According to Knight Frank, the number of ultra-wealthy homebuyers has grown 19% in the past five years, and they are willing to spend more than $10 million in global hotspots like Dubai and New York, as well as lesser-known areas like around Lake Norman in North Carolina.
One of these lakeside towns, Mooresville, is now the fastest-growing suburb in the United States, with many homes priced under $500,000, but prices for mega-mansions on the state’s largest lake are also exceeding $10 million for the first time.
“We’ve had three sales in the last 45 days, and none of them have gone over $10 million before,” said broker Lori Evester Jackson, founder of Evester Jackson Distinctive Properties, an affiliate of Christie’s International Real Estate. “Lake Norman is on the map and people are taking notice.”
Jackson attributes the day’s soaring price tag to the hotel’s location on a 36-mile deep-water lake with 520 miles of shoreline, the same length as New York City, and just 30 minutes from Charlotte and its redesigned airport. “Our flight service is fantastic,” he added.
(Her recent buyer clients have other homes in Denver, Colorado and Spain, and wanted a property with good air links and located on a large body of water (“not salt water”).
“While there used to be a distinction between the luxury market in North Carolina and what was considered luxury in other markets like New York City or South Florida, the bar continues to rise,” said Josh Dearing of Serhant North Carolina, the regional arm of Ryan Serhant.
The seven Lake Norman homes are currently priced between $9.9 million and $21.99 million, while Serhant’s new listing in Cornelius is still under wraps, priced at $25 million. “It’s a testament to where this market continues to go,” said Charlene Dearing of Serhant.
Influencer Olivia Culpo and her current husband, San Francisco 49ers player Christian McCaffrey, purchased a French-style mansion in Mooresville for $7 million when he was with the Carolina Panthers. Since he was traded in 2022, the nearly 12,000-square-foot home has been on the market for $12.9 million, but now that it’s topped the $10 million mark, it may finally find a buyer.
(The couple’s agent and media representatives did not respond to The Washington Post’s requests for comment.)
Meanwhile, The Post has learned through public records that NASCAR driver Kurt Busch sold his New England-style home, which sits on 1.25 acres of land, for $10 million in late August.
Bush’s former home is in The Pointe, an HOA affiliated with Charlotte’s Trump National Golf Club, and has been sold to a local LLC. The 11,132-square-foot home has five bedrooms and eight bathrooms, elevator access, a rooftop deck and a cupola topped with a Flying Goose weathervane.
A five-bedroom, seven-bathroom villa on the Point near Longfellow Lane sold fully furnished for $10.7 million this summer. It has the feel of a luxury hotel resort. “Buyers will tell you they want a community neighborhood with a golf course, and the Trump Course is the best,” said Laura Pegram, a real estate broker with Ivester Jackson.
The sellers purchased the property for $4.5 million in 2020, just as lakeside living became popular as jobs and summer camps closed due to the coronavirus pandemic, and customized the home during construction, installing a swim jet for training, a golf simulator, solar panels, and more.
Pegram said these long-owned luxury homes are now being resold at a time when similar new properties can go for more than $20 million.
“These are custom-built homes, and people live in them until they want to sell,” said Jessica Greer of Premier Sotheby’s International Realty.
Older sellers on private islands, for example, are reluctantly downsizing to nearby condos.
Their custom-built Melancus Island sits on 4.5 acres in Huntersville, at 14051 Island Drive. The new asking price is $15 million, down from the $22 million price tag that caught Greer’s attention in 2023. The $15 million is now offset, she said.
Designed by Charlotte architect Harry Schroeder, the home has a gated, winding driveway that leads to the main residence, which has five bedrooms and seven bathrooms on 14,346 square feet, plus a guest house with two additional bedrooms.
It features Craftsman-style details, a two-story carved stone fireplace, a dramatic master bedroom and an indoor pool. A long sandy beach for outdoor swimming includes launching points for kayaks and paddleboards.
The beautifully landscaped grounds include a kennel for puppies, a sculpture garden, a private tennis court and two boat docks. The long fixed dock with a gazebo on top has been the site of many family weddings.
“It took years to design and years to build,” Greer said, “and now with all the infrastructure and utilities in place, it can be enjoyed by others.”
In nearby Cornelius, a 7,209-square-foot home with five bedrooms and eight bathrooms at 16716 Belle Isle Dr. sold in July for $11.5 million through Ivester Jackson.
The 1.65-acre property includes an infinity pool surrounded by a flame tub and a sandy beach along 365 feet of shoreline.
Offers have come from prospective buyers in California, Virginia, Greenwich, Connecticut, and nearby Greensboro, all of whom are aware of Lake Norman’s benefits: NASCAR Cup winners Dale Earnhardt Jr. and Kyle Busch, reality TV star Kate Gosselin and golfer Tim Moore all own homes in various parts of the area.
Sports legend Michael Jordan bought the 12,319-square-foot foreclosure in Cornelius for $2.4 million in 2013, but it’s now estimated to be worth more than $7.5 million, according to Zillow, but if Jordan were to sell the property, it could be worth more than $10 million.
With 1,000 feet of shoreline along Mooresville’s private peninsula, the $13.8 million Ivester Jackson estate at 124 Wellcraft Court is fenced and accessed through an electric gate. It measures 7,191 square feet and has six bedrooms and eight bathrooms, beautiful millwork, a home theater, an outdoor pool and a spa.
After spending three years designing a home at 19125 Peninsula Point in Cornelius, whose owners decided to cash in on the property and build another house nearby, Mr. Jackson has listed the fully furnished 12,002-square-foot modern mansion for sale for $18.89 million.
Everything in the six bedrooms and eight bathrooms (including a copper-lined bath) across three floors was curated by Cornelius local David Smith Custom Interiors.
The main cooking area includes a dual island kitchen and wash area, while the walk-out lake level includes a second kitchen, golf simulator, ping pong table, pool table, gym, sauna and wine cellar. Outdoor amenities include a resort-style saltwater infinity pool and spa, fire pit, fireplace and grilling patio.
“The seller’s quoted price includes the boat and jet skis,” Jackson says. “The location is great and the home is sparkling.”
After being on the market for two years, the sellers of a chateau at 18019 Harbor Light Blvd. in Cornelius are hoping they’ve found the right opportunity to sell it for $16 million. The 15,000-square-foot mansion has an elevator and six bedrooms with high ceilings, 11 bathrooms, a luxurious master suite with a private patio, a stunning Clive Christian spa bath and a free-form pool.
The property, listed by another agent with Premier Sotheby’s International Realty, also includes a five-car garage and a safe room.