Despite 2024 being one of the slowest years for overall home sales since the 1990s, the ultrahigh-end real estate market defied expectations with remarkable growth. With at least seven single-family homes selling for over $100 million—up from five in 2023—the segment has shown consistent resilience. Brendan Brown, a leader in luxury real estate, sheds light on this growing trend and how it reflects the evolving preferences of the world’s wealthiest buyers.
Appraiser Jonathan Miller refers to this phenomenon as the rise of a “new asset class,” with $200 million transactions expected to become the next milestone in ultraluxury real estate. These record-breaking sales are not just a sign of affluence but a reflection of the ultrawealthy’s diversification into properties that blend exclusivity, privacy, and unparalleled lifestyle.
The Numbers Behind the Surge
Nine-figure home sales have steadily climbed over the past decade, moving from rare anomalies to a thriving market. Since 2014, 27 nine-figure transactions have been recorded, with 2024 marking a new peak. These deals are often completed off-market, highlighting the importance of privacy and exclusivity in this elite segment. Brendan Brown notes that this trend underscores the growing importance of discretion and personalization in serving high-net-worth clients.
Iconic Nine-Figure Sales of 2024
Some of the most notable transactions of 2024 spanned key luxury markets like Malibu, Palm Beach, New York, and Aspen. Highlights include:
Malibu, CA
Only one deal in the U.S. topped $200 million in 2024: Oakley founder James Jannard’s sale of a roughly 10-acre Malibu estate on a bluff overlooking the ocean.
The identity of the buyer couldn’t be determined. The deal, which closed in May, set a record for a single-family property in California, besting the $190 million paid by the musical power couple Beyoncé and Jay-Z for a nearby estate in 2023.
The Jannard property was never publicly listed for sale, according to people familiar with the situation. The estate includes a large residence designed by New York-based Ferguson & Shamamian Architects. Interiors were done by Michael S. Smith, the designer who remodeled the Oval Office under President Barack Obama.
Palm Beach, FL
In May, Australian investor Michael Dorrell purchased Tarpon Island, a roughly 2-acre private island in Palm Beach. Developer Todd Michael Glaser bought the island with partners for $85 million in 2021, renovated and expanded the home, then relisted it. The estate has 11 bedrooms and a “wellness wing” with a massage room. The grounds contain a gym, a lighted tennis court, a 98-foot-long pool and two private docks.
New York, NY:
In July, Russian-born billionaire Vladislav Doronin paid $135 million for a penthouse developed by his own company, OKO Group, at New York’s Crown Building just south of Central Park.
The seven-bedroom condo unit spans the top five floors of the building, with about 13,000 square feet of indoor space and roughly 4,500 square feet of terraces.
Doronin, who never released an asking price for the unit, had previously said the penthouse was in contract to sell to an Asian buyer for about $180 million.
Aspen, CO
In April, Aspen saw the $108 million off-market sale of an estate to former casino mogul Steve Wynn and financier Thomas Peterffy. It wasn’t clear why the two purchased the property together, but they are said to be friends.
The roughly 4.5-acre estate is located at the base of Red Mountain, one of Aspen’s most sought-after locations. Spanning about 22,000 square feet with 11 bedrooms, it has a main house built in 2006, a guesthouse, and a heated outdoor pool.
Los Angeles, CA
George Ruan, a co-founder of online coupon- and discounts-company Honey, sold his Bel-Air mansion for around $112 million in September, the biggest L.A. deal recorded in 2024. The identity of the buyer couldn’t be determined.
Ruan bought the unfinished house for $60 million in 2012 and completely renovated it. He listed the approximately 21,000-square-foot home for $150 million in 2022.
Located in a prestigious enclave not far from the Hotel Bel-Air, the property was notable for its 360-degree views of the city.
Carpinteria, CA: In June, comedian and former television host Ellen DeGeneres sold a blufftop home near Santa Barbara for a record $96 million as part of a larger off-market property swap with mining magnate Robert Friedland. The deal represented a tidy profit for DeGeneres, a frequent home-flipper who had bought the house for about $70 million less than two years earlier.
The property spans about 10 acres and includes a roughly 8,000-square-foot house as well as a guesthouse.
As part of the deal, DeGeneres and her wife, Portia de Rossi, paid Friedland $32 million to buy back a Santa Barbara home they sold him earlier in the year.
Malibu, CA:
Laurene Powell Jobs, widow of Apple co-founder Steve Jobs, is building an oceanfront compound in Malibu’s Paradise Cove. In June, she paid $94 million for this 4-acre parcel adjacent to her property. The deal brought Jobs’s aggregate spend in Paradise Cove to more than $170 million across separate transactions with four sellers from 2015 to 2024.
Jobs’s new property includes a 1950s-era, four-bedroom home, but most local agents said it is likely a teardown.
Miami, Fla.
Billionaire Amazon founder Jeff Bezos paid $87 million for a seven-bedroom waterfront mansion on Miami’s Indian Creek island in June, his third purchase there over the last two years. Bezos has spent a total of about $234 million in the area.
The $87 million property has roughly 14,000-square-foot house on about 2 acres, according to property records, as well as a pool and a dock.
A Broader Market for Wealth
While traditional markets like Malibu, New York, and Palm Beach remain dominant, emerging destinations such as Aspen and Carpinteria are gaining traction. These areas offer a unique combination of privacy, lifestyle, and exclusivity, attracting high-net-worth buyers who are diversifying their portfolios. Brendan Brown highlights this geographic evolution as a critical factor in understanding the future of luxury real estate.
As luxury agent Donna Olshan puts it, “The rich are getting richer and diversifying.” This trend means nine-figure sales are no longer confined to iconic hubs but are defining a broader, more dynamic market.
Looking to 2025 and Beyond
With the presidential election behind us, the stage is set for an even more active ultrahigh-end market in 2025. Stock market growth has significantly increased the wealth of the top 1%, whose collective net worth rose from $30.356 trillion in 2020 to $46.7 trillion by mid-2024. This surge in wealth is fueling unprecedented activity in the nine-figure market.
Brendan Brown emphasizes that these sales reflect a broader shift in how the ultrawealthy view real estate—not just as homes but as rare and coveted assets. As new benchmarks are set, nine-figure homes are redefining what is possible in luxury real estate.
Explore Iconic Properties with Brendan Brown
The rise of nine-figure home sales represents the pinnacle of luxury living. From Malibu’s stunning coastlines to Aspen’s pristine mountain estates, Brendan Brown offers unparalleled expertise in navigating the ultrahigh-end real estate market.
Contact Brendan today to explore exclusive opportunities and experience the finest in luxury real estate. Whether you’re buying, selling, or investing, Brendan provides the discretion and insight you need to achieve your real estate aspirations.
