| The ultra-luxury real estate market took off at a gallop in 2011. In February, a Russian tech billionaire paid a record price for a single-family home in the U.S. Yuri Milner, an investor in Facebook, Zynga, and Twitter, bought a Silicon Valley mansion at 13310 La Paloma Road in Los Altos Hills for $100 million, with a $50 million loan from the owner, ESS Technology founder Fred Chan. The behemoth deal set the tone in housing’s top segment in 2011.
While the general housing market struggled to shake off the effects of foreclosures, unemployment, and a fragile economic recovery, several new records were set in such luxury markets as San Francisco, Manhattan, and the Hamptons as the superrich returned to real estate. ..............................................Full Article: Source
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