Winning the lottery and buying a huge mansion with the money has been a pretty common fantasy over the years, but most of the time, the fantasy doesn’t really account for the realities of the market. The truth is, big properties ask for big maintenance fees and even bigger costs in terms of property tax. Would you be willing to pay more than $1 million only in taxes?
Today we’re taking a quick look at a number of Florida real estates that carry quite a punch in terms of the amount of property tax that owners need to pay. When the home owner was not known, or was hiding behind an LLC, we turned to sister company PropertyShark’s property owner search tool to reveal it.
Property tax: $1,302,866
Owned by businessman Nelson Peltz, a founding partner of Trian Fund Management and the current non-executive chairman of the board of The Wendy’s Company, this Palm Beach estate totals nearly 45,166 square feet. Now valued at around $74 million –Pelz paid for it $13.5 million back in 1987– the property called for $1,302,866 in property tax for 2013*.
* Property taxes are based on market values, which are different than the sale price.
Property tax: $1,225,805
This Palm Beach estate is under the ownership of controversial Russian billionaire Dmitri Rybolovlev. Why controversial? Because have you ever heard of a Russian billionaire who isn’t controversial? The owner of European soccer club AS Monaco acquired the home at the apex of the housing bubble, back in 2008.
Who was the seller, you ask? None other than The Donald. Donald Trump moved the property for a fee of $95 million, a far cry from the current valuation of around $69 million. The six-bedroom, seven-bathroom cost the current owner $1,225,805 in property tax.
Property tax: $964,222
When you started reading a post about expensive homes in Florida, you were probably expecting that a number of these properties would be located in Palm Beach County, right? I have no intention of subverting your expectations, so here’s the third home on the list.
Charging its owner approximately $964,222 in property tax, this 10-bedroom, 14-bathroom home is valued at $65 million. The owner is the co-founder of Matrix Essentials, Miller Sydell.
Property tax: $887,610
Taking a breather from homes in Palm Beach County, we move to the most expensive single-family property in the Miami-Dade County. The 27,549-square-foot home traded hands back in 2012 for a fee of $47 million. Currently valued at around $37 million, the home required property tax of $887,610. The 11-bedroom, 12-bathroom home was built in 2011 and is currently owned by Avk Land Holding Inc.
Property tax: $861,911
Yes, back to Palm Beach County for this classic 25,000-square foot home owned by Dwight Schar, the owner of NVR, Inc., the third-largest home builder in the U.S., and a Fortune 500 company. The home claimed $861,911 in property tax and is valued at around $83,532,743. Built in the 1920s, the property is the most highly-valued home on this list.
Property tax: $854,846
This taxpayer is one of the most famous sports figures in the world, and it hasn’t all been for good reasons over the past few years. Tiger Woods built this 10,000-square-foot house in Martin County back in 2010 on an 8.7 acre lot on Jupiter Island. The property is valued at $45,801,170 and last charged its owner $854,846 in property tax, making the pro golfer one of the top property tax payers in Florida.
Property tax: $805,990
Owner Phillip Frost paid around $805,990 in property tax for his home in Miami-Dade County. The 2001-built, 28,288-square-foot home is valued at $54 million, a relatively small amount for entrepreneur Phillip Frost, a businessman with a vast experience whose wealth is currently estimated at around $4 billion.
The value of the 6.1-acre lot stands at around $46 million, being situated in a coveted part of the county.
Property tax: $771,453
Ok, bear with us. We’re ending our top 10 with a series of three properties located in Palm Beach County. This property is owned by a well-known tech entrepreneur, James H. Clark, who is responsible for a number of Silicon Valley startups such as Silicon Graphics, Inc., myCFO, Healtheon, and most notably, Netscape Communications Corporation, a company responsible for a well-known web browser that most people maintain is still better than Internet Explorer.
The owner last shelled out $771,453 in property tax for the six-bedroom, eleven-bathroom property at 1500 S Ocean Blvd, a property currently valued at $46,525,391.
Property tax: $770,990
Valued at $55,535,638, this 1998-built home is owned by John L. Thornton, currently a Professor and Director of Global Leadership at Tsinghua University, Beijing. How was he able to afford the property tax of $770,990 for this 32,000-square-foot home? Oh, well he used to be the president and co-CEO of Goldman Sachs. Does that answer your hypothetical question?
Property tax: $769,786
The final home on the list is valued at $52,714,580 and cost its owner $769,786 in property tax the last time around. The property is under the ownership of White Sea Holdings LLC, a company controlled by wealthy Venezuelan Victor Vargas (we almost fainted from the V for Vendetta-style alliteration).
The 30,000-square-foot home has eight bedrooms and eight bathrooms, and also has the great quality of rounding out our top ten homes in terms of the amount of property tax their owners have to pay as a result of their irrational need for luxury.