Billionaires Struggle to Sell Luxury Homes

The luxury real estate market in the U.S. is facing challenges, with several billionaires struggling to sell their high-end properties amid economic uncertainty and high mortgage rates. Gordon Getty, Marc Andreessen, Michael Dell, and Joe Lacob have listed their lavish homes, while Rupert Murdoch's NYC penthouse saw a dramatic price cut from $72 million to $28.5 million. Despite these hurdles, the ultra-wealthy continue to purchase megamansions, with notable sales like James Jannard's Malibu estate for $210 million and Laurene Powell Jobs' $94 million acquisition. Cities like Malibu, San Francisco, Aspen, New York City, Miami, and Palm Beach remain popular among billionaires, with many properties selling for over $50 million. The ultra-rich often circumvent typical home-buying challenges by seeking turnkey properties and using advanced protections against climate risks. This trend indicates a divide in the housing market, where the affluent are largely unaffected by the factors impacting average buyers.