A Billion Dollar Home?

I feel as if I need to channel Dr. Evil from the Austin Powers movies a bit when I utter the price of the home that has been built in India. A few years ago, it has hit the news and some of you may have already heard about it when it was designated as "The World’s First Billion-Dollar Home. As of this week, that claim to fame is now a reality as the home is completed and ready to welcome its owner, one of the richest men in the world, Mukesh Ambani. 



Ambani is the chairman of Reliance Industries, which is India’s largest private sector company. His personal wealth is estimated at about $29 billion and Forbes named him the 2010 fourth richest man in the world.

A look back in time shows that the home seems to have all the features noted in the original plans. Soaring 27 stories and 570 feet high, it towers over much of its surroundings, with glass walls taking full advantage of its stunning position in the center of downtown Mumbai, with views stretching to the Arabian Sea. Six garage levels sit below the residence, providing garage space for approximately 160 cars. No doubt Ambani, his wife and three children, plus the 600 staff members reportedly hired for this building/residence will have no problems with parking…or perhaps Mr. Ambani can fill those spots on his own? Some published reports say there is a full-service auto maintenance center that comprises one floor of the tower.



While there is some question as to exactly how much the home is worth (which seems to be anywhere between $1 billion and $2 billion, according to many analysts), there seems to be little question as to the level of amenities this mansion in the sky affords. Named Antilia, after a legendary island in the Atlantic Ocean, this palatial building took seven years to complete and begins with the home’s lavish “lobby,” offering nine elevators. The home’s reported 37,000 square feet include such features as a two-story health club, a 50-seat theater, a ballroom and a four-story hanging garden. Other highlights include multiple safe rooms, a dance studio, a swimming pool and the three heli-pads on the roof.



What more can one say?



Source from: Kathleen of Unique Homes

Largest Residential Sale in Kelowna's History - $10 million property sold.

By Steve MacNaull

Thursday, October 7, 2010


An aerial view of the 29 acre parcel at 5880 Lakeshore Road that has changed hands for $10 million.

What real estate slowdown?

A 29-acre waterfront super-estate has just sold in Kelowna for $10 million.

“It‘s good news, really good news,” said Gary August of Coldwell Banker Realty, who co-listed the property with realtor Jane Hoffman.

“It shows that Kelowna is still a desirable real estate market and wealthy people are more than willing to invest here.”

At $10 million, 5880 Lakeshore Rd. is the most expensive single-family home to ever sell in the Central Okanagan.

The record was previously held by the lakefront mansion at 1499 Pritchard Dr. in West Kelowna that sold in early 2008 for $7.4 million.

“Not many properties sell at these price points, so they are big deals, something that everyone sits up and takes notice of,” said August.

The $10-million transaction is somewhat shrouded in secrecy.

The confidentiality rules that bind realtors means that August is only comfortable revealing that the seller is from out-of-town and used the property as a second home over the past 30 years.

Realtor A.J. Hazzi, a partner at Vantage West Realty, represented the buyer.

“He‘s from Calgary and is involved in the oil and gas industry,” said Hazzi.

“He knew what he wanted – a big private estate on the lake – so when found it everything moved quickly.”

Hazzi was introduced to the buyer after helping a friend of his find a home in Kelowna.

“This reinforces two things that are very important in Kelowna real estate,” explained Hazzi. “Even with the recession, Alberta buyers with oil and gas money are still our big buyers and referrals are the best way for realtors get business.”

The 29-acre parcel is actually an amalgamation of three properties, all in the Agricultural Land Reserve, so there are no plans to subdivide.

“The buyer wants to turn this property into a world-class estate,” said Hazzi.

“There is a 5,500-square-foot house on the property that would have been the best when it was built in 1972, but the buyer has already lined up a local builder to build his dream home for him. What drew him to the property was the privacy, the views and the location right on Okanagan Lake with 1,100 feet of waterfront, a private breakwater and five-boat slip dock.”

The buyer also plans to have a couple of golf holes put in and plant some grapes to one day make wine.

While $10 million is the biggest sale for a single -family home, there have been some larger for commercial properties.

In 2004, the land where the Mission Creek Towers are now at the corner of Springfield and Durnin roads changed hands for $12.1 million.

And just last year, a 120-acre waterfront plot on Westside Road that will be developed as a marina, hotel, restaurant and winery sold for $18 million.

The property is located just north of the former Old Ferry Dock and will be turned into a 1,350 -boat marina with automated underground dry stack storage system and have a floating restaurant, 50-room boutique hotel, vineyards and winery.

A group of investment partners from Vancouver and Calgary, headed by retired dentist and former Kelowna-Lake Country Liberal MLA John Weisbeck, is behind the development.

The project will be developed in phases over the next several years starting with the first of the marina slips and the restaurant.