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Business Observer Friday, Sep. 12, 2014 5 years ago

Reach deep into cash reserves

There's a lot someone can buy with $139 million.

There's a lot someone can buy with $139 million.

For one, that's the asking price for what could be the largest residential real estate listing in the country, for a palace and estate on Florida's east coast. The home, La Palais Royal, covers four acres and 465 feet of beachfront on Millionaires Mile on Hillsboro Beach in Broward County, outside Fort Lauderdale. The 60,000-square-foot home, according to a press release, includes a 492-foot private dock that can accommodate a 185-foot mega yacht and an underground garage with parking for 30 cars.

Coldwell Banker Residential Real Estate broker William Pierce is the main agent behind the listing. Pierce is assisted in his global marketing efforts by the corporate office of Coldwell Banker Residential Real Estate, based in Sarasota. That office helped land the listing exposure in multiple media outlets, including Forbes and the Wall Street Journal.

“Listing a property of this magnitude shows that even the most affluent sellers trust the Coldwell Banker name and brand with their dream homes,” Coldwell Banker Residential Real Estate Florida President Clark Toole says in an email to the Business Observer. “The luxury real estate market is a very big part of our business, and having a listing like Le Palais Royal reinforces that Coldwell Banker Previews International is the choice for luxury sellers and buyers in Florida and nationwide.”

Coldwell Banker says the asking price is the highest for any MLS listing nationwide. Features in the home include:

A 13-foot, 22-carat gold-leaf gate and 26-foot entrance fountain;

A $2 million marble staircase with steel-iron railing and gold leaf that took craftsmen more than two years to construct;

Eleven bedrooms, 17 bathrooms and the first-ever IMAX Theater contracted for private use;

A 4,500-square-foot infinity edge pool with a 12-foot cascading waterfall;

A high-tech, custom-soundproofing system.

If La Palais Royal isn't to your liking ... here's a list of other items that cost $139 million or less:

Private planes: A Gulfstream G550 costs around $60 million, while the base price of a Boeing Business jet is around $55.5 million. There's also Donald Trump's plane, which he bought from Microsoft co-founder Paul Allen in 2011 for $100 million.

Private islands: Broad Keys, a 63-acre private island in the Florida Keys, is listed for $20 million. That's a bargain compared with the $29.3 million listing price in 2012 for singer Celine Dion's 24,000-square-foot private island estate outside Montreal.

Art: Jackson Pollock's Number 19 painting sold for $58.3 million at an auction in 2013. Francis Bacon's Three Studies of Lucian Freud sold at another 2013 auction for $142 million.

Sports team payrolls: The Tampa Bay Rays payroll in 2014 is $76.8 million and it was $61.9 million in 2013. That comes in just under $139 million. The Tampa Bay Buccaneers payroll is $130 million for 2014 under the NFL salary cap.

Daily newspapers: Warren Buffett bought 28 daily papers in 2012 and early 2013 for $344 million, so a bunch could certainly be had for $139 million. The Boston Globe sold for $70 million last year and investors bought the Tampa Tribune in late 2012 for $9.5 million.

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