Tag Archives: Mayfair Economy

Liechtenstein for hire at $70,000 a night [2011]

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“The principality of Liechtenstein has decided to make itself available to private clients, from $70,000 (£43,000) a night, complete with customised street signs and temporary currency. Last year Snoop Dogg tried to hire it to use in a music video, but received a stern refusal from authorities.  Since then they have woken up to the marketing opportunities of their mountainous landscape. The price tag includes accommodation for 150 people, although the 35,000 inhabitants would remain. Any personal touches, such as an individual logo created out of candle wax or a customised medieval procession, come at an extra, undisclosed cost.”

http://www.theguardian.com/world/2011/apr/15/liechtenstein-hire-rental-scheme

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California Dreamin’

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“If you hosted a barbeque this past Labor Day weekend, you probably noticed that food prices are up. A hamburger costs 10.3% more than last year, and a hotdog 6.9% more.  But that’s nothing compared to the insane price inflation Casey Research Chief Economist Bud Conrad witnessed at the Pebble Beach Concours d’Elegance, a world-famous auto show and auction held in Monterey, California.  Below, Bud shares the details of his trip to Monterey, complete with photos and price tags of the most extravagant cars… including this 1963 Ferrari GTO that smashed the record for the most expensive car ever sold at auction. See if you can guess what it sold for before reading.”

http://www.caseyresearch.com/cdd/california-dreamin

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UK house prices in June reach new record high

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“The Office for National Statistics data showed the annual growth rate had fallen from 10.4% in May, but prices rose by 0.5% on the month to a record £265,000 for the average property.  The amount paid by first-time buyers was 12% higher than in June 2013, at an average of £204,000 – the biggest rise since 2010.  Although recent figures from the Council of Mortgage Lenders suggest first-time buyers have been re-entering the market, campaign groups warned that homes were getting further out of reach for those forced to rent.”

http://www.theguardian.com/money/2014/aug/19/uk-house-prices-record-high

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Monaco $400 Million Penthouse Secrecy Booms

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“Monaco, the tax haven on the French Riviera, is experiencing a luxury-housing boom that includes the world’s most expensive penthouse as developers prepare for an influx of millionaires and billionaires escaping higher taxes or a loss of banking privacy.  New levies on luxury homes in London and a U.S.-led global crackdown on hiding assets will also probably attract the affluent to Monaco, which already counts pop stars, Formula One drivers and Russian billionaires among its inhabitants. One in three of Monaco’s 38,000 residents are millionaires, according to a study. As that number increases, home values will rise by about a fifth by June 2015, according to London-based Savills.”

http://www.bloomberg.com/news/2014-08-19/monaco-400-million-penthouse-secrecy-booms-real-estate.html

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UK government ‘mansion tax’ proposal will include property over £2m

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“Labour is refining its plans for a mansion tax, saying, in common with the Liberal Democrats, that it would introduce new tax bands on properties above £2m.  But the shadow chancellor, Ed Balls, also promised there would be concessions to ensure the tax does not hit those who are asset-rich but cash-poor.  It is likely Labour will propose two lower bands, one between £2m and £5m, and another between £5m and £10m.  The reassurance from Balls may be designed to soothe the fears of Londoners who are seeing house prices rising much faster than ever imagined, widening the net of people likely to be affected.”

http://www.theguardian.com/politics/2014/jun/23/labour-refines-mansion-tax-new-bands-property-2m

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Sultan of Brunei angers gay activists with bid for top New York hotels

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“The controversial Sultan of Brunei is the leading bidder to buy New York’s Plaza Hotel and London’s Grosvenor House, angering gay rights activists who say he is a homophobe whose policies call for the stoning death of homosexuals.  The $2.2 billion sale, which is still being negotiated, would also include downtown Manhattan’s Dream Hotel.  Selling the luxury hotels is Indian tycoon Subrata Roy, who remains jailed in India and is hoping to use the proceeds from the deal to cover his $1.6 billion bond, the Times of London reported.  If the sale is finalized, Sultan Hassanal Bolkiah would join two other investors who already own the property, according to the the New York Post.”

http://www.dailymail.co.uk/news/article-2726852/Homophobic-Sultan-Brunei-bidder-buy-Plaza-Grosvenor-House-hotels-angering-activists-anti-gay-policies.html

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Sotheby’s? The best indicator you’ve never heard of

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“Need proof of a speculative bubble?  Closely watched hedge fund manager Jim Chanos says he has the best barometer for gauging where 1 percenters are putting their money, given the Federal Reserve’s easy money policies that have been fueling their portfolios to record highs. During an interview Thursday on CNBC’s ‘Squawk Box,’ he pointed to the stock chart of Sotheby’s.  ‘That’s what people are buying,’ Chanos said.  The chart shows that shares of Sotheby’s have peaked before every major financial bubble since 1987, starting with the leveraged-buyout spree that fueled the stock market before the Black Monday crash that year.”

http://www.cnbc.com/id/101551679

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Lake Tahoe Property Sells for $1.6 Million in Bitcoins

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“The 1.4-acre acre home site has views of the Pacific Crest, a surrounding mountain range. It is located in Martis Camp, a private luxury recreational resort in Truckee, Calif. The 2,177-acre resort, near Lake Tahoe’s north shore, has a Tom Fazio golf course, a 44-seat movie theater and an ‘aerial adventure park’ with rope courses and a zip line.  Brian Hull, Martis Camp’s director of sales, said the buyer was a ‘Silicon Valley entrepreneur,’ but declined to disclose his name. He said the buyer purchased the land through a trust, and plans to build a home on the site.  BitPay, an online-merchant processor that operates similarly to PayPal or Worldpay, handled the Tahoe transaction.”

http://online.wsj.com/articles/lake-tahoe-property-sells-for-1-6-million-in-bitcoins-1407534997

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Marc Faber on Commodity Cycles and the Wealth Redistribution Craze

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“We have a two-tier economy. We have an economy of well-to-do people from which I have benefited because I’m in the financial sector. My asset value has gone up, I benefit from rising asset prices because I own shares and I’m on the board of companies that own shares, fund management companies and so forth, but I’m not happy about the fact that the typical household and the working class worldwide is not doing well. And what will eventually happen and has begun to happen when you have rising wealth inequality, eventually you have politicians that will not assume personal responsibility for the rising wealth inequality that is largely fostered by monetary policies by central banks.”

http://www.thedailybell.com/exclusive-interviews/35527/Anthony-Wile-Marc-Faber-on-Commodity-Cycles-Monopoly-Central-Banking-and-the-Wealth-Redistribution-Craze/

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The 20 hottest real estate spots in the world

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“It’s safe to say we’re in the midst of a global real estate bull market. According to the Knight Frank Global House Price Index, the value of homes internationally rose by 8.4 percent in 2013, representing the highest annual increase since 1995.  Although it’s a global phenomenon, US buyers — especially New Yorkers — are particularly active abroad.  While much of this money is pouring into established urban centers, experts describe Americans as more entrepreneurial about snapping up property — willing to invest in everything from a private island in Antigua to vast farms in Zambia if the price (and property) is right.”

http://nypost.com/2014/04/08/the-20-hottest-real-estate-spots-in-the-world/

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