Luxury homes increasingly used as chic party houses

December 29, 2013 02:00PM

Luxury real estate isn’t just for living. Some well-heeled buyers scoop up multi-million dollar abodes and use them exclusively as party houses. 

Take Sachiko Kuno and Ryuji Ueno, the owners of two of the largest historic houses in the Georgetown neighborhood of Washington. Despite paying a combined $33 million for the homes, the Japanese-born couple lives in neither. The properties, known as Evermay Estate and Halcyon House, are used instead for concerts, parties, debates and even Easter egg rolls.

And Kuno and Ueno are not the only buyers snatching up expensive party pads. According to the Wall Street Journal properties used purely for parties are a small but growing segment of the real-estate market.

“In the past few years, there has been a big increase in people who want a unique place for their wedding or party,” Jamie Ehrsam, whose site lists luxury homes available for rent ranging from $3,500 to $30,000 per day, told the Wall Street Journal. “They want to get out of the hotel ballroom.” [WSJ] Christopher Cameron