Most Expensive Home Renovations
What is a real estate investment without a multi-million dollar renovation?
The most important part of building your real estate portfolio is to invest in your properties. The wealthy are no different when it comes to this—except for the outrageous price tags. The following homeowners have put in sums of money unimaginable to the average person ($10 million or more into their home renovations).
Tech Mogul’s Medina Mansion
In 2010, Amazon founder, Jeff Bezos, completed renovations expanding his beautiful estate from 13,200 square feet to a whopping 29,000 square feet! This hefty renovation cost the billionaire around $28 million over a two-year period. The property, located on Lake Washington, also includes a boat/party-house and a caretaker’s cottage.
British Invasion at the Spelling Manor
Gaming and mining billionaire James Stunt has a net worth of $5-$7 billion. His wife, Petra, is a billionaire heiress. Together, they needed a Los Angeles masterpiece to call home. They purchased the Spelling Manor in 2011 for $85 million and then shelled out close to $20 million to renovate the space! The Stunts got rid of the Spellings’ wrapping and doll-collection rooms in exchange for a spa, beauty salon and massage parlor. The most impressive part of this renovation was the time frame. The couple was so anxious to have the manor move-in ready by their wedding that they had the whole house renovated and remodeled in under 3 months. It took over 500 workers!
Radio Personality’s Palm Beach Pad
Just this year, Howard Stern made renovations in his Palm Beach mansion that cost him around $10 million. Compared to the others on the list, that may not seem like an impressive price—until you hear that it was all basically for a closet. That’s right, Stern’s wife, Beth, wanted a bigger closet and, because there was no room for it in their bedroom downstairs, they had to build an entire brand new staircase to lead to one upstairs. Building a stairway to get to your shoes is definitely a move reserved for those living the life elite.