The New Price of Luxury: $40 Million

Jeff Keil paid $2.3 million in 1991 for his townhouse on the Brooklyn Heights Promenade in New York. When he put the roughly 17,500-square-foot house on the market a few months ago, he listed it for $40 million. “It sounds unbelievable,” he said on a recent afternoon, while taking in breezes and views of Manhattan from the porch. He added: “I wish everything I did brought that return.” Up until a few years ago, homes priced at $40 million or more were almost nonexistent. Not anymore—with the country’s most expensive homes priced well above $100 million, listings and sales at the $40 million mark have popped up across the country.

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