Here's the price tag for America's most expensive house
America's residential real estate has hit a new high water mark, thanks to the jaw-dropping $195 million price tag on a Beverly Hills estate.
The Palazzo di Amore, or "Palace of Love," has become the most expensive home listing in the country. Real estate mogul Jeff Greene is selling the estate after buying it for $35 million in 2007, according to The Wall Street Journal.
So what accounts for the jump in price? Greene told The Journal that he invested $25 million in the home, which he described as a shell when he purchased it.
Of course, a significant influence on the price might be the surging fortunes of the top 0.1 percent of American earners, whom have seen a dizzying rise in their wealth and income. The richest Americans are back at the heights of wealth last seen during "The Great Gatsby" era, economists Emmanuel Saez of University of California, Berkeley and Gabriel Zucman of the London School of Economics recently found.
With the burgeoning bank accounts of the country's wealthiest, that's driving up prices in the luxury real estate segment. Luxury residential prices across 33 cities now stand more than one-third higher than in 2009, compared with an only 14 percent rise for all other real estate, according to the Knight Frank Prime Global Cities Index.
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