How much does a house described by its neighbours as the "nicest house on the block" go for these days? If it is in Detroit, the answer is $1. It is a sad business the house in question changed hands for $65,000 only two years ago but presumably the residents of Detroit are taking some comfort in the idea that prices can go no lower. They shouldn't.
Owning houses isn't cheap you have to maintain them and you have to pay taxes on them. So there is every reason to think that as prices across the US keep falling we will eventually see stories about buyers being paid rather than actually paying to take possession of houses. Note that while the official price for this house was just in positive territory, the buyer refused to close the deal until the bank that owned it (it was, of course, a repossession) paid her costs in full. The bill? £10,000.
Still, just because Detroit is doomed doesn't mean there isn't still some happy news coming from the very high end of the world's property markets. Earlier this month somebody paid Lily Safra €500m for her sumptuous Villa Leopolda, along with its 20 acres of garden (currently tended by 50 gardeners and planted with 1,200 olive, orange, lemon and cypress trees). That makes it the most expensive house in the world.
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But who came up with the cash? The "super-rich in shorts" across the south of France are agog, says The Daily Telegraph. And the answer? An "excited caller" to the paper's diary column claims that it is "one of the four billionaire partners" of the joint venture between BP and TNK. A rich Russian. Who'd have thought it?
There is no shortage of those prepared to pay up for special houses in the US either, or so one developer seems to think. In Westwood, LA, says the Mail, a "paparazzi proof" apartment block is being planned. It is to have "round-theclock, Israeli-trained VIP security guards", private lifts opening directly into each apartment, and "special light-reflecting hedges and walls to keep out prying lenses". Potential buyers will be vetted and prices will range from $4m to $20m. The amazing bit about all this is not so much the prices (which I think we can assume no one will pay), but the fact that celebrities want to keep people out so much given how hard they seem to find it to make and keep friends.
Witness poor Paris Hilton. "In news to delight VIP rope-holders across the West End", the smarter-than-she-looks socialite is moving to London, says The Times. Why? Because "it can be a lonely life jetting the world in the blinding glare of the media spotlights" and she needs a "BFF" (best friend for ever). And an ITV2 camera crew has vowed to help her find one. Coming soon to your screen: the lucky candidates accompany Paris to parties and take "tests of loyalty, endurance and girl politics".
The group of specially-chosen wannabes will live together in a London house waiting to be eliminated or chosen by Paris. We wonder if they'll be getting Israeli-trained VIP security guards or not. We suspect not. After all, their glory won't be their own: it will merely be reflected from what ITV calls "the captivating Miss Hilton".
Out-of-work bankers looking for a change of direction can apply by emailing Paris@itv.com.
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