In these uncertain economic times, the cream of the cream of high-end real estate – the so-called “trophy” home – has become a new global currency. Affluent consumers around the world love real estate, Stephanie Anton, president of Luxury Portfolio International, the international luxury property agents, says. [The current economic and political climate] has created many interesting opportunities for those looking to take advantage of an historically well-performing market experiencing a downturn Stephanie Anton, president, property agents, Luxury Portfolio International The current economic and political climate “has created many interesting opportunities for those looking to take advantage of an historically well-performing market experiencing a downturn”, Anton says. Why are over-customised luxury homes so difficult to sell? With Brexit uncertainty, tax law changes looming across Europe and escalating trade tensions, luxury real estate appears to be solid ground for those with the means to afford it. Headline transactions, where the owner has made a large sum of money, also help. “Look no further than the infamous Palm Beach mansion that Donald Trump bought in 2005 for US$41 million and then sold three years later for US$95 million,” Anton says. “The adage ‘location, location, location’ still holds.” The wealthy view trophy homes as “a good investment, a reward for all their hard work, and as a private refuge for their families from the hectic world we live in today”, she says. Donald Trump bought a Palm Beach mansion in 2005 for US$41 million and then sold it three years later for US$95 million. The adage ‘location, location, location’ still holds Stephanie Anton “They have the money to invest and they love having multiple homes as it’s a great way to make their money work for them.” Huge US$32 million LA mansion sits on ‘the best street in Beverly Hills’ Liam Bailey, Knight Frank’s global head of research, agrees. “Luxury residential property is without doubt the most coveted asset class for wealthy investors globally,” he says. “The ‘Knight Frank Wealth Report 2019’ confirmed that 32 per cent of ultra high net worth Individuals’ wealth is invested in their first and second home portfolios globally – with an average of 3.6 homes owned. The ‘Wealth Report’ also found that 18 per cent of wealthy investors were planning to purchase a new home domestically in 2019, while 22 per cent were planning for an international investment purchase.” Peek inside the US$56 million Beverly Hills home once owned by Jennifer Aniston and Brad Pitt Of all aspirational locales globally, Los Angeles, California, stands out. A trophy home here can top out at US$100 million or more, but even those languish in the shade by the latest project of the developer to the stars Nile Niami, mooted to hit the market at US$500 million. The ‘Knight Frank Wealth Report 2019’ confirmed that 32 per cent of ultra high net worth Individuals’ wealth is invested in their first and second home portfolios globally Liam Bailey, global head of research, Knight Frank Called ‘The One’, the 100,000 square feet (9,300 square-metre) mansion reportedly includes a 5,000 square foot master suite, a 30-car gallery, a 45-seat IMAX cinema, and a surround-swim jellyfish-viewing gallery. Last year, Niami told local media that the estate was “90 per cent completed”. Another uber-exclusive estate in this neighbourhood does not have a house at all – but it's what you can build that matters. The Park Bel Air is situated on a 4.3-hectare (10.6-acres) plot of land with majestic city, canyon and ocean views. Jason Mansfield, an associate at Knight Frank, says the newly listed property is “steeped in history and an extraordinary legacy purchase in the most private and sought-after location in Los Angeles. “Twenty years ago the land, which is located directly across the street from the Hotel Bel Air, was initially eight separate lots,” he says. “A single individual began to acquire them one by one, and eventually our clients bought the entire site. Chinese buyers are certainly active in the Los Angeles market, albeit not at the level they have been in the past ... California is clearly the state that has the most Chinese purchasers – more than the next five states combined Jason Mansfield, Knight Frank “The land sat unspoilt over the last 20 years, until developer Domvs London and Junius Real Estate Partners spent tens of millions of dollars and a lot of time acquiring the entitlements, creating the infrastructure and gaining approval of plans and permits through the City of Los Angeles that will allow the new owner to construct three private estate properties with homes of up to 60,000 square feet each.” Are these homes weird or wonderful? Some of the most extravagant mansions ever built The necessary permits were acquired for The Park Bel Air before the introduction of new regulations for large-scale residential developments. Consequently, the new owner will need simply to give the go-ahead for construction to begin, and the home could be ready to move into within two years. “As stringent new limitations are forcing many land owners to rethink or compromise their plans, we very much feel this is truly the last of its kind and is likely to never be able to be recreated once sold,” Mansfield. says. A family buying at this level will want five star-hotel amenities on site and this has been factored into the pre-approved plans, he says. “For example, the largest property on the site has permits in place for a 318-square-metre spa and entertainment pavilion, which will include an International Tennis Federation regulation size tennis court, cinema and a 33-metre swimming pool.” However, the plans can be customised with the option to construct a scaled-down alternative or preserve portions of the land for future generations. Marketing consultant Noble Black in New York, says the Bel Air neighbourhood is already home to the elite from “titans of media and finance to foreign heads of state”. Mansfield expects that the buyer will be “a billionaire business-person with a large family”. He says: “Family retreats are still highly sought after, both as main homes and holiday homes. Given the size of the property, accommodation for the buyer's family and staffing accommodation is likely to be a high priority.” Inside Reese Witherspoon’s Big Little Lies mansion “This can incorporate Middle Eastern families, Russian and former Soviet Union nationals, Indians and, of course, Americans.” Or possibly from China? Yes, Mansfield says. “Chinese buyers are certainly active in the Los Angeles market, albeit not at the level they have been in the past, which is a trend we are seeing across the US in general at the moment,” he says. “Looking at the National Association of Realtor’s report from last year, California is clearly the state that has the most Chinese purchasers – more than the next five states combined.” Check out this lavish US$48 million penthouse in Miami What you can buy for US$23.9 million A private estate in Carmelina Avenue, Brentwood, California. Classic architecture by renowned architect Stephen Giannetti sets the style for a youthful and modern interior. The seven-bedroom, 10-bathroom home features a grand two-storey foyer, formal dining room, billiard room/library, and an expansive garden with guest house and pool. Listed by Knight Frank. What you can buy for US$57.5 million La Casa Pacifica, an oceanfront estate in San Clemente, California, with pictures featuring throughout this article. Want more stories like this? Sign up here . Follow STYLE on Facebook , Instagram , YouTube and Twitter