The High High-End Market

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In case you missed it, this little tidbit appeared in Ruth Ryon’s “Hot Property” column on Dec. 30.  It seems that 2007 was a banner year for multimillion-dollar properties on the Westside and Malibu.

Overall, sales in the multimillion-dollar price range were strong. Beverly Park had a sale in the $20-million range, and Brentwood Country Estates, where Gov. Arnold Schwarzenegger lives, registered a sale slightly below $30 million. A look at the closings shows 63 home sales over $10 million for the area in 2007 compared to 55 in 2006. There were 12 over $20 million in 2007 in contrast with 10 over $20 million in 2006.

Among the big transactions:  Tom Cruise’s purchase of a $35 million BevHills mansion (above); Madonna’s former BevHills home, sold for $17 million; and Johnny Carson’s former home in Malibu, sold for $38 million.

Experts are predicting that the high-end market, which has so far been spared the brunt of the credit crisis, may finally take a hit in 2008.  Only time will tell.