One of the most expensive items you will ever purchase will be your home. As you probably know, it isn’t the initial payment that’s the only cost when buying a house. You need to consider mortgage payments, home insurance, upkeep, bills and taxes. Can you imagine how much it would cost to buy and run a €1 million or even a €1 billion property? We explore the lives of the rich and famous and the expensive properties that they’ve invested in.
Antilia currently holds the record for the second most expensive home in the world, after Buckingham Palace. The building is owned by Indian businessman Mukesh Ambani, who lives at this property with his wife and children. The building is valued at $1 billion (USD) which is approximately €917 million, this amount continues to rise as developments in the area are positively influencing the building’s worth. This private residence has 600 staff to maintain the property and the building itself is earthquake proof. It has extravagantly high ceilings – the height of this 27 storey building is the equivalent to a building of the same height with 60 storeys.
Villa Leopolda, Villefranche-sur-mer
Villa Leopolda is situated in the town of Villefranche-ser-mer in the south of the country on the French Riviera. It is currently owned by Lily Safra, widow of Lebanese banker Edmond Safra, who left the home to his wife when he died in 1999. A Russian billionaire wanted to buy the property in 2008 and had it valued, at the time it was estimated to be worth €500 million. The deal did not go through and Lily still owns the home. It is steeped in history with the estate once being owned by King Leopold II. As well as this the property has been used in films including ‘The Red Shoes’ and ‘To Catch a Thief’.
Xanadu 2.0, Washington
The most expensive properties list would not be complete without including a property owned by the world’s richest man. Bill Gates has been named the world’s richest man for the 16th time this year. His home in Washington is worth $125.5million, approximately €115 million. This value has increased astronomically since he bought it in 1998 for $14 million. The property is built into the side of a hill that overlooks Lake Washington. It is eco-friendly by using its surroundings to insulate the property and save energy. Bill Gates has included some extravagant features to the property making it one of a kind, including an indoor trampoline with a 20ft ceiling, a swimming pool with an underwater music system, a sensor system so that guests can control a room’s temperature and lighting and many more high tech additions, which maybe isn’t so surprising being the home to Microsoft’s co-founder.
Penthouse, One Hyde Park, London
One of the most expensive residential properties in the United Kingdom is One Hyde Park. The cheapest penthouse costs £20 million, going up to the most expensive at £140 million, which is approximately €200 million. The penthouse itself has six bedrooms across two floors, which is a modest number in comparison to other properties on the most expensive list. The property overlooks London’s Hyde Park and the Serpentine. The penthouse is bullet proof and includes a panic room.
Home Insurance for a €100 million + Property
It is unlikely that your insurance company would offer a home insurance policy to any of the above properties. It would be more likely that specialised insurance companies would take a risk on such an expensive home and it would involve many influencing factors including who owned it, who lived at the property, the value when it was purchased, the value increase, any new features added to it and many more complex decisions. It is also likely the insurance costs would fluctuate depending on any extra building work or new features added.