The Rebel appears to have over-paid for his. I find this "trophy" property market interesting. In my market there is a trophy listing, at $75M, where the historic high sale in the whole county is around $30M. Go figure. The agent listing this $75M house has a reputation for being quite the wheeler and dealer. A coupe years ago he bought a large parcel in Newport Coast, and they featured him and his new land, that was supposed to be the highest sale in the area at $50M. Well, needless to say, it never happened, and I think he is still in the process of building the "superadequate" property. Still he lists the $75M oceanfront home for a client of his. I've done my share of high end homes, but not the level of "trophy" status, which are usually cash deals, no appraisal needed. Like anything else in the upper end, be-it cars, jewelry, art or real estate, if someone is rich enough, and you catch him/her on a good day, they will pay anything for something they really want, or see themselves as deserving of. I would say that market value does not apply at this level, due to the small sampling of buyers (market), for said product.
