Sad reality: royal palace sells at same price as Aus unit
In a sign of Australia’s raging property boom, a unit overlooking the water is now in the same price league as a Saudi prince’s palace.
A $17.1 million mansion in the United States, reportedly owned by a Saudi prince, is worth about the same as a luxury apartment in Sydney’s CBD.
The Virginia home at 9641 Georgetown Pike, Great Falls, has just received an offer after years on the market, first listed in 2019.
With an initial listing price of around $20 million, the home dropped to its current price in November of 2023. It is now worth the same as a luxury Barangaroo apartment, which sold in August for $17.2 million.
Built in 2017, the Chateau de Lumiere – or ‘Palace of Light’ – was reportedly bought by Saudi ambassador to the USA Khalid bin Salman Al Saud, marking the most expensive home ever sold in Great Falls.
Sporting 5.5 acres of property, 13 bedrooms and eight bathrooms, the home was described in its listing as “A testament to opulence and grandeur”. The three-storey home has a custom French build, gilded ornate decorations and top-of-the-line appliances. With a sprawling view of its surrounding nature, the home is around 32km from the US capital of Washington D.C.
By comparison, the Barangaroo home at 71A/88 Barangaroo Ave overlooks the Sydney Harbour Bridge and Opera House, sharing an approximate sale price with the Palace of Light.
With four bedrooms and three bathrooms, the sale marked the first time a four-bedroom home was sold in the ‘One Sydney Harbour’ towers following its completion in 2024.
The complex holds 808 apartments, with its view being one of the main selling points. The listing describes apartment 71A as a sanctuary that “offers the perfect setting to kick back and enjoy the ever-changing vista or entertain in style against a magical harbour backdrop.”
For those who want to buy a house in NSW at that price, the house 19 Brownell Dr, Byron Bay, sold for $17.125 million in March 2024.
The house has five bedrooms and three bathrooms, sitting by the coastline of Cape Byron. It is an open-plan modern home with a private gym and a secluded view of the sea – but is still significantly smaller than the Virginia mansion.
On the market right now for a price of $17.5 million is the corner block in Queensland, at 1-3 Kelly Ave, Miami.
For this price, a buyer would receive 810 sqm of property by Miami Beach, with two homes that sport ten bedrooms and eight bathrooms between them.
The homes share 80 metres of uninterrupted frontage, with agent Shaun Darcy of Stone Real Estate Carrara advertising the potential for new developments on the land after purchase.
In short: In Australia, for the price of a Saudi Prince’s custom-built US mansion, a buyer would be able to afford either an apartment overlooking the Sydney Opera House, a four-storey home in Byron Bay, or two houses on a block by Miami Beach.
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If you have a story you would like to share about the struggles you’ve had in buying and keeping a home, email me at nicholas.finch@news.com.au.
Originally published as Sad reality: royal palace sells at same price as Aus unit
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