Despite the eye-catching figures of the top real estate transactions in 2023, which amassed nearly $1.2 billion in total sales, surpassing the 2022 record, it’s crucial not to be deceived by these blockbuster numbers. Contrary to these high-profile deals, numerous luxury markets nationwide experienced a significant decline in overall volume, marked by double-digit percentage drops compared to the preceding year. This downward trend was fueled by economic uncertainties and a surge in interest rates, affecting even traditionally resilient areas like the greater Los Angeles region, where an abundance of luxury mansions now sits on the market with notably reduced listing prices. Even affluent communities such as Aspen and Palm Beach were not immune to the broader slowdown.
In the realm of real estate, confidentiality often shrouds the majority of the top 10 transactions, with many off-market transfers taking place discreetly. Notably, all but two of these deals featured oceanfront or waterfront properties, underscoring the continued willingness of buyers to invest significantly in trophy vacation homes boasting direct beach access. Below is an overview of the most expensive residential sales of 2023.
1. Paradise Cove, Malibu—$190 million At the zenith of the list, the only California property featured is a sprawling blufftop complex in Paradise Cove, Malibu, which commanded a staggering $190 million in cash. This high-profile transaction gained significant attention due to the involvement of A-listers Jay-Z and Beyonce. Originally commissioned in the late 1990s by Bill and Maria Bell, the mansion, completed around 2014, served as a showcase for the Bells’ extensive collection of modern art. Although never publicly listed, reports suggested the property had been quietly shopped off-market with an initial asking price of $250 million.
2. North County Road, Palm Beach—$170 million In April, Michael Cantanucci, a New York-based car dealership mogul, set a record in Palm Beach with his $170 million acquisition of an oceanfront estate featuring a nearly 25,000-square-foot Tuscan-style mansion built in the 2000s. The house, never officially on the market, belonged to billionaire coffee entrepreneur Bob Stiller, who had purchased it for a mere million in 2014.
3. North Ocean Boulevard, Palm Beach—$155 million Although overshadowed by the Cantanucci deal, the $155 million sale of late Rush Limbaugh’s Palm Beach estate made headlines in March. Despite never being openly listed, tax records revealed that the compound, built in the early 1990s, sprawled across 2.2 acres of oceanfront land with an impressive 250 feet of beach frontage. The buyer, cosmetics heir William Lauder, owns other lavish homes in Beverly Hills and New York.
4. Copper Beech Farm, Greenwich—$138.8 million Connecticut’s Copper Beech Farm, a sale reaching a state record of nearly $140 million, defied expectations, especially considering the sluggish Greenwich real estate market. Previously owned by billionaire Ray Dalio, who acquired it for $120 million in 2014, the property features a 13,500-square-foot main house dating back to 1898, 50 acres of land, spectacular gardens, and a mile of private water frontage on Long Island Sound. The anonymous all-cash buyer is rumored to be from Mainland China.
5. Meadow Lane, Southampton—$112.5 million New York’s most significant deal in 2023 unfolded in the Hamptons, specifically on Billionaires’ Row along Southampton’s ultra-prime Meadow Lane. The estate, known as the Mylestone, was sold for $112.5 million to an unidentified billionaire sheltered by the Delaware entity Meerkat LLC. The buyer negotiated a 36% discount off the original $175 million asking price. The property, long owned by ad exec Marcia Riklis, boasts an 18,000-square-foot manor house on 8 acres of land with nearly 500 feet of ocean frontage.
6. Windmill Lane, East Hampton—$91.5 million In an astonishing turn of events, real estate investor Peter Fine flipped a two-parcel East Hampton compound for .5 million just three years after purchasing it for $45 million in 2020. Despite no substantial changes made to the property, rumors abound that the new owner might demolish the existing structures for a more opulent build, potentially turning the $91.5 million investment into a land purchase alone.
7. Great Island, Darien, Connecticut—$85 million Great Island, a 63-acre waterfront property on Long Island Sound connected to the mainland in Darien, Conn., was acquired by the town for a discounted $85 million. The island, with over a century of history as a private compound, features world-class equestrian facilities, a private beach, and a secluded harbor. The town is currently deliberating on the island’s future, which includes a 13,000-square-foot historic mansion and various ancillary structures.
8. 220 Central Park South, New York City—$80 million New York City’s most substantial residential deal of 2023 occurred at the two-building skyscraper at 220 Central Park South. The $80 million transaction involved a duplex penthouse at the shorter “villa” building. Although the unit was never officially on the market, the sellers, Suna Said and Scott Maslin, had acquired the Central Park-facing apartment for approximately $66 million in 2020. The anonymous buyer, potentially a well-known celebrity, has a Los Angeles mailing address.
9. Indian Creek Island, Miami—$79 million In October, Jeff Bezos, two months after purchasing an oceanfront estate on Miami’s Indian Creek island for $68 million, acquired the neighboring house for $79 million. The seller, who had bought the 19,000-square-foot mansion in 2014 for million, remains undisclosed. Bezos reportedly plans to raze both properties to create a custom compound, with the $79 million likely covering the cost of the land alone.
10. Ute Avenue, Aspen—$76 million Aspen’s most unconventional home sale, valued at $76 million, differed from others on the list as it wasn’t an all-cash transfer. Car dealership mogul Terry Taylor paid $51 million in cash and provided a smaller Aspen home valued at $25 million to the seller, real estate developer Leathem Stern. The ski-in, ski-out house boasts over 20,000 square feet of living space across four full floors. Notably, a Christie’s real estate agent is suing Stern for “.7 million in commission payments related to the deal.
