When it comes to real estate, where haven't Russia's wealthy elite ended up? A mystery Russian billionaire recently scooped up the world's most expensive house on the French Riviera. We've seen them move in to the Plaza in New York, snatch up historic homes in London and pick up ski real estate in Colorado. The Moscow Times says that the next big flood of Russian real estate investment may be headed to the turquoise waters and white sands of the Caribbean. The lure is two-fold, part of it is the natural charm of an idyllic tropical paradise and part of it is the potential property tax breaks that make the homes both pleasure and a smart investment.

While Russian billionaires have long had Caribbean homes, now there is a move by multimillionaires to get their own piece of tropical paradise, buying in to the many developments springing up practically everywhere there is an untended beach. Projects such as Isla Moin in Costa Rica, Costa Blanca in the Dominican Republic and Vita Tower in Panama, which were in many cases originally designed for the American wealthy, have begin to sell toward Russian investors. The Moscow Times also reported last April that Florida real estate projects were also seeking out Russian buyers. The current weakness of the U.S. dollar is also spurring on Russian investors who are finding they can get some great deals.

The high-end condo market seems to be thriving in Newport, Rhode Island. The new complex, the Residences at Brown & Howard Wharf in Newport went on the market last month and six of the 16 units have been sold or are under contract which is pretty impressive in today's worrisome real estate market. The condos are pretty expensive by Rhode Island standards ranging up to $3.6 million. The 16 harborside homes have perfect views of Newport Harbor and dockage for yachts up to 250 feet in length.

Condo units range from 2,300 to 3,200 square feet and have open-plan interiors with numerous balconies. Owners can work with the on-site interior design coordinator to select finishes and style elements. Living rooms will have a gas fireplace, kitchens and laundry rooms feature an appliance package, with a Sub-Zero refrigerator, Wolf gas cook-top, ventilation hood, microwave and oven. Asko 4-cycle dishwashers and Bosch washers and dryers are also included in the unit.

[via Providence Journal]

Get ready for another Florida condo auction. On September 6th, Bella Sol in Apollo Beach, Florida will auction off 23 condo units, five at absolute auction to the highest bidders. Bella Sol's private marina on Tampa Bay with direct access to the Gulf of Mexico will also sell 12 new boat slips with four selling absolute to the highest bidders. The auction will be held by J.P. King Auction Company onsite.

Bella Sol condominiums have six different floor plans with two, three and four bedroom villas including two-level penthouse units. Amenities include tiled exterior patios, porches and walkways, hurricane resistant windows and patio doors, granite countertops, stainless appliances, master bath with garden tub, two-car garage, and elevators in each building. The building also includes a pool or spa.

If you like your fractional real estate on the exotic side here's a retreat for you. You can own a share of a game and wildlife reserve in Bostwana. The Limpopo-Lipadi Game & Wilderness Reserve is a nearly 80,000 acre reserve in eastern Botswana that is home to lions, leopards, elephants, hippos and other wildlife. Each share will give the owner to reserve a stay in one of the lodges being built on the land. No hunting is allowed and game rangers will be on site to serve as guides and instructors on wildlife topics. Once owners are certified by the rangers they can take their own self-guided trips and sleep out on tree platforms for an up close and personal safari experience if they prefer. Owners will have full access to the reserve for a certain number of days and the more shares they buy the more days they can have. Six lodges and camps are planned for the reserve as well as private lodges for those who buy five or more shares. Private lodges should be completed in late 2009. Each share costs $195,000.

[via IHT: Raising the Roof]

The lawsuit between bicycle racing champ Greg LeMond and the battling Blixseths has finally been reached. As I mentioned back in March, the Tour de France winner, his parents-in-law David and Sacia Morris, and Jorge Jasson, a family friend claimed Tim Blixseth tried to buy their shares at the Yellowstone Club for a total of $13 million, which they say was a fraction of their value. The parties had previously reached a $38 million settlement in the case. Blixseth paid the first installment on the suit but missed a payment in January. Now the suit has been settled for a $39.5 million settlement.

The news comes after Tim Blixseth and Edra Blixseth, who are working their way through a divorce that started off pleasant but has become contentious, have resolved the questions over ownership of the exclusive Yellowstone Club.Edra Blixseth is now the club's majority owner and chief executive, and will be footing LeMond's bill. Her spokesman Bill Keegan says she has ambitious plans for the Montana getaway which caters to the wealthy. Bill Gates and Dan Quayle are members and Greg LeMond has said he will keep his residence at the club.

Marnell Corrao Associates has announced the topping off the M Resort, Spa and Casino in Las Vegas. The $1 billion project is located on South Las Vegas Boulevard and St. Rose Parkway a bit of a ways from the Las Vegas Strip. The M Resort, Spa and Casino will have 390 guest rooms, nine restaurants, a destination wine cellar and tasting room, more than 60,000 square feet of meeting and conference space, a 23,000 square foot spa and fitness center and over 100,000 square foot pool and events piazza named Villaggio del Sole. Of course there will be a casino with over 92,000 square feet of gaming space including 1,846 slot machines, 64 table games and a state-of-the-art race and sports book. A March 2009 is planned.

The resort has also entered into a partnership with Taubman Center Inc. to create the first full-scale, department store anchored regional mall to be directly integrated into a casino resort. It will add one million square feet of in-line shopping to the resort and is expected to open in late 2011 or early 2012. Another feature of the resort will be a 63,000 square foot movie theater with 14 screens and 3,100 seat of all-stadium luxury seating with digital sound and premium concession selections,.

It's already happening in Massachusetts and New York, now the next state to turn a former mental health facility into quality real estate is Kentucky. The creepy Waverly Hills Sanatorium in Louisville will become a 78-room boutique hotel with a spa, fitness center and meeting space for business groups. The historic landmark, which once housed tuberculosis patients is reputedly haunted and has been on a variety of televisions shows as one of the most haunted places in the U.S.

Charles Mattingly and his wife Tina, who bought the property in $225,000 for 2001 are planning to keep the ghostly theme of the building during the $18 million renovation. The couple have lived on the property for the last year and have videos that show steaks of light and glowing orbs. The Real Waverly Hills website has a file dedicated to paranormal photos. There is also a slideshow with recent photos that show a building in need of some serious work.. The Mattinglys are planning an eco-friendly hotel with a solar-powered electric system, geothermal heating, a parking structure with a rooftop garden and floors made of either cork or recycled rubber. While the couple are hoping that the ghostly allure will attract some customers they are also hoping that the hotel will attract those who may not be aware of its spooky reputation.

Tiger Woods may be taking some time off the PGA circuit but he's certainly not taking it easy, like other golfers before him such as Greg Norman and Jack Nicklaus, he's working on his golf course empire. We've already profiled his Dubai plans but he is also hard at work on his first golf course in the United States. His course will be located at The Cliffs at High Carolina, which is part of The Cliffs' collection of eight private residential developments in the Carolina Preserve, each with their own golf course. The area features 14 state parks, three national forests and one national park and very scenic land with views out over the Blue Ridge Mountains.

Tiger's got some great land for his course, he is planning a walking golf course at elevations up to 4,000 feet which will have 50 miles of views. The Cliffs at High Carolina also offers easy access the the charming city of Asheville, North Carolina, a place which seems to consistently end up on lists of top places to live and retire in. The development features a village area that will be home to a spa, inn, fitness center, cafe and market. The course clubhouse will also include a restaurant. The Cliffs offers home sites from $300,000 to over $3,000,000 and custom homes from $700,000 to over $5,000,000. For The Cliffs at High Carolina homesites begin in the $500,000s and range to over $2 million. The sales office recently opened for The Cliffs at High Carolina and groundbreaking is scheduled for this fall. There will be 50 to 60 homesites in the first release. Membership is not included in the home price. There is an initiation fee of $150,000 plus $650 in monthly dues but this entitles you to a variety of features detailed after the jump.

The Matthews Hospitality Group has announced via press release that two model residences in its Point Breeze development are open for viewing. Half of the 29 private residences within walking distance of Nantucket's cobbled downtown are already under agreement. (Because Nantucket real estate, like the island's timeless preppy togs, simply defies market trends.) Each owner will receive complimentary membership to Point Breeze's "ultra-elite" club, which features world-class spa, fitness center, outdoor swimming pool, tennis courts, five-star dining and concierge service. Nantucket property owners and frequent visitors can join in the fun by becoming members of the Club at Point Breeze.

A one-bedroom condo in the historically-inspired development starts at $1.5 million. The company has also broken ground on a similar project on Palm Beach Island, meaning your summers and winters are now covered.

In 2002, the self-described eccentric Lord of Warleigh advertised for a lady of the manor, and he received over 2000 replies. Now suffering from late-stage prostate cancer, Lord David Piper has now put his manor and title in addition to a "gentleman's residence" with English Channel views and a 42-foot sitting room, a 140-piece contemporary art collection and a pair of Bentleys up for sale on eBay.

Mr. Piper will be moving to London for treatment and apparently needs an influx of cash, claiming he is "impoverished" and "owes a lot of money." Bids are up to almost 10 million pounds sterling (just shy of $20 million), though the property is valued between 5 and 6 million pounds. Best of luck to the Lord of Warleigh regarding his estate and his health.

A rare piece of real estate is up for sale. The Mondsee or Moon Lake is one of the last privately-owned lakes in Austria and enjoys a secluded location in the mountains of the Salzkammergut region near Salzburg,. The small lake is a little less than a mile wide and close to seven miles long. The owner Nicolette Waechter is ready to sell the property which has belonged to her family since the 18th century. She receives rental income from those who rent out each piece of land, bankside or pier. She grew tired of the amount of work required to manage the land and called the Austrian Federal Forestry Service, which owns many lakes in the country. They made an offer to manage the lake for her for free for two years and before making an offer to buy. She has refused that offer but has many others to consider. Rumors put the potential price of the lake at about 16 million euros.

[Thanks, Lana]

Around two years ago I first brought you the story of The Shire, a Hobbit-themed development in Bend, Oregon. But two years ago there was no real estate crisis and now The Shire is facing foreclosure. The Bend Bulletin reports that the notice of default was recorded last week in the Deschutes County Clerk's Office on the 31-lot development. The original developr Ron Meyers sold his share in the development to Dr. Lynn B. McDonald and his wife Jan. They had taken full ownership in May but Dr. McDonald died July 7 and Jan McDonald is trying to sell off the 14 developed lots before the public auction of the six-acre property on December 2. The default notice says the family owes Umpqua Bank $3.4 million on the project.

The project includes stonework, artificial thatched roofs, and a network of gardens and streams with a pathway leading to a central courtyard. It as gotten plenty of media attention but just one home has sold for $650,000 since the project broke ground in fall 2006. Another, the Butterfly Cottage shown above, is listed at $899,000. It overlooks an amphitheater and has modern touches including bamboo flooring, a Japanese soaking tub and granite countertops. There is also a "hobbit hole" in the backyard for storing garden supplies.

The project seems to have gotten plenty of people stopping by to look but not many people buying. It's unclear what will happen to the Tolkeinesque theme of the development when new investors take over.

[via Gawker]

If the current real estate trend keeps going, I just might have to start doing a real estate auction of the day. For now though let me just direct you to today's auction of the Palazzo Condominiums in Panama City Beach, Florida. The seven-month-old condos are located on Front Beach Road facing the Gulf of Mexico. There are 129 units in the building and 67 units will be up for sale today with 27 that will be sold absolute.

The building has a fitness center, tropical pool, conference room and covered gulf side parking. The units include crown molding, and granite kitchen countertops, new appliances, garden tub and separate showers in all units and ceiling fans in living areas and master bedroom suites. To bid on a one-bedroom unit a check for $15,000 is required, two bedrooms require a $25,000 check and three bedrooms, a $35,000 initial investment. Those not in the area can also bid online this morning.

[via WJHG]

Last week , I mentioned a condo auction in Anaheim, California now here comes another Southern California auction. On August 24 at the Hilton Long Beach, 39 condos at West Ocean Two ill be auctioned by Citi Property Investors as part of the tower's grand opening. The condos on Ocean Boulevard in downtown Long Beach are located in a high-rise that includes a large lobby, concierge service, exercise studio, swimming pool, media/club room, wine storage room, game room, guest suite, outdoor entertaining area and more. The starting bid for nine one-bedroom residences will be $275,000, the 25 two-bedrooms will have a $350,000 starting bid, and five three-bedrooms will start at $795,000. As Curbed LA reveals, condo documentation for the auction says that the one bedrooms were previously listed at $534,000 which seem fairly inflated.

[via Long Beach Press-Telegram]

Louis Vuitton designer Marc Jacobs will open a boutique for his signature collection at the lavish Elysian Hotel development in Chicago (right) early in 2009. Jacobs' quirky, so-hip-it-hurts clothing is revered by celebs like Victoria Beckham, who starred in his ad campaign.

Jacobs has inked a ten-year lease on the 2,700-sq.-ft. space, which will be located in the development's Beaux Arts-style retail courtyard. The designer already has a boutique for his bridge line, Marc by Marc Jacobs, in the Windy City.

The 60-story edifice designed by architect Lucien Lagrange, is being billed as "a throwback to the grand hotels of the 1920's with the modern conveniences of today." It features 188 guest suites starting at $600,000, 51 private residences which start at $3 million, and a restaurant by famed chef Charlie Trotter.