Homes topping US$100m smash US records
Next benchmark will be US$200m, predicts agent
[BOSTON] The US trophy-home market is shattering price records this year as an increasing number of residential properties change hands for more than US$100 million.
Barry Rosenstein, founder of hedge fund Jana Partners LLC, has purchased an 18-acre beachfront property in East Hampton, New York, for US$147 million, according to the New York Post. That would break the US single-family price record of US$120 million set last month with the sale of a Greenwich, Connecticut, waterfront estate on 51 acres. In Los Angeles, a 50,000-square-foot home sold in February for US$102 million in cash after a bidding war.
The world's richest people are moving cash to real estate as they seek havens for their wealth. In the US, an improving economy and stocks at a record are bolstering confidence among the affluent.
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