“Discount” Mansions

Take advantage of the credit crisis and get yourself a wholesale mansion! By discount I’m talking about the recent CNBC report showing a 22 acre estate in Connecticut that just cut the price to $19 million.

While $19 million may sound like a lot this is $3 million less than it once was. The 26,000 Tuscan style home has everything you need in your mansion like an indoor Olympic sized pool, eight car garage, and a four story elevator.

On a serious note though this shows that the US credit turbulence is starting to hit America’s wealthy. Until recently there hasn’t been that much effect on these high end homes during the two year slide in prices and surge in foreclosures the broader market has been experienced. Ultimate Homes, a publication that ranks the nations 1,000 most expensive homes, started its survey in 2005 showing the cheapest on the list at $7.9 million. This number jumped up to $10 million this year with six homes now selling for over $100 million. “In the last couple of years the most expensive home on the market has gone from $75 million to $165 million,” said Rick Goodwin, the magazine’s publisher. “This market is still very strong. The rich are doing very well.”