The Real Deal New York

For $250M, would you choose: An NYC penthouse in the sky, an LA megamansion, or your very own Hawaiian island?

By E.K. Hudson | September 09, 2017 01:40PM

Let’s say you have about $250 million to invest in real estate, which would you choose?

In California, you could have this spectacular spec house overlooking the City of Los Angeles.

924 Bel Air Road has been on the market since the beginning of the year. Developer and owner Bruce Makowsky spent five years developing every last luxurious detail in this dream home so new owners “don’t even need a toothbrush,” as he put it to the Los Angeles Times shortly after the $250 million listing went up. The 38,000-square-foot palace includes a 40-seat movie theater, bowling alley, infinity pool, seven staff members and a helicopter, in addition to the basic elements such as 12 bedrooms, 21 bathrooms and three kitchens. In January, The Real Deal asked around to get a sense of what the property is really worth.

Let’s say you’re more of an East Coast urbanite, perhaps Manhattan’s most expensive condo on Billionaires’ Row is more up your alley?

Rendering of 220 Central Park South (Courtesy Robert A.M. Stern Architects)

This palatial four-floor apartment at 220 Central Park South, being offered by developer Vornado Realty Trust, will encompass floors 50 through 53 of the Robert A.M. Stern-designed limestone tower. The unit, priced at $250 million, spans some 23,000 square feet, according to an amended offering plan filed with the New York Attorney General’s office that was reviewed by The Real Deal in May of last year.

Multiple news outlets reported that Ken Griffin is buying an apartment at the property for over $200 million, and TRD in 2015 reported that a Qatari buyer had designs on combining multiple apartments into a $250 million spread. But hey, maybe it’s still available?

Your third and final option is undeniably the most opulent; buy your very own slice of paradise on the Hawaiian island of Molokai.

Molokai coastline (Flickr/Forest Starr and Kim Starr)

For only $10 million more than the pads in L.A. and New York, you can own 20 miles of Hawaiian coastline as part of Molokai ranch, which spans more than 55,000 acres. The property features secluded beaches, two golf courses and an out-of-operation hotel and lodge, the Wall Street Journal reported. There’s also several beaches and 1,200 head of cattle. In total, it encompasses around 35 percent of the island, according to the publication.

There is a catch with number three: the seller, GL Limited, said its attempts to develop the ranch were met with considerable opposition from locals — hence the out-of-operation hotel. The Singapore-based holding company’s initial plans for the land was to sell 200 lots for luxury homes, build a new hotel and and donate 26,000 acres to a land trust, however islanders protested against it and set up a “resistance camp” near the site. The company closed the hotel other operations in 2008.

“We are not looking for a buyer who wants to purchase with development rights as a contingency,” listing agent Scott Carvill of Carvill Sotheby’s International Realty told the Journal.

So buyer beware: even $250 million can’t buy perfection, though you will land a pretty sweet home.

[LA Times, The Real Deal and WSJ]