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The opulent homes in the village of Kings Point served as inspiration for F. Scott Fitzgerald’s novel The Great Gatsby—and this one reportedly inspired the set design for the 2013 film. Diehard fans who long to throw legendary parties of their own will want to snap up The Estate at Kings Point, an eight-acre waterfront property about 45 minutes from New York City. Built in 1928, the glitzy, glamorous establishment would have made Jay Gatsby himself proud.

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The immaculately manicured grounds showcase century-old trees, sculptured shrubs, and inlaid stone driveways. Fountains and statues (including a full-size replica of Michelangelo’s David) add old-world charm to the eye-popping estate. In the backyard, tennis courts and a stunning swimming pool outfitted with a cabana and swim-up bar are silhouetted by the water. A large dock that can accommodate a 200-foot yacht extends over Long Island Sound.

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The estate features 18 bedrooms and 32 bathrooms, which are spread across the original mansion and two smaller mansions that function as guest homes. Bedecked with marble, malachite, lapis lazuli, gold leaf, and agate, the extravagant interiors were designed to wow. The main Estate House—which has six bedrooms, 11 bathrooms, and three half baths—is outfitted with everything from a 10-car garage to a 3,000-bottle wine cellar. Water-like marble inlaid with fish, floor-to-ceiling aquariums, and a sea medallion in the entry foyer create a sea theme, and a formal living room and dining room can effortlessly host a soiree or dinner party. The home is further equipped with a spa, sauna, hair salon, gym, racquetball court, wine vault, and lounge—all perfectly suited for Gatsby-style parties.

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Showcasing five bedrooms, six bathrooms, and three half baths, the Carriage House offers an equally indulgent stay. A casino room, pool, Moroccan spa, two-lane bowling alley, and theater solidify the home’s standing as a bona fide party zone. The Rodney House (equipped with seven bedrooms, seven bathrooms, and two half baths) includes a great room with a fireplace, a formal dining room, an eat-in kitchen, and a den. The estate is currently on the market for $85 million—a small price to pay for an estate this epic.

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Source: Robb Report

0000367779Exterior 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.

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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