Business & Economy

Reported $147 million home price would set new US record

A satellite image depicts a beach-front estate that reportedly sold for $147 million in East Hampton, N.Y.
A satellite image depicts a beach-front estate that reportedly sold for $147 million in East Hampton, N.Y.
/Google Maps

The stock market has been on a winning streak — and that means these are busy times in exclusive U.S. housing markets. How else to explain three homes that each reportedly sold for more than $100 million in the past three months?

News that hedge fund founder Barry Rosenstein is buying an East Hampton, N.Y., property for $147 million prompted Bloomberg News to declare, "The U.S. trophy-home market is shattering price records this year."

"In the megahome market, $100 million is the new $50 million," CNBC reports.

Rosenstein's purchase made headlines over the weekend, as the New York Post reported that he reached a record-setting price for an "18-acre beachfront property — with formal gardens and a pond" at 60 Further Lane in East Hampton.

The house tops the Forbes list of the most expensive home sales in U.S. history; four of the top five properties changed hands since January 2013. Here are the other three:

Those numbers are gaudy. But proving that more money can indeed mean more problems, consider that last year, Copper Beech Farm made headlines for carrying more than $120 million in mortgage debt, as The New York Times reported.

As for what the rash of sales says about these financial times, Bloomberg reports:

"The world's richest people are moving cash to real estate as they seek havens for their wealth. In the U.S., an improving economy and stocks at a record are bolstering confidence among the affluent. Home purchases of $2 million or more jumped 33 percent in January and February from a year earlier to the highest level for the two-month period in data going back to 1988, according to an analysis by DataQuick."