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Pablo Picasso’s French Riviera Estate Sells for $24 Million

November 4, 2017

Pablo Picasso’s French Riviera Estate recently sold for $24 Million. According to Forbes, the property was purchased on October 12, 2017 by Rayo Withanage, a Fiji-born, New Zealand real estate businessman. The estate was to be auctioned off by Residence 365, an affiliate of Christie’s International Real Estate; however, there was only one bidder present at the auction. With a starting price of $24 million and only one bidder, the home was purchased at the opening bid price. See Forbes article

Located in the hills above Cannes, the Villa Notre Dame de Vie at Mougins belonged to Pablo Picasso and where he spent his last years. According to a Mansion Global article from September, the property was renovated and well maintained by previous owner, Tom Moeskops. Although the residence has many modern conveniences, the renovation ‘œremained faithful to the home’s features when Picasso owned it’. The property features a main house, guest house, caretaker’s house for a total of 15 bedrooms and 12 bathrooms. Picasso entertained many celebrities at the home including Winston Churchill who enjoyed visits spent painting. The estate dates from the 18th century and belonged at one time to the Anglo-Irish Guinnes brewing family. See Mansion Global article

The property was being auctioned on behalf of the Dutch Achmea Bank, creditor of the former owner who went into bankruptcy. A bank attorney stated that ‘œthe selling price was a disappointing bargain because it is worth at least $30 euros ($34.89M USD).

As Douglas Elliman agents, Nicholas Malinosky and Randy Ely are your connection to the international real estate market. Networking closely with Knight Frank, Nick and Randy can help you find the perfect international property.

Looking to sell or buy a luxury home in the United States, Europe or beyond? Contact Nick Malinosky and Randy Ely to start the conversation.

Photo: forbes.com

What Does a Villa Built for a Dubai Royal Look Like?

August 23, 2017

Take a look inside this 46,000 square foot luxury villa complete with luxury amenities including 11 bedrooms, 15 bathrooms, indoor and outdoor pools, a 16-seat movie theater, breathtaking views of the best stretch of beachfront available for a private residence in Dubai, and a nightclub with room for 200 guests. According to Mansion Global, ‘œThe villa also comes with a very rare asset in this part of the world’•approval to put in a mooring for a boat, something that is not usually permitted in Dubai’.

The neighborhood is full of high-end establishments such as Nobu and Locatelli located in the Atlantis hotel, a W Hotel coming soon, and a $4.5 million square foot shopping mall currently under construction that will feature five stories of luxury shopping and rooftop restaurants.

It may be not a surprise that the Dubai Royal family never lived in the home, but used it for guests and entertaining. Built in 2007, the villa is built more like a hotel than a private residence with specific service entrances and complete maid quarters for 10 staff members. The villa is currently on the market for $200 million (AE Dollar) / $54.5 million (US Dollar). See Mansion Global article

Looking to buy or sell a property fit for a royal? Douglas Elliman Delray Beach Executive Directors of Luxury Sales, Nicholas Malinosky and Randy Ely can assist you with your real estate goals. With several record-breaking sales to their credit, Nick and Randy know the intricacies of marketing and selling South Florida properties that are “fit for a king”. Together, these two undustry leaders are Redefining Luxury Real Estate. Please feel free to contact Nick Malinosky and Randy Ely to discuss the current luxury market.

Photo: Mansion Global

Palm Beach is Hottest Luxury Real Estate Market in the U.S.

November 4, 2016

According to a post on Mansion Global, the Palm Beach luxury real estate market is the hottest market in the country. Palm Beach enjoyed a healthy summer and more specifically, Delray Beach in Palm Beach County topped Redfin’s luxury house price index for third quarter. Redfin defines luxury as a home that is among the top 5% most expensive homes in each of the more than 1,000 cities across the U.S. tracked. The average price of a luxury home in Delray Beach was up 70% from the past year with Boca Raton coming in second with a 38% increase.

Redfin agent, Alex Garcia attributes Palm Beach County’s increase in luxury prices to new construction in waterfront areas and a reurbanization to the downtown areas. Garcia noted that builders are tearing down older waterfront homes and constructing modern homes with all the ‘œbells and whistles’. Garcia further states that luxury buyers in Delray Beach and Boca Raton tend to purchase waterfront homes near revitalized downtown areas with restaurants and shops. See Full Article

Looking to buy a luxury home in Delray Beach? Top real estate agents Nicholas Malinosky and Randy Ely have a fabulous listing inventory and are ready to assist you. Check out just a few of their Delray Beach offerings:
617 Palm Trail, Delray Beach listed at $5.95M
1010 Lewis Cove Road, Delray Beach listed at $3.395M
1014 Rhodes Villa Avenue, Delray Beach listed at $2.795M
920 Gardenia Drive, Delray Beach listed at $2.695M
58 Seabreeze Avenue, Delray Beach listed at $2.249.5M
86 MacFarlane Drive #8A, Delray Beach listed at $1.095M

Looking to buy a luxury residence in South Florida’s beach area? Want more information about the Luxury Real Estate Market, please contact Mr. Malinosky and Mr. Ely, the #1 Luxury Team in the Beach Area.