$88,000,000
Pagosa Springs, Colo.

BootJack Ranch hosts the annual Music in the Mountains festival and numerous other philanthropic events.

FOUR YEARS AGO, the most expensive residential property in America was $75 million, a record at the time. Today, the top property, a legendary estate on 6.25 acres blocks from the center of Beverly Hills sporting a pedigree that includes names such as Hearst and Kennedy, is priced at $165 million. Equally surprising, $75 million no longer even qualifies for a place on Ultimate’s top 10 list. This year, movie producer Sidney Kimmel’s home, an elegant contemporary, an architectural vision of rich mahogany, pale French limestone and sweeping ocean vistas on 5 acres in Palm Beach priced at $81.5 million, captures the last spot among Ultimate's “best of the best.”

Each home that's found a place in this very select group is outstanding, but this year's properties are especially significant. Several, including Hillandale, are historic estates dating from the heyday of industrialists at the beginning of this century. Many, such as Beverly House Compound, have been the background for historic events. Fleur de Lys in Holmby Hills, Calif., was recognized by Jacques Chirac and the French government for its contribution to French culture in America, an instant legacy making it one of the most important estates in the country. Still, others represent some of the strongest ranching traditions in the West. One is included in the National Register of Historic Places.

Whether the setting is 2,000-plus acres in New Mex-
ico, one of the largest private land holdings in Lake Tahoe,

40 acres of the best of the backcountry in Greenwich, Conn., or under 10 acres of prime land in Beverly or Holmby Hills, each occupies some of the most valuable acreage in America. Palm Beach is well-represented with two properties, each offering 5 or more acres of direct oceanfront.

“When you have that much acreage, you are guar-
anteeing the value of the asset,” says Paul Boomsma, pres-
ident of the Luxury Portfolio. “You really never can go
wrong with land,” he says.

A Look Back

Until a few years ago, the luxury market at its highest levels was unchartered territory. Ultimate Homes, which identifies, showcases and ranks by price the most expensive homes throughout the United States, was inspired by the desire to gain a true portrait of real estate's top echelons. When research for the first issue began, no one had any idea what price point would end the top 850. All the supposed benchmarks were quickly surpassed. In the end, rather than $5 million as many had predicted, the list ended at $7.8 million with a log home on the slopes at Teton Village, Wyo. The most expensive at $75 million was Three Ponds Farm, a 60-acre retreat in the Hamptons designed by two notable architects. In addition to a main house, Three Ponds includes a Rees Jones, USGA-rated golf course, 14 distinct gardens including a replica of the Brooklyn Botanic Gardens, tennis courts, even a stocked pond.