Exterior of 1,3 Pollock’s Path at The Peak, which just sold for HK$2.8 billion. Photo: Xiaomei Chen
Yeung Kin-man, whose private company Biel Crystal Manufactory makes screens for two out of every three iPhones sold in the world, has paid HK$2.8 billion (US$361 million) for a luxury home on The Peak, in a purchase that underscores how Hong Kong’s uber wealthy continue to defy the city’s market-cooling measures.
A property at No. 1 & 3 Pollock’s Path, measuring 51,000 square feet, was sold Thursday to a company called High Grand Development, according to Land Registry data. High Grand is owned by Yeung and his wife Lam Wai-ying, government data shows.
The couple are ranked eighth among Hong Kong’s 50 wealthiest people, with a combined net worth estimated at US$8.4 billion as of January, according to Forbes’ latest list of wealthy individuals and families in the city.
“The low-profile billionaire plans to build a big house for his family to live in,” said Raymond Lee, the chief executive of Savills Greater China, who brokered the sale.
Yeung will get a HK$721 million refund on a stamp duty on his property, because he’s aiming to redevelop it, Lee said. A tax of 4.25 per cent, or HK$119 million, will still be liable, Lee said.
The purchase puts the per square foot price at HK$109, 571 on the house, which can be rebuilt into a maximum of 25,554 sq ft, according to land rules. Yeung may probably pay an additional HK$20,000 per sq ft to redevelop, Lee said.
Hong Kong’s investment market has cooled in recent months, following a government ban on foreign real estate investments exceeding US$1 billion. The government also imposed a standardised 15 per cent stamp duty on second home purchases in the city on November 5 to cool the market.
China’s government had also imposed a series of administrative measures making it much harder to remit funds from mainland China offshore, to stem a capital flight and restore the value of the renminbi.
Amid the 7 per cent slide in the renminbi’s value last year, fixed assets such as real estate have become the preferred storage of value for the uber wealthy.
“Super luxury properties are still sought after by the very affluent families in Hong Kong and other countries,” said Lee.
Edwin Leong Siu-hung, the founder of Tai Hung Fai Enterprise and Hong Kong’s 17th-wealthiest businessman of 2016, paid a total of HK$1.22 billion for three units of the Mount Nicholson apartments at The Peak, making it Asia’s most expensive apartment sale.
A Hong Kong native, Yeung started producing crystals for watches in the city in 1986, opening Biel’s first mainland China factory in Shenzhen in 1988, Forbes said. Yeung could not be reached to comment.
The company employs more than 100,000 workers on the mainland, with a second manufacturing plant in Huizhou in Guangdong province.
From watch crystals, Biel switched to producing glass screens for cellular phones, securing Motorola Inc as its first major customer in 2003.
Source: South China Morning Post
Breaking records as the most expensive home ever to be listed in the United States—and easily one of the most expensive homes in the world—this newly built, $250 million estate in Bel Air is a theme park of designer names, bespoke leathers and fabrics, and one-off pieces. Every detail of the 38,000-square-foot home was meticulously curated to create an experience that is purely Hollywood, and one that developer Bruce Makowsky says was inspired by yachts. “People pay $100 to $200 million for their yacht, but were content paying only $30 million for the home that they live in everyday,” explains Makowsky. “The real estate market wasn’t keeping up.”
The spec estate’s four stories are stacked in a horseshoe shape around a centralized 85-foot infinity pool and 17,000-square-foot entertainment space, which is visually reminiscent of the decks aboard a ship. And similar to a yachting experience, everything you need is at your fingertips. Just beyond the pool is a row of canary palm trees and a quintessential view of Los Angeles, sweeping from Santa Monica Beach to downtown L.A. A hydraulic 18-by-10-foot television, guarded by two eye-catching metallic crocodile sculptures, seemingly rises from the pool’s depth at the touch of a button. Flanking the pool on one side is a hair salon and spa and an outdoor pavilion with a bar on the other.
Overall, the bright, open-aired spaces boast two master suites (one with what Makowsky believes is the largest hot tub ever built), 10 oversized guest suites, 21 bathrooms, five bars, two wine cellars, a gym with Technogym equipment, three gourmet kitchens (one with a beautifully restored vintage Berkel deli slicer), and three dining areas (one of which features a custom-made Fendi dining table and Roberto Cavalli tableware). Downstairs the fun continues with a four-lane bowling alley with Louis Vuitton decor; a massive candy selection; Teckell Ping-Pong, pool, and foosball tables; a 40-seat 4K Dolby Atmos theater; and a $30 million auto gallery with 10 motorcycles, including an electric Lito Green Motion Sora, and 12 cars, featuring a limited-edition Bugatti Veyron, a 1936 50K Mercedes Benz, and a Pagani Huayra.
Sold turnkey, the estate also comes with an extensive collection of artwork. Highlights include an oversized metallic sculpture of a Leica camera by Chinese artist Liao Yibai, a vertical pinball machine made from Veuve Clicquot Champagne bottles, and framed Rock Royalty custom guitars. Not to be forgotten is a functional Hobie 16 catamaran and an original Bell 222A helicopter from the television series Airwolf that has been restored with orange Hermès and Louis Vuitton leather.
Source: Robb Report
Over the centuries certain red wines have commanded prices which have stolen the headlines and distracted from the wine itself. Whether it be due to an iconic cult label, a rare and highly prized vintage or a famous owner, the wines below must surely represent some of the most expensive liquid purchases in history.
Still-life with three wine bottles and glass over textured background
Château Lafite 1787 – Bottle
This Grand Cru Classé (Premier Cru) Château has been producing highly prized wines since Jacques de Ségur planted the Lafite vineyards in the late 17th Century. Almost instantly it was embraced by the British as one of the ‘New French Clarets’, with British prime minister at the time, Robert Walpole purchasing a barrel of Lafite ever quarter throughout his term in office. However, it was seemingly not just the British political elite who had a love of this Bordeaux with Thomas Jefferson, the third President of the United States linked to a bottle of 1787 Lafite which sold to Malcolm Forbes in 1985 for a record-breaking US$160,000. Despite controversy over the provenance of the wine and its link to one of the founding fathers this remains the highest priced single bottle of wine ever sold.
Penfolds Grange 1951 – Bottle
One of the most expensive bottle of Australian red wine ever sold, a bottle of the 1951 vintage of Penfolds Grange reached a staggering $43,700 in 2004 at an auction held by Australia’s leading wine auctioneers, Langton’s. Produced on an experimental basis by the late Max Schubert, who was Chief Winemaker for Penfolds from 1948 to 1975, this first ever vintage was of just 160 cases and not commercially released. This bottle of Grange Hermitage 1951 was brought to auction as part of a vertical collection of Penfolds Grange spanning from 1951 through to 1990. The complete lot selling for an impressive AU$138,000.
Screaming Eagle 1992 – Imperial
During the annual Napa Valley Wine Auction in 2000, an Imperial of Screaming Eagle Cabernet 1992 raised a colossal US $500,000 for charity. Screaming Eagle, which is considered by many to be a cult wine producer, make extremely small quantities of their wine in general but the 1992 vintage was produced in particularly low volumes. This scarcity together with outstanding reviews from wine journalists, including Robert Parker, have made this wine one of the most celebrated in the world.
Château Mouton-Rothschild 1945 – Jeroboam
Sold to an anonymous bidder at a Christie’s auction in 1997 for US $114,614, the 1945 vintage is considered, to this day, to be one of the finest vintages of the 20th century. It was in 1945, and to celebrate the Allied victory and the end of the Second World War, that Baron Philippe de Rothschild started the tradition of commissioning an artist to design each vintage’s label. This first embellished label, designed by a then unknown artist, Philippe Jullian, is based on the V for victory which was made famous by Churchill as he rallied the troops throughout the course of the conflict. A legendary wine from a legendary vintage.
Domaine de la Romanee-Conti Romanee-Conti 1990 – Case of 8 Bottles
Domaine de la Romanée-Conti enjoys a reputation as the world’s finest Pinot Noir, with a price commensurate with such an accolade. Production is always limited, not just because of the strict yields imposed by the appellation, but due to the desire to capture intense fruit flavours in every berry. This complex and elegant wine is produced on a tiny parcel of just 1.8 hectares where the vines are on average over 50 years old. With 8 bottles selling at Sotheby’s in 1996 for US $224,900 we can see that the reputation and quality of the wine are only matched by the sums people are prepared to pay for this rare jewel.
Château Margaux 2009 – Balthazar – USD
Yet to sell, but on offer for US $195,000 at Le Clos’ flagship wine merchants in Dubai International Airport, are three 12-litre bottles of 2009 Château Margaux. Considered one of the finest vintages ever produced by the estate, and undoubtedly one of the best since the Mentzelopoulos family took over the property in 1977, this is the first time that Château Margaux has been bottled as Balthazars. Presented in an impressive oak case, each bottle, which has also been embellished with gold engraving, comes with a first class ticket to France to visit the Château, where the lucky buyer will enjoy a private tour of the cellars and vineyard before a private dinner hosted by Paul Pontallier, Château Margaux’s chief winemaker.
Source: Fine Wine
Have you ever wondered, what are the most expensive watches in world? Here I am going to tell you about 10 of most expansive watches. There are many intricate details in million dollar watches like expensive stones, diamonds and gems that are encrusted into them jacking up their price. These watches have complicated mechanisms inside that make time telling as accurate as it could be. Some are equipped with the tourbillion, an intricate mechanism that counters the effects of gravity. These complexities definitely increase the selling price of these expensive watches in the world.
Here are top 10 most expensive watches in the world: