What $35 million will buy you in the housing market

The other day, I was reading the newspaper (or was it a tabloid? Hmmm.) and came across an item that David and Victoria "she'll always be 'Posh Spice' to me" Beckham balked at a sprawling estate in their new home of Los Angeles when the price tag was $39 million. Even multi-millionaires can be frugal, I suppose.

Mere days later, I read how a home in Northern California's Sonoma Valley has been listed for $35 million. This sets a record as the highest price tag ever for the region. So what does $35 million buy a homeowner these days? The 17-year-old home (originally purchased for about $3 million) offers 11,600 square feet, seven fireplaces, and a luxury kitchen complete with butler's pantry, for starters. The grounds include a 20-by-60 foot pool, a 35-foot lake stocked with fish, an equestrian center, fruit orchard, greenhouse, and a guest house (how much for just that?). Of course, being in the Sonoma Valley, the property also comes with a wine cellar with room for 140 cases (that's almost 1,700 bottles) and a seven-acre vineyard lush with Syrah vines. No word on whether it comes with a bowling alley, a la the late Aaron Spelling's infamous homestead.

If you're interested, don't use all your savings on the home itself; the current owner says he employs a staff of seven to keep everything running throughout the year - at an annual price of about $1 million. And you certainly wouldn't want to appear house poor, after all.

For a photographic journey into America's most expensive homes, follow this link.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.