WSJ Mansion Section: DC's record $28M sale, Santa Fe's 53-acre Hackman estate, and the great wealth transfer
Jan 16, 2026
Key Points
- Ultra-wealthy parents are bypassing inheritance timelines, purchasing $15 million to $30 million homes for adult children instead of the traditional $3 million to $5 million range, reshaping luxury real estate preferences.
- Apollo co-founder Joshua Harris paid a record $28 million for Georgetown's Halcyon House, a late-1700s federal-style property, surpassing DC's previous luxury sale record set last year.
- Over the next decade, roughly 1.2 million individuals with net worths exceeding $5 million are projected to transfer $38 trillion globally, with $4.6 trillion flowing into real estate alone.
Summary
Generational wealth transfer is reshaping how the ultra-wealthy buy homes. Over the next decade, roughly 1.2 million individuals with net worths exceeding $5 million are projected to pass down more than $38 trillion globally. Gen Xers and millennials stand to inherit $4.6 trillion in global real estate alone.
Parents are no longer waiting for their children to inherit. In New York's ultra-wealthy market, the pattern has shifted dramatically. Ian Slater, a Compass agent working with wealthy families, used to see parents buy $3 million to $5 million apartments for 25- to 30-year-old children. Now he sees purchases in the $15 million to $30 million range for the same demographic. This shift is reshaping product preferences. Coops are out because boards require financial independence. Condos offer the flexibility wealthy parents want for their heirs.
Gene Hackman's Santa Fe estate
The Gene Hackman compound in Santa Fe, New Mexico spans 53 acres with roughly 13,000 square feet and is listing for $6.5 million. The property came to market nearly a year after Hackman and his wife Betsy Arakawa's deaths. Comparable luxury properties in Nashville fetch $25 million, making the Santa Fe estate a relative bargain on a per-acre basis.
Joshua Harris and DC's record
Joshua Harris, Apollo co-founder and owner of the Washington Commanders, and his wife Marjorie paid $28 million for the Halcyon House in Georgetown. The federal-style building dates to the late 1700s and sets a DC record, surpassing the $25 million Foxhall Estate purchase by Cantor Fitzgerald CEO Howard Lutnick in 2024. The roughly 30,000-square-foot property was purchased off-market and features approximately 13,000 square feet of space with a large garden, pool, and three televisions. Harris was represented by Sotheby's International Realty.
Game room renovation
Financial consultants Damon Cronus and Julie Cronus spent $465,000 transforming a 945-square-foot game room into a private sports club aesthetic. The design draws inspiration from the UBS Arena Preview Club in Manhattan and blends vintage gold, deep blue, and dark brown wood to create an upscale entertainment lounge.
Key investments included a custom two-piece sectional sofa at $26,000, a Cambria quartz table with metal base bolted to the floor at $25,000, motorized Roman shades for blackout viewing at $12,000, a custom banquet at $27,000, a radial chandelier at $3,900, and swivel chairs at $2,400 each. The design prioritizes flow with a horseshoe-shaped sectional that has a gap in the middle to allow guests to move freely. Performance fabrics and durable materials were chosen to withstand active crowds and spills. Oversized games hang on walls, and the space is equipped to host movie nights, cocktail parties, and Sunday football gatherings.