor,” and a catering kitchen. Even better: It’s a bargain at $39 million.


http://christianbarber.terrarealtors.com
Western Colorado Ranch

Get in touch with your inner rancher with this 6,900-acre luxury ranch in Western Colorado. For $149 million, you get Discovery Channel creator John Hendricks’ former property, “a 14-bed, 12-bath mansion complete with an observatory, guest house, helipad, air strip and other amenities,” said the Denver Post. It also features a 22,000-square-foot main house, “scenic desert views and unmatched privacy,” plus “grazing land for cattle as well as fishing ponds and horse pastures.”


llnyc.com
Opulence in Palm Beach

“Internet pioneer Jim Clark is selling Il Palmetto, his landmarked Billionaires Row mansion, with an attention-grabbing price tag of $137 million,” said the Palm Beach Daily News. “The estate measures 5.14 acres and faces about 340 feet of beachfront east of South Ocean Boulevard, with another 360 feet on the Intracoastal Waterway. With Italian Renaissance-style architecture, Il Palmetto was designed in 1930 by noted society architect Maurice Fatio,” and includes features such as a 20,000-bottle wine cellar, an exercise room and a spa.


sothebyshomes.com
Hawaiian Dream

How does 15 acres on the North Shore of Hawaii sound? “The property known as Hale ‘Ae Kai sits on a bluff overlooking the Pacific, with a private path leading down to Secret Beach,” said Mansion Global. The house itself was built in a Balinese-inspired style with “four pavilions connected by covered walkways,” and also includes a pool, caretaker’s house, and “an operating farm that grows palm, coconut and citrus trees.”


purekauai.com
French Fabulousness

This one’s for you if you’re the sole winner and you’re thinking international. “The opulent address in the billionaire’s playground of Saint-Jean-Cap-Ferrat is currently owned by Suzanne Marnier-Lapostolle, a member of the illustrious Grand Marnier dynasty who is keen to ‘downsize,'” said the Daily Mail. “Nice Matin today reports that the former home of Belgium King Leopold II can be yours for ‘a billion euros!”

dailymail.co.uk
Cool in Cannes

This one-of-a-kind estate is perfect for the big spender who wants to show off their unique digs. “Fashion designer Pierre Cardin’s Palais Bulles (Bubble Palace), a complex of interconnected, terracotta-colored domes on the French Riviera at Théoule-sur-Mer near Cannes, is up for sale,” said The Guardian. Its asking price of $410 million is “one of the highest asking prices ever for a European property.”


theguardian.com
Grandiose from the Grand Duke

“This historic Tuscan estate was once home to Leopold II, Grand Duke of Tuscany,” said Love Money about this swanky Grossetto, Italy villa. “Housing scores of well-appointed rooms, the sprawling villa was extensively renovated in 2003 and has since been used as a five-star hotel. Priced at $70 million, the property “a farmhouse and barn that have been repurposed as guest accommodation, period features, and “two large pools that face a private golf course and vineyard.”


lovemoney.com
Barbados Beauty

At a whopping $125 million, this Barbados beachfront mansion measures 13,000 square feet on four levels with 20 bedrooms and 24 bathrooms and encompassing two acres of land, “and has its own spa, coffee shop and health club,” said Point2Homes. “It is being sold partially furnished and features, for example, marble and mahogany closets. It this wasn’t enough, there are also dedicated boat berths at the nearby Port Ferdinand marina.”

Seller Cancellation Must Be Done ‘By The Book’

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Seller Cancellation Must Be Done 'By The Book'

Breaking up is hard to do. So is cancelling a California real estate purchase contract. Especially if you are the seller. That is why, a little over a year ago, the legal department of the California Association of Realtors (CAR) produced a memorandum titled, “How a Seller May Cancel a Purchase Agreement: Checklist and Q&A”.

The need for such an advisory arises out of the fact that a non-performing buyer may still want to buy. Sometimes buyers miss performance deadlines due to nothing more than sheer inefficiency. Sometimes it is because things have not gone as planned (e.g. they don’t yet have the money for the increased deposit that is due). And, sometimes, they stall the closing in an attempt to squeeze the seller for a further concession. In each case, they still want to buy — just not on exactly the terms that had been agreed to.

The CAR memo notes: “Many sellers and agents are impatient. They want the contract canceled yesterday. But rushing the process of cancellation will often lead to a defective or questionable cancellation. What good does it do to cancel a contract if the buyer can come back and possibly claim a right to buy?”

For what reasons may a seller cancel? In a typical situation, the standard purchase contract (RPA) provides exactly ten reasons. The CAR memo provides the following list: (1) buyer failure to remove an applicable contingency; (2) buyer failure to deposit the earnest money, or an increased deposit; (3) funds for money deposited are not good; (4) buyer fails to deliver prequalification letter; (5) buyer fails to deliver verification of down payment and closing costs; (6) seller has reasonably disapproved of the verification of funds; (7) buyer fails to return the Transfer Disclosure Statement, Natural Hazard Disclosure, lead disclosures or other disclosures (if required); (8) buyer fails to sign a separate liquidated damages form for an increased deposit; (9) buyer fails to deliver notice of FHA or VA costs or terms (if applicable); and, finally, (10) buyer does not close escrow on time.

The ten reasons listed are in a standard transaction. Other possibilities could be added, such as a contingency for short sale approval, or the purchase of another property. Also, there are common law legal reasons such as fraud or duress.

When a buyer has failed to comply with one of the conditions in 1 — 9 above, the seller must, before canceling, first give the buyer a Notice to Buyer to Perform (NBP). In such an instance, it is important that the seller and his agent are careful to calculate correctly what is the buyer’s deadline date for compliance. The NBP can be delivered no earlier than two days before that date.

If the buyer has failed to close escrow on time (condition #10), then the seller should use the Demand to Close Escrow (DCE), not a notice to perform.

It is also important that the seller has fulfilled all of his obligations with respect to the buyer’s contingencies. “The [Purchase Contract] specifies that where the seller has sent out disclosures, reports or other information late, then the buyer will have an additional 5 days after receipt to remove contingencies if those 5 days go beyond the [contractual] contingency period.”

Sellers will often want to retain some or all of a buyer’s earnest money deposit. In cases where an NBP has been used, this is not possible. The purchase contract gives the seller the right to cancel if the buyer has not performed after receiving an NBP, but it also provides that the seller will release the deposit money, less costs incurred. This is not the case, however, when the seller has given the buyer a Demand to Close Escrow (DCE).

If the buyer has not conformed with a Notice to Perform, or has not closed after receiving a Demand to Close Escrow, the seller may then deliver a Cancellation of Contract (CC) to the buyer. This form comes in two parts: one cancels the contract, the other cancels escrow and provides for disposition of the deposit money. It is important to note that the first part, unlike the second, does not require the signatures of both parties. It is relevant again to quote from the CAR memorandum:

“Cancellation is a unilateral act regardless of whether there is an open escrow. The ten reasons for cancellation as outlined confer upon the seller a right to cancel unilaterally. It is irrelevant whether the buyer ‘agrees’ to the cancellation. As long as the seller has properly followed the correct procedure, the seller’s cancellation will be effective.”

It goes on to say, “Escrow may require signatures from both parties to cancel the escrow, but the fact of an escrow being open does not affect the validity of the seller’s cancellation.” And further, “The fact that there is an open escrow does not by itself mean that the initial buyer retains a right to buy. If the contract was properly cancelled, then a seller may sell the property to a subsequent buyer.”

Of course, there are still issues to be discussed. What happens to deposit money if the buyer balks? Can the property be put on the market if escrow isn’t cancelled? What is the prudent thing to do? & etc. But those are all for discussion some other day.

melting-watch

MARKET WATCH

Single Family Home Activity in the Antelope Valley

In the last 24 hours
08/18/17

New Listings …  34
Sold …  24
Pending …  22
Expd/Wthd/Cancld …  07
Price Increases …  05
Price Reductions …  08
Number of listings* …  1075
Average Days on Market …  78
Short sale/pay listings …  19
Equity listings …  922
Bank owned listings …  21
HUD, Corp, Probate and Auction listings …  40
Days of inventory (at the average rate**) …  25.99
Days of inventory (at yesterdays rate**) …  34.68
Actual Number of days of inventory***  …  ∞

View the last 8+ years of data HERE!

SELECT THE CHART TO VIEW
(each will open a new tab)

New Listings on the Market

Closed (Sold) Transactions

Pending Units

Expired Listings

Price Increases

Price Decreases

Total Number of Listings

Days of Inventory 

Average Selling Price

Monthly Selling Price Points
(Price extremes at the end of the month)

Daily Day’s on the Market

Monthly Day’s on the Market

Total Sort Pays

Sold by Month

Total Sales in Last 12 Months

Avg. Number of Solds per Month over 12 Months

 

* Count includes all ACTIVE and CONTINGENT MLS listings
** Assuming no future growth or reduction
*** At yesterdays depletion rate (∞ indicates negative depletion,
inventory would not be depleted at this sales rate)
ALL DATA WAS DERIVED FROM THE “GREATER ANTELOPE VALLEY
ASSOCIATION OF REALTORS®” AND IS DEEMED RELIABLE.
THE CALCULATIONS OF THAT DATA IS THE
RESPONSIBILITY OF DON GOCKEL, REALTOR®