WSJ Mansion Section: Aspen overtakes Palm Beach, Steve Wynn and Thomas Peterffy buy $108M Aspen compound together

Summary

Aspen has overtaken Palm Beach as the country's priciest luxury real estate market. In 2025's third quarter, the median single-family home price in Aspen reached $13.95 million, compared to $9.97 million in Palm Beach. Aspen saw 34 deals above $20 million last year, up 161% from 2024. Five years ago, $20 million sales in Aspen happened only a handful of times annually.

Both markets share structural similarities. Each has geographic isolation (Palm Beach is an island; Aspen sits in mountains surrounded by public land), limited housing supply, and dense clustering of billionaires. High-end restaurants and boutiques now operate in both cities, and real estate agents describe wealthy buyers moving in coordinated groups to the same destinations.

Financial markets have fueled the surge. "The one percenters are making money hand over fist," said Aspen appraiser Randy Gold. Ultra-wealthy buyers treat real estate as a hard asset they can enjoy while holding value. The properties themselves are unicorns. When they come to market, buyers pay premiums.

Steve Wynn and Thomas Peterffy

Casino magnate Steve Wynn (net worth approximately $3.4 billion) and Interactive Brokers founder Thomas Peterffy (net worth approximately $35 billion) jointly purchased a $108 million Aspen compound. Both men own neighboring homes in Palm Beach and are friends and GOP donors. The buyer entity is an LLC named "Buddy's Aspen," a tongue-in-cheek acknowledgment of their partnership. The 22,000 square-foot property raises practical questions about scheduling when both families want to occupy it during holidays.

Miami's ultra-luxury boom

Google cofounder Larry Page spent $173 million on two Miami estates. He paid $101 million in December for a Coconut Grove waterfront compound previously owned by restaurateur Jonathan Lewis, then bought a second nearby property for $71.9 million from heirs Sloane Lindeman Barnett and Roger Barnett. The Barnetts had previously sold a San Francisco mansion to Laurene Powell Jobs for approximately $70 million in 2024.

Page's move reflects a migration wave triggered by California's proposed wealth tax. The state is workshopping a ballot initiative imposing a one-time 5% tax on billionaire assets, retroactively applying to those who were California residents as of January 1, 2026. Billionaires are relocating before year-end to avoid retroactive treatment. Real estate agents report a surge in Bay Area clients moving to Miami, all pursuing the same inventory and discussing the wealth tax's retroactive clause with urgency. Some agents signed NDAs so restrictive they cannot discuss deals publicly.

Miami's ultra-luxury market now outpaces traditional centers. In 2025, Miami recorded 19 sales above $50 million compared to 12 in New York and 10 in California. Miami also recorded four deals above $100 million last year.

Nashville's emerging luxury tier

A $33.5 million penthouse at Nashville's Four Seasons is now the city's most expensive home for sale. Malibu real estate agent Chris Cortazzo purchased the unit as a shell for $12 million in 2022 and spent two years finishing it in an aesthetic described as "James Bond meets Lenny Kravitz," anchored by a circular floating fireplace. The residence includes roughly $1 million in smart home technology. Cortazzo has lived full-time in Malibu and visited Nashville only a few weekends since completing the project. The penthouse spans 5,000 square feet with three bedrooms and rents for $200,000 per month on a minimum six-month lease.

Nashville's luxury market has surged over six years. Only one home traded above $10 million in 2019; that figure almost hit 20 in 2025. If the Four Seasons penthouse sells at asking price, it will set a Nashville record, surpassing a 50-acre suburban home that sold for $32 million in 2024.