The New Price of Luxury: $40 Million

April 24, 2015 8:47 AM

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The New Price of Luxury: $40 Million

How a once unthinkable sum became a standard asking price for high-end real estate.

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.

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