Video: College student owns $88 million mansion

  1. Closed captioning of: College student owns $88 million mansion

    >>> back now at 7:43 with the other end of the housing market . while you might be struggling to pay your mortgage young foreigners are busy scooping up some of the most expensive homes in this country. nbc's craig melvin is on new york 's upper west side with more on this story. good morning, craig .

    >> reporter: good morning to you, ann. it's the kind of story that makes the 99% cringe. this is 15 central park west in new york city , one of the most exclusive addresses in the most expensive condo. with so many struggling to pay rents and mortgages a college student just bought it and it will not even be her primary residence. it's a sweeping view that's breathtaking and record breaking. for the new, young own ter's just a part-time pad. the ten-room penthouse graced the cover of " architectural digest " magazine just last year. it sits atop what is considered the most expensive building in all of new york . outside a wrap-around terrace overlooking central park . inside, guests can tour the private library . but those guests could be college students. that's because according to "forbes" magazine the new owner is the 22-year-old daughter of a russian billionaire. she is studying at an undisclosed college in america , but she is a resident of monaco. price tag for her new part-time place? $88 million, all paid for by daddy.

    >> the trend right now is you're seeing a lot of money come from overseas to purchase these super high end properties. it's a great investment for them and a lot of people think it's safer than the stock market .

    >> reporter: in 2008 katarina's father also bought this 33,000 square foot florida estate from donald trump . he paid the donald $95 million in cash. he may reportedly lose it though in an ugly divorce battle that could cost him half his worth. but the new york penthouse should be safe. it's in katarina's name. just last year british heirs and socialite used trust money from her dad to buy herself a multimillion dollar part-time home. it was this 57,000 square foot mansion in los angeles built by the famous tv producer aaron spelling . tory spelling once lived here. there is a bowling alley and a rumor her mom candy. at the time it was the most expensive house in america . petra doesn't live in hers full-time either. she calls london home.

    >> america is on sale. okay? to these people overseas, it's a great buy.

    >> reporter: former citigroup ceo sanford wile owned this penthouse and says he plans on donating the proceeds to charity. ann?

    >> that is one positive note in all this. craig melvin,

Text: We're sorry. The text content of this page is no longer available.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.32%
$30K home equity loan FICO 5.05%
$75K home equity loan FICO 4.51%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 10.98%
10.96%
Cash Back Cards 16.43%
16.45%
Rewards Cards 16.00%
15.99%
Source: Bankrate.com