The Versailles-esque mansion is for sale in Dubai for $204 million, making it the most expensive house on the market in Dubai where luxury residence is red hot. It was recently listed through Sotheby’s International Realty in the United Arab Emirates. In a city already known for wealth, luxury, and glitzy lifestyles, and represents the pinnacle of the blistering real estate market of the region. “We’re so excited to bring this listing to the market. It is a testimony of the forward-thinking and innovative approach to property design that is rippling across Dubai,” George Azar, CEO of Sotheby’s International Realty in the UAE, said in a statement.
Dubai’s exclusive mansion
The magnificent home is one of the largest in Dubai’s exclusive Emirates Hills neighborhood. It has 60,000 square feet of indoor space though only 5 bedrooms: At 4,000 square feet, the primary bedroom is bigger than most homes. There is also a mini primary room and 3 guest bedrooms. Other amenities include 19 bathrooms, indoor and outdoor pools, a power substation and panic rooms. It sits on a 70,000 square foot lot in a gated community overlooking a golf course.
The formal dining room on the first floor acts as the centerpiece of the priciest property and features an expansive coral reef installation and a crystal dining table. Other unique elements of the home include 160 marble columns, two hand-carved glass domes, a koi pond, steam room, sauna, 24-carat gold Jacuzzi, 2,153 square foot techno gym space, and a 16-car garage. Additionally, interested buyers have the opportunity to add up to eight supplemental rooms. The property overlooks a golf course and offers stunning views of the iconic Burj Khalifa.
The property is called the “Marble Palace” by the selling agents and was built using an estimated 80 to 100 million dirhams in marble Italian stone. Construction took nearly 12 years and was completed in 2018, according to Luxhabitat Sotheby’s International Realty, which is selling the property. Tasks included the application of 700,000 sheets of gold leaf by 70 skilled workers toiling more than nine months, the brokerage says.
Every aspect of this project reflects an extraordinary commitment of time, energy, and dedication by the team involved. It’s only slightly cheaper than the penthouse at Central Park Tower (listed at $250 million) and just shy of $100 million cheaper than The Holme, a 205 year old mansion in London listed for a reported $300 million.
The home is currently decorated with about 400 pieces from the owner’s personal art collection, primarily 19th-century and 20th-century statues and paintings; the owner is prepared to negotiate about including them and furnishings in the purchase.
The owner, a local property developer, declined to be named.
“It’s not everybody’s taste or style,” Luxhabitat Sotheby’s broker Kunal Singh says, well aware that buyers will either love it or hate it.
Property Market Dubai
The Dubai property market has been on a tear since late 2020, an upswing that has lasted much longer than other global property booms during the Covid-19 pandemic. The rally is partially a correction after a market decline of about 6 years.
Dubai’s handling of the pandemic enabled the city to reopen quickly, attracting bankers who transferred from places like Singapore or Hong Kong. The world’s wealthy snapped up property as a way to stash their money in an uncertain global economy. And an influx of Russians after Russia invaded Ukraine helped sustain the boom.
The most expensive home sale previously in the neighborhood was for 210 million dirhams, at 5,614 dirhams per square foot, in August 2022, according to Dubai property records.
Only one listing in the city rivals this mansion: A planned penthouse apartment in a project called Bugatti by Binghatti is also being offered at 750 million dirhams but has yet to be built.
It is estimated that there are only about 5 to 10 potential buyers in the world who are wealthy enough and interested in its look to buy the Marble Palace.
About 2 people have viewed the house in the past 3 weeks. The location is minutes from the Palm Jumeirah. Emirates Hills, a gated community, has often been described as Dubai’s Beverly Hills.
“This is something you would buy to show off to bring some elite people, leaders, politicians,” says Kerry Michael, marketing director for Luxhabitat Sotheby’s.
