Redefining Real Estate: Legacy Home Gifting

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Dec. 23 (Bloomberg) –- Sotheby’s International Realty President & CEO Philip White discusses the real estate trend of “legacy homes” which are meant to be passed down to family members. He speaks to Pimm Fox on Bloomberg Televisions’ “Taking Stock.” (Source: Bloomberg)

Thinking of the auction house.

I want you to describe what role the youth international reality division play.

We have a licensed agreement with sotheby's auction house.

We bought from them about 10 years ago.

We have a strategic alliance with the auction house.

We work very closely with them around the world.

Not necessarily auction properties.

I wanted to make that distinction.

Let's talk about legacy gifts.

I never use those -- for those terms used to describe that.

What does that mean?

The luxury market which we focus on, any properties which are sold for cash can be really designed as a gift for a family.

It is almost essentially were someone buying an expensive property in colorado may be buying it for the benefit of the entire family.

Is that a trend?

We have seen it.

It is nothing that has happened just recently.

We started to see it over the last number of years.

What about the prices?

Are they any different than what they were?

One of them is 100 25? we have some recommendations.

One of them is the three-story penthouse.

For $125 million.

It has the original ballroom with magnificent views.

It should come with the fabulous views.

This also come with a providence?

There always interested in where they came from.

What about something like this?

It was owned by a well-known stock picker who unfortunately died fairly recently.

He bought it from lady fairfax from australia.

Let's talk more about some of the other properties.

If you are not interested in a penthouse, what about san francisco?

We have a recommendation for san francisco.

There's the property with multiple bedrooms, a small bath overlooking the golden gate bridge for 7.5 million dollars.

Nearly a million.

It sounds like a bargain.

What about jupiter island?

Jupiter is a very famous place.

Is a popular spot.

A magnificent pool.

200 -- 400 feet on the ocean.

It is listed for $70 million.

$72 million.

They are looking for sports for activities.

What are they looking for?

This is whether it is golf, ski, waterfront.

This is what they are looking for.

They can find this and many different places.

They may not be searching for a specific location.

It would be a lifestyle.

Is anything that is more popular now whether it is a ski lifestyle or those that may have beaches or warm weather?

What is the trend?

The waterfront is one of the top lifestyles.

Skiing is as 12. -- is as well.

Any new states that are in this legacy?

It is not only aspen.

It is tell you right.

It is banal.

It is beaver creek.

-- telluride, vail.

It is beaver creek.

Today have to salve -- have the same level of amenities?

Private jets?

They all do enjoy some similar amenities.

I want to thank you very much.

It is 26 past the hour.

This text has been automatically generated. It may not be 100% accurate.

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