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Luxury Co-Ownership: How Affluent Aussies Are Sharing High-End Holiday Homes

Affluent Aussies with a savvy financial mindset have been sharing the expense of their luxury lifestyles for years through yacht and private jet syndicates, and now the idea has stretched to high-end holiday homes. 

A concept known as Second Home has reached the millionaire playground of Queenstown, New Zealand and the idea is tipped to soon take flight across the ditch. 

Longtime co-ownership pioneers John and Sharon Russell started selling shares in luxury boats in Sanctuary Cove on the Gold Coast in 1999 and have now entered the holiday home space with Second Home. 

Investors can purchase shares in a fully-managed vacation property, but unlike a timeshare, each owner’s name is on the title. As a result, the shares remain a sellable and appreciating asset. 

“This is very similar to buying into a boat syndicate where you own a share and can use it as if it’s yours, without the full cost and responsibility of owning the boat outright,” Mr Russell said. 

“With Second Home, you are purchasing the bricks and mortar of a New Zealand holiday home valued at over A$2.5 million – with your name on the title, and access to it and all the wonderful activities in and around Queenstown for six weeks each and every year.” 

Currently under construction in the Kiwi ski town, there is a three bedroom apartment in the Jacks Point development on the shores of Lake Wakatipu, pictured. Eight shares of the architecturally designed, fully furnished apartment are available, from A$325,000 and include six weeks usage of throughout each year. 

Mr Russell said the concept is a far cry from the better known short term rental schemes. 

“This is not a hotel or Airbnb with tourists coming and going – the only people who stay in the home are the owners and their guests, who we encourage to get to know each other,” he explained. 

“Second Home is ideal for people who aspire to own a holiday home and return with family and friends to enjoy the same region each year, but don’t want to invest so much capital in owning an apartment outright, only for it to be locked up for months on end.” 

Additionally, he said the ongoing costs of owning a holiday home are also shared among owners. 

“In the case of Jacks Point, each investor’s share of expenses is about $7000 annually, which covers body corporate and management fees, insurances and maintenance,” he added. 

“Overall, that’s still significantly cheaper than booking accommodation each time they’d like to holiday in New Zealand.” 

Property prices in Queenstown have increased by approximately 7 per cent a year over the past decade, with property experts tipping the median will continue to rise. 

While Queenstown property prices have come off their post-pandemic high, the longterm snapshot of the popular holiday destination show that it has experienced incredible growth.  

Data from realestate.co.nz showed from the beginning of 2015 to the end of 2024, average asking prices in Central Otago-Queenstown Lakes rose 106.6 per cent.  

After hitting a peak in November 2022, house prices fell 5.27 per cent before bottoming out in December 2022. The average price of a Queenstown property in December 2024, according to CoreLogic NZ, was A$1.65m with values up 2.17 per cent over the three months prior. 

“There can be some very lucrative capital gains to be made by buying into a shared holiday home,” Mr Russell said. 

Second Home’s other NZ location is a six-bedroom, French-style chateau in the Carrick Winery in Central Otago. It comes with a Land Rover Defender 130 and six e-bikes. There are 13 shares available, valued at A$445,000 each, with annual expenses of around A$8,600. 

The Russells also have one $40,000 share remaining of thirteen in a four-bedroom villa near Florence, Italy, where shareholders can enjoy an authentic Italian rural lifestyle for one month every year. 

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Health Is Wealth When Tariffs Are Denting Profit Forecasts

President Donald Trump’s imposition of tariffs on trading partners have moved analysts to reduce forecasts for U.S. companies. Many stocks look vulnerable to declines, while some seem relatively immune.

Since the start of the year, analysts’ expectations for aggregate first-quarter sales of S&P 500 component companies have dropped about 0.4%, according to FactSet. The hundreds of billions of dollars worth of imports from China, Mexico, and Canada the Trump administration is placing tariffs on, including metals and basic materials for retail and food sellers, will raise costs for U.S. companies. That will force them to lift prices, reducing the number of goods and services they’ll sell to consumers and businesses.

This outlook has pressured first-quarter earnings estimates by 3.8%. Companies will cut back on marketing and perhaps labour, but many have substantial fixed expenses that can’t easily be reduced, such as depreciation and interest to lenders. Profit margins will drop in the face of lower revenue, thus weighing on profit estimates. The estimates dropped mildly in January, and then picked up steam in February, just after the initial tariff announcements.

“We are starting to see the first instances of analysts cutting numbers on tariff impacts,” writes Citi strategist Scott Chronert.

The reductions aren’t concentrated in one sector; they’re widespread, a concrete indication that the downward revisions are partly related to tariffs, which affect many sectors. The percentage of all analyst earnings-estimate revisions in March for S&P 500 companies that have been downward this year has been 60.1%, according to Citi, worse than the historical average of 53.5% for March.

The consumer-discretionary sector has seen just over 62% of March revisions to be lower, almost 10 percentage points worse than the historical average. The aggregate first-quarter earnings expectation for all consumer-discretionary companies in the S&P 500 has dropped 11% since the start of the year.

That could hurt the stocks going forward, even though the Consumer Discretionary Select Sector SPDR exchange-traded fund has already dropped 11% for the year. The declines have been led by Tesla and Amazon.com , which account for trillions of dollars of market value and comprise a large portion of the fund. The average name in the fund is down about 4% this year, so there could easily be more downside.

That’s especially true because another slew of downward earnings revisions look likely. Analysts have barely changed their full-year 2025 sales projections for the consumer-discretionary sector, and have lowered full-year earnings by only 2%, even though they’ve more dramatically reduced first-quarter forecasts. The current expectation calls for a sharp increase in quarterly sales and earnings from the first quarter through the rest of the year, but that’s unrealistic, assuming tariffs remain in place for the rest of the year.

“The relative estimate achievability of the consumer discretionary earnings are below average,” Trivariate Research’s Adam Parker wrote in a report.

That makes these stocks look still too expensive—and vulnerable to declines. The consumer-discretionary ETF trades at 21.2 times expected earnings for this year, but if those expectations tumble as much as they have for the first quarter, then the fund’s current price/earnings multiple looks closer to 25 times. That’s too high, given that it’s where the multiple was before markets began reflecting ongoing risk to earnings from tariffs and any continued economic consequences. So, another drop in earnings estimates would drag these consumer stocks down even further.

Industrials are in a similar position. Many of them make equipment and machines that would become more costly to import. The sector has seen about two thirds of March earnings revisions move downward, about 13 percentage points worse that the historical average. Analysts have lowered first-quarter-earnings estimates by 6%, but only 3% for the full year, suggesting that more tariff-related downward revisions are likely for the rest of the year.

That would weigh on the stocks. The Industrial Select Sector SPDR ETF is about flat for the year but would look more expensive than it is today if earnings estimates drop more. The stocks face a high probability of downside from here.

The stocks to own are the “defensive” ones, those that are unlikely to see much tariff-related earnings impact, namely healthcare. Demand for drugs and insurance is much sturdier versus less essential goods and services when consumers have less money to spend. The Health Care Select Sector SPDR ETF has produced a 6% gain this year.

That’s supported by earnings trends that are just fine. First-quarter earnings estimates have even ticked slightly higher this year. These stocks should remain relatively strong as long as analysts continue to forecast stable, albeit mild, sales and earnings growth for the coming few years.

“This leads us to recommend healthcare and disfavour consumer discretionary,” Parker writes.

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CEOs Face More Accountability When a Board Member Has Military Experience

Chief executives at poorly performing companies are more likely to be fired if at least one of the company’s board members has a military background.

The odds of dismissal for underperformance are even higher if multiple directors on the board have served in the military, according to a recently published study.

The researchers behind the study analyzed 865 publicly listed companies in the U.S. between 2010 and 2020, identifying companies with board members who had served in either the U.S. Army, Navy, Marine Corps, Air Force, National Guard or a foreign equivalent. A little more than a quarter of the companies in the sample had such a board member.

The researchers then measured company performance by looking at return on assets, a metric often used to determine how efficiently organizations are using their assets to generate profits.

Shape up or ship out

Across the entire sample, about 2.1% of CEOs were fired when their company was underperforming its peers—that is, its return on assets was two standard deviations from the industry mean. Having a military director on the board raised the dismissal probability to 2.9% compared with companies that had no directors with military experience, two directors increased it to 3.9% and three directors amplified it to 5.2%, the researchers found.

“When firm performance falls below the 20th percentile in an industry, the influence of military directors on CEO dismissal becomes noticeable,” says Stevo Pavicevic , an associate professor at Frankfurt School of Finance and Management in Germany and one of the study’s authors.

To better understand their findings, the researchers interviewed 20 corporate directors with military backgrounds. In the interviews, the researchers found that these board members often place a high premium on personal accountability. “It’s part of the discipline we grew up with in the military,” said one of the directors they interviewed.

The interviews suggest this focus on personal accountability translates into concrete action, such as being more inclined to conduct formal CEO evaluations and blame company-performance shortfalls on the CEO. “It seems that directors with military backgrounds have a different approach to accountability,” says Pavicevic.

Does tenure matter?

In another part of the paper, the researchers explored whether their initial findings would hold up if a CEO were entrenched in the company, meaning the executive had a long tenure, held a lot of stock or also served as board chairman.

They found that CEOs were still more likely to be dismissed for poor performance even when they had long tenures or held a lot of stock when a member of the board had a military background. However, in cases where the CEO was also chairman, the relationship disappeared. Those CEOs weren’t more likely to be dismissed if a member of the board had military experience.

“Being both the CEO and chairman of the board gives the executive a very powerful position and even with the presence of military directors on the board, dismissals won’t be that easy,” says Pavicevic.

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How the Four Seasons Hit a Marketing Jackpot With HBO’s ‘The White Lotus’

]Some brands would be wary of becoming the site of a grisly murder. But not Four Seasons, one of the world’s most exclusive hotel operators.

Three of its resorts have played starring roles in each of the three seasons of “The White Lotus,” HBO’s twisted take on wealth, class, privilege and five-star hotels. The chain’s properties in Maui, the Sicilian hilltop town of Taormina and the island of Koh Samui in Thailand have served as backdrops for the murder, mayhem and bad manners of the show’s unsavory characters.

Now, the show and hotel operator are officially business partners. Season 3 is the first time White Lotus offered to let the Four Seasons use its fictional brand for the hotel’s own marketing.

Four Seasons hosts White Lotus viewings at five hotels and launches pop-up bars with cocktails inspired by the show. In April, its Westlake Village, Calif., hotel will transform into a White Lotus-style “wellness weekend.”

“The marketing machine is really starting to be put in motion,” said Marc Speichert , chief commercial officer and executive vice president of the Four Seasons.

The partnership between Warner Bros. Discovery’s HBO Max and the Four Seasons is purely serendipitous. When Covid grounded Hollywood production, HBO reached out to producer Mike White to see if he had any ideas for a show that could be shot during the lockdown.

White said yes and began scouting locales that could house a cast and crew for weeks in a bubblelike environment. Initially he tried to find a spot in Australia. But work visas were for eight weeks, not enough time to shoot a show, said David Bernad , an executive producer of “White Lotus.”

Next up was Hawaii, where the challenge was finding a resort that could be taken over by a cast and crew for 13 weeks.

“We ended up at Four Seasons because that was the one hotel that let us shoot there,” said Bernad.

The Four Seasons signed up for season 1 with no knowledge about the show’s plots. There were no finished scripts, only a nondescript first episode, said Bernad.

Even with that uncertainty, the Four Seasons saw a unique opportunity. The luxury hotel was already closed due to the Covid lockdown. Renting out the property to Hollywood was a no-brainer to ride out the pandemic downturn.

“We wouldn’t have gotten any business at the Maui resort during Covid without the show,” said Speichert.

Not everyone would have taken that bet. Without knowing the details of the story line, the Four Seasons risked any number of potential negative brand associations, said Eric Resnick , chief executive of KSL Capital Partners, a private-equity firm that invests in travel and leisure.

“If you were to take one of our hotels and have some terrible misfortune befall the hotel in a mass market movie or TV show, it would give me pause,” said Resnick, whose hotel investment properties have also been featured in movies and TV. “But kudos to Four Seasons as this has been very successful.”

The Four Seasons had a record with these kinds of deals. In 2019, the Four Seasons Hotel Mexico City was featured in the Netflix series “Narcos: Mexico,” a fictionalized chronicle of the Mexican drug trade.

So far, the gamble on the White Lotus has paid off for the legacy hotel chain. Each episode of the White Lotus now acts as a Hollywood-level advertisement for the Four Seasons’ properties.

Four Seasons declined to say how much the HBO series boosted room rates or overall bookings. But it did say that visits to the Four Seasons webpage for the Sicily hotel soared 193% after season two. The Maui property did even better with a nearly threefold rise in web visits. Customer inquiries about available hotel rooms experienced triple-digit percent increases.

New customers are also willing to pay a premium for the White Lotus experience (sans gruesome crime). Occupancy rates in the more expensive multi-bedroom suites that were featured in the show are up 7 percentage points.

To capitalize on this “set-jetting” momentum, the Four Seasons is offering guests a 20-day White Lotus private jet excursion that stops at each of the resorts featured in the show.

For the current season, Bernad said HBO looked at 50 hotels before landing on the Four Seasons Resort Koh Samui. During the Maui shoot in the middle of Covid, cast and crew stayed at the hotel and there was little overlap with civilians.

The next two seasons led to some periods when HBO was shooting at the same time the resorts had guests as well watching the action.

“By now people know who we are,” said Bernad.

“White Lotus” hasn’t decided in what city it will take place next season, and Four Seasons has no guarantee it will play host again, Bernad said.

The Mandarin Oriental is already touting its Bangkok hotel’s cameo in episode 5, which it said “serves as the glamorous backdrop” for the Thailand-based season.

Corrections & Amplifications undefined The Four Seasons will host a “White Lotus”-inspired wellness event at its hotel in Westlake Village, Calif. An earlier version of this article incorrectly said the location was West Lake, Calif. Also, David Bernad is an executive producer of “White Lotus.” An earlier version of this article incorrectly referred to him as Bernard on subsequent references. (Corrected on March 16)

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The Met May Have Millions in Stolen Art. It’s Not Waiting to Be Asked to Return It.

At the Metropolitan Museum of Art in late February, an increasingly familiar scene played out: A museum was restituting a work of art, giving back something from its collection to the place where it originated—in this case, Greece. The announcement, however, was more celebratory than sheepish. It was being done with the fanfare more often associated with acquiring a great object rather than returning one. That’s because, in this case, the Met itself launched the inquiry into the sculpture’s origin.

The work in question was a small bronze sculpture of the head of a griffin, a mythological creature, made in the 7th century B.C. It had been on display at the Met since 1972. Max Hollein, the Met’s director and CEO, spoke to the assembled crowd. The piece, he said, “could not have legitimately left” Greece.

Over the last few years, museums have had to respond to inquiries—sometimes as part of legal claims that can come from countries or former owners, or are initiated by U.S. law enforcement—about works that were stolen, illegally excavated, exported or traded improperly.

But with the griffin head, the Met didn’t wait to be asked. Greek authorities weren’t attempting to reclaim it. Instead, in a turn that shows how the process of repatriation and restitution has changed, the Met took the initiative to investigate how the griffin head got into its collection. The museum found it had disappeared from the Archaeological Museum of Olympia in the 1930s.

Last year the Met appointed Lucian Simmons, a lawyer and former Sotheby’s executive, to be its first-ever head of provenance. He leads a team of 10 full-time researchers, which the Met says is the biggest staff dedicated to this task at any museum.

Simmons acts as “air-traffic control,” he said, providing support, supervision and coordination to the provenance research specialists, who are embedded within the museum’s departments.

Simmons’s broader philosophy is that more sunlight is better when it comes to determining pieces’ back stories. “We need to know the truth,” he said. “Sometimes it’s uncomfortable.”

With these claims, the stakes are often high: In 2022, local and federal authorities seized 27 objects worth a reported $13 million from the Met and returned them to Italy and Egypt, their countries of origin.

Provenance research, or finding a comprehensive record of an art object’s previous ownership and history, is “core museum work” these days, said Hollein, certainly when it comes to vetting new acquisitions. But now, more museums are examining the back story of objects they’ve had for decades and then taking action based on what they find.

“Museums used to take a wait-and-see approach,” said William M. Griswold, the director of the Cleveland Museum of Art and the chair of the cultural property task force of the Association of Art Museum Directors. “Now, they are much more proactive about investigating and finding ways to resolve issues that pertain to provenance.”

Hollein noted how much the landscape of looking into a work’s provenance had changed. “Forty, fifty years ago, nobody cared about documents. It’s not because everything was illegal. That’s just not how it worked.”

The Met has more than 1.5 million objects in its collection, six million visitors a year and an endowment of $4.5 billion.

With the griffin head, Met staffers flagged in 2018 that there were issues, and Hollein then reached out to the Directorate of Antiquities and Cultural Heritage of Greece. The mystery was never solved definitively, and hence the museum could not be sure the piece met its standards.

But it’s not gone for good. The bronze is coming back to the Met as a loan next year.

When the billionaire Leonard N. Stern, a real-estate developer and heir of the pet-product company Hartz Mountain, wanted to give the Met a collection of Bronze Age sculptures from the Cycladic Islands, which are now part of Greece, the Met couldn’t determine the art’s origin.

“Ninety percent of Cycladic art comes from unknown contexts, and a lot of it probably comes out of tombs,” said Seán Hemingway, the Met’s chief curator of Greek and Roman art.

Instead of turning down the gift, the Met worked with the Greek government and the Museum of Cycladic Art to establish a long-term partnership. The works will be owned by Greece, but most will be on display at the Met for the next 25 years, and the country will loan other Cycladic art to the museum. Separately, Stern is supporting extensive joint research and conservation projects.

Hollein said the reaction to such an offer had changed completely. “Maybe like 40 years ago, it would have been, ‘We’ll take it,’” he said. “Then maybe 10 years ago, it would have been, ‘It’s impossible for us to get right.’

Sometimes, the outcomes of provenance research don’t result in a piece being returned, as with Jean-Louis Lemoyne’s “La Crainte des Traits de l’Amour” (1739-40), a Rococo marble sculpture in the Met’s Petrie Court depicting a woman startled by a tiny Cupid.

Last year, an associate curator in the European Sculpture and Decorative Arts department flagged a gap in its ownership records. Upon further investigation, the museum confirmed that the sculpture, once owned by a branch of the Rothschild banking family, had been seized during World War II, a fact previously unknown to the museum. After being taken from the family, “it was put on a truck by Nazis in Paris,” Simmons said. “It was taken to the Jeu de Paume and then shipped to Berlin.”

Somehow, the work found its way back to the Rothschilds, who later sold it, and the Met bought it from a dealer, so it didn’t clearly call for restitution. Instead, new information explaining this history will be added to the placard describing the work, part of a new New York state legal requirement that requires New York museums to publicize when an artwork was stolen by the German Army.

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Power of the Purse. Birkins and Kellys Dominate the Collectible Handbags Category.

For those following the growing auction market for luxury handbags, and wondering what might replace the ever-dominant Hermès Birkin and Kelly styles, experts at Sotheby’s and Christie’s don’t have much news.

“Birkins and Kellys are really sharing the top position in collectors’ hearts,” says Morgane Halimi, global head of handbags and fashion at Sotheby’s. She points out that in general, every size and style of Birkin and Kelly bags saw increases in average value and client interest. “They are perennial, highly desirable, and have become status symbols. And the Mini Kelly II, which was released in 2016, is slowly becoming a hit even among young collectors.”

Max Brownawell, head of the department for handbags and accessories at Christie’s (where Hermès bags account for 90% of sales) agrees. “Really, the collectible market for bags at this price point of $10,000 and up is exclusively going to be Hermès bags,” he says. “There’s a growing number of vintage Chanel bags that are considered highly collectible and valuable as well—bags that are iconic, such as Karl Lagerfeld designs from the ’90s. But very few bags from other brands hold their value at the level of Hermès.”

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Chanel vintage classics by Lagerfeld in the ’90s are also in high demand at Sotheby’s, where Chanel is the second-best seller. “His earliest bags from the ’80s and ’90s are the most popular of all vintage Chanel bags,” Halimi says.

Even so, those bags don’t breathe the same rarefied air as Hermès. The most expensive Chanel bag to sell at non-charity auction was Lagerfeld’s personal croc-embossed lambskin tote. It was sold complete with his 2011 FIAC contemporary art fair photo pass and a tag from the Chanel Paris-Bombay 2011/12 Métiers d’Art show. Given the illustrious provenance, it broke the record for a Chanel bag, selling for €94,500 (US$107,000) at the Sotheby’s estate auction of his property in December 2021.

Chanel’s top seller of 2024 at Sotheby’s was a gold lambskin Paris-Dubai Nights Gas Jerry Can bag with gold hardware from the 2015 Cruise collection. It was estimated to sell for between $5,000 and $7,000, but went for $33,600, far exceeding expectations.

The Pinnacle Bag 

According to Sotheby’s, all 10 of the most expensive bags sold by the house in 2024 were Birkins or Kellys, and all but one was crafted from exotic crocodile or alligator skin. That lone non-exotic bag, claiming the No. 8 slot with a sale price of about $157,000, was a 2023 Midas Kelly 25 Sellier in black box calfskin leather with 18-karat gold hardware, hence its Midas label. The top spot on the list went to a 2021 Kelly 25 Himalaya with white-gold hardware set with 3.5 carats of diamonds, which sold for about $330,000.

Six of the 10 most expensive bags on the list were Himalaya styles, three of which had diamond-set 18-karat white gold hardware. Himalaya bags are so named for the exotic Nile crocodile that is distinctively dyed with an ombré effect of matte white and gray, evoking the snow-capped peaks of the Asian mountain range. When fitted with precious white-gold or even platinum diamond-set hardware, Himalayas reach record prices.

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Three spots in the top 10 were limited-edition Birkin 20 Faubourg styles in American alligator, two in shades of Snow and one in Midnight black, with prices ranging from $181,000 to $234,000. The first Faubourg Birkins, modeled on the architecture of the Paris flagship on Rue du Faubourg Saint-Honoré, debuted in 2019.

At a November 2021 Christie’s Hong Kong sale, a matte-white Himalaya Diamond Retourné Kelly 28, with 18-karat white-gold hardware set with 229 diamonds totaling 9.2 carats, sold for $512,880, cracking the half-million-U.S.-dollar mark and setting the record for the most expensive handbag sold at auction.

The earliest-known Hermès Celadon Himalayas emerged in 1994, and they were phased out of production in 2008. However, that year saw a new 30cm-size matte Himalayan Birkin that remained under the radar and was reserved for the brand’s VIP collectors. Then, Jean-Paul Gaultier featured a Himalaya Birkin at the 2010 Hermès’ spring runway show, making it an instant “grail” bag, and one with surprising longevity.

In 2012, Hermès introduced the 25cm Himalaya Birkin. The following year brought the Himalaya Kelly in more sizes, with a 35cm Himalaya Kelly added to the mix in 2020. Himalaya styles in other collections started appearing in 2016.

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Market Shifts

There are signs that the market for such extravagant bags has reached post-peak prices. “The most interesting trend we’ve seen is that exotic bags, which tend to sell for higher prices, have been a little bit soft,” says Brownawell. He explains that in general, exotics have come down over the last few years, while leather bags are going up steadily: “For certain sizes and styles, the prices for leather bags can sometimes be higher than the equivalent bag in an exotic.”

He attributes this trend to the growing demand for bags priced from $20,000 to $30,000, with huge numbers of buyers aspiring to ownership though they can’t possibly attain the pricier exotic Birkins and Kellys.

“It’s a much thinner market when you’re looking at bags that are in the $50,000-to-$200,000 range, and people who are buying in that higher range have a lot more ability to be picky about what they want,” he says.

The growing numbers of younger clients entering the market each season are unlikely to bid on a six-figure Himalaya Birkin right out of the gate. “They’re going to start out in leather, and they’ll probably want a black, brown, or gray leather Birkin,” Brownawell says. “That’s really where the market has been the strongest—the prices for a store-fresh, neutral-leather Birkin 25 or 30 have never been higher.”

He adds that limited editions are another bright spot—whether it’s new ones that are highly coveted for the first year after release before prices stabilize, or lesser-known vintage special editions. “Some vintage limited editions that haven’t been seen on the market could do extremely well, because I think there is a strong appetite among collectors for what they haven’t seen,” Brownawell says.

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One unexpected twist, he adds, is that some of the priciest Birkins aren’t necessarily the rarest. “If you want a diamond Himalaya Birkin, I can get you one, even two,” Brownawell says. “But there are much rarer bags out there that I probably couldn’t come up with, though it might be a much lower price point.”

At Sotheby’s, where handbags are one of the house’s fastest-growing departments, women buyers account for the majority of auctions worldwide. “We are seeing buyers as young as their 20s, with participants of our handbag auctions, both buyers and sellers, mostly in their 30s and 40s,” Halimi says. “That is significantly younger compared with some other categories sold at Sotheby’s.”

Women also make up the majority of handbag purchasers at Christie’s, where handbags are the only category dominated by female buyers. “It’s mostly women between the ages of 25 and 60,” Brownawell says. “Wealthy women, of all types—whether they are self-made, married well, or born into wealth—are attracted to Hermès bags.”

This article originally appeared in the  February 2025 issue of Mansion Global Experience Luxury.

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Wall Street Wants You to Buy Gold. It’s Still Risky.

J.P. Morgan and Goldman Sachs advise continuing to hold gold. BNP Paribas just raised its forecast for gold prices. For months now, BlackRock has recommended buying gold to diversify portfolios.

So far, the recommendations have been spot on. The most active gold futures contract hit another record high on Thursday, closing at $2,991.30 an ounce, marking its tenth record close in 2025. The popular SPDR Gold Shares exchange-traded fund, which tracks gold bullion, also closed at a record of $275.13.

But the megarally isn’t without risks.

Gold has now closed at record levels 10 times this year, after closing out its best year in over a decade, with 46 records in 2024. Drivers for the rally have been plentiful: Strong buying from central banks, a weaker dollar, realignment of international relationships as President Donald Trump slaps tariffs on goods from the U.S.’s closest allies, and wars abroad have pushed investors to seek safety in gold.

The conventional wisdom says the path of least resistance for gold is higher in part because prices are above their 200- and 100-day moving averages of $2,619.51 and $2,756.11, respectively, based on Wednesday’s close. When a price moves above its moving average, it is a sign that an uptrend is likely to continue.

BNP Paribas forecasts gold prices will rise above $3,100 an ounce in the second quarter of 2025. It assumes the average gold price in 2025 will be $2,990, 8% higher than its prior forecast. A price of $3,100 would represent a gain of 5.2% from its closing price on Wednesday.

“The biggest change to our previous view is the impact of the Trump tariff threats, which is resulting in fears of renewed US inflation on the one hand, and slower US and global growth expectations, on the other, driving increased safe-haven demand for gold,” David Wilson, senior commodities strategist as the bank, said in a research note Wednesday.

Still, when optimism is so widespread, it is smart to also consider the risks, even with investments such as gold that are famous for being safe.

For one, it could be said that the metal is overvalued, given that it has been in a bull market since September 2022. That raises the prospect that gold has already priced in much of its potential over the period, leaving it vulnerable to corrections. Those gains could tempt early investors to sell to lock in profits.

Gold could also struggle in a world where Washington’s efforts to overhaul the federal government prove successful, even if economists have their doubts. Trump and Elon Musk’s Department of Government Efficiency is slashing the federal workforce, which the administration has said will boost productivity, critical for economic growth, as laid-off government workers find more productive jobs in the private sector.

Economic growth and gold are inversely related. When the economy is booming, investors tend to favor riskier assets like stocks over gold, which loses its appeal.

“Such a development would be terrible news for gold whose price may then return to its historical norm, as expressed in oil-equivalent terms,” wrote Charles Gave, founder of Gavekal Research, in a research note on Wednesday. This implies a 50% fall, the note says.

On the other hand, there are plenty of reasons why prices could keep rising. An index of economic uncertainty index is high, while more tariffs would lead to inflation, both benefiting gold. The possibility that the U.S. government might value its gold holdings at market prices, rather than the current $42.2222 an ounce, would help as well.

Treasury Secretary Scott Bessent triggered speculation about revaluation in early February , saying the U.S. wants to monetize its balance sheet. He dismissed the idea in an interview with Bloomberg last month, but market chatter about the topic continues.

Revaluing the U.S.’s gold holdings would show interest in the commodity by the government, potentially adding to the momentum in the price. The statutory price of gold, set by law , hasn’t moved since 1973.

The evidence for gains is strong. Just don’t completely ignore the risks when putting your money to work.

Corrections & Amplifications: The most active gold futures contract closed at $2,991.30 on Thursday. An earlier version of this article incorrectly said it closed at $2,984.30, the price of the front-month contract.

Write to Karishma Vanjani at  karishma.vanjani@dowjones.com undefined undefined

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Making a Centuries-Old English Castle Feel More Like Home

Castle Howard, one of the grandest of English country houses, is taking the long way home. The domed Yorkshire residence, designed by Baroque architect John Vanbrugh for the third Earl of Carlisle, was started in 1699 and completed at the beginning of the 19th century, only to be partially gutted by fire in 1940. The earl’s descendants have been putting it back together ever since.

Next month, that ongoing process will reach a critical point when the Tapestry Drawing Room, a once-resplendent space that fell victim to the fire, will complete a six-year-long restoration that cost about $700,000.

The castle also serves as a primary home for Nicholas Howard, a descendant of the earl, and his wife, Victoria Howard. The two have also recently redecorated their living quarters in the building, adding everything from a $32,000 fireplace to new slipcovers for the kitchen chairs.

Located about midway between London and Edinburgh, Castle Howard has served as the setting for film and TV shoots including the Netflix series “Bridgerton” and the 1980s British television series “Brideshead Revisited.” It has around 180,000 square feet of space and some 100 rooms, many of them open to the public for events and tours. For generations, members of the Howard family have lived in the relatively isolated East Wing, one of the oldest areas of the castle.

While the grandiose “state rooms,” in the Southeast Wing, were designed from the beginning to impress visitors, the East Wing was built on a smaller, if still impressive, scale. It functions as a self-contained house-within-a-house—or perhaps, a mansion-within-a-castle—with six bedrooms, five full bathrooms, and some 30 rooms in total.

Nicholas, a 72-year-old photographer, grew up with his family in the East Wing. He and Victoria, a 71-year-old retired publishing executive, have overseen the management of the castle and its 8,900 acres since 2015. The couple split their time between Castle Howard and London, but “we spend about 80% of our time here,” says Victoria.

Unlike many of Britain’s baronial country houses, which were only used seasonally, Castle Howard was “always intended as a 12-months-a-year house,” says Victoria, who was previously the CEO and publisher of HarperCollins UK. HarperCollins, like The Wall Street Journal, is owned by  News Corp .

The estate contains a whole village, called Coneysthorpe, and a number of landmark structures and elements, including the Howard family’s columned mausoleum, the massive Victorian-era Atlas Fountain, and an 18th-century obelisk designed by Vanbrugh.

The newly reconfigured Tapestry Room will be unveiled in April; a chief attraction will be its circa-1706 tapestry series depicting the four seasons. In storage during World War II, the tapestries survived the fire, which broke out while the castle was in use as a makeshift wartime girls’ school.

In the run-up to the big reveal, the Howards have been moving their art and objects around to fill in holes created by relocated pieces. An 1820s cloud study by British painter John Constable, for example, has been moved from Nicholas’s bedroom to the much-used Lake Sitting Room in the East Wing, where it joins one of the castle’s signature works of art—an early-16th century Venetian double portrait, attributed to Giorgione, that the fifth earl acquired in 1798.

The Lake Sitting Room is one of the Howards’ living spaces that has recently received a freshening up from Remy Renzullo, a 33-year-old American interior decorator, who added 19th-century French table lamps. Changes to other rooms include new French wallpaper ($3,885), and new hand-woven floor coverings ($12,952). A new Italian marble fireplace for the sitting room, based on Vanbrugh drawings, cost around $32,362.

Renzullo, who divides his time between the U.S. and Europe, also made changes to the Archbishop’s Bedroom, the family’s primary guest room, which is off limits to the public. Large naval pictures were removed in order to highlight the room’s rare 19 undefined -century Japanese wallpaper. Renzullo also redid the 18 undefined -century canopy bed with new French silk damask coverings. Viewers of “Brideshead Revisited” might remember the room as the place where Lord Marchmain, played by Laurence Olivier, dies.

“Brideshead Revisited,” based on the 1945 novel by English writer Evelyn Waugh, is now indelibly linked with Castle Howard. Waugh visited the castle in the late 1930s, and the Howards believe the property at least partially inspired him to create the fictional, dome-topped Brideshead Castle. Jeffrey Manley, an American author affiliated with the Evelyn Waugh Society, said most of the details about Brideshead Castle were based on other sources, but that the conspicuous dome likely draws on Castle Howard.

Key locations in the series remain integrated into Howard family life. Nicholas and Victoria were married in the castle’s chapel, a monument to the Victorian-era Arts and Crafts movement that appeared in “Brideshead Revisited.” The Howards generally attend public services there at Easter and a few other times a year.

Though the East Wing is their base, other areas of the castle are also reserved for the family, including the New Library, which Nicholas uses as his office. The 1940 fire destroyed the space where the New Library is now located. Nicholas’ father, George Howard, used the proceeds from the filming of “Brideshead Revisited” to create and furnish the new room.

Though they have dozens of rooms to choose from, the Howards—like most families—spend much of their time in the kitchen. “It’s the warmest room in the house,” says Victoria. Nicholas does the cooking: “I do like making a decent roast,” he says, adding, apropos of the estate’s North Yorkshire setting, “I make a very good Yorkshire pudding.”

For more formal meals, the family has an adjoining dining room that Renzullo has recently reimagined. It was previously presided over by 18 undefined -century Meissen porcelain, which inspired the blue-painted walls. Renzullo repainted the walls a shade of terracotta, which now plays off rare 18 undefined -century English porcelain that had been on display in the public side of the castle. His goal, he says, was to create a room that “will read beautifully by candlelight.” The once- private Meissen has now gone over to the public side. The castle’s boundary between public and private spheres, says Victoria, can be pretty porous. “You can just swap things around.”

The couple declined to comment on how much they have spent on long-term renovation costs. Neil Quinn of Yiangou Architects, a British practice specializing in restoring historic country houses, says full renovations of historic homes can now cost between $972 to $1164 per square foot—or up to $35 million for a 30,000-square-foot home.

“There is always something needing doing, and the upkeep is enormous,” Victoria says, citing not just the house itself, but the numerous other structures and landscaping elements that make up the wider estate.

The current adult admission price is 27 pounds, or about $35, at Castle Howard, which received about 260,000 visitors in 2023, according to the UK’s Association of Leading Visitor Attractions.  In what will be an added source of income, the Howards said they plan to start renting out the whole castle on occasion for overnight stays.

For Nicholas, the pros and cons balance out.

“You live in the shop,” he says. “On the other hand, you’re living in a work of art.”

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OWN A MELBOURNE MASTERPIECE BY BYRON’S RECORD-BREAKING ARCHITECTS

Their exquisite attention to contemporary detail recently earned Melbourne-based architects, Workroom Design, ultimate bragging rights after a home they crafted broke a new price benchmark in Byron Bay. 

Now there is a chance for Melbourne design lovers to buy their very own Workroom home in Hawthorn – at half the cost of the Byron pad. 

That prestige beach pile just sold for $33.5 million, snapped up by Chemist Warehouse billionaire couple Damien Gance and Sasha Robertson. However, the newly listed Workman creation at 73 Kooyongkoot Rd in Hawthorn is on the market with Kay & Burton Boroondara via an expressions of interest campaign guide of $13 million to $14 million. 

The Mediterranean-inspired five-bedroom, six-bathroom residence might be a world away from famed Belongil Beach but the acclaimed architects still met the brief with the same level of expert detail and finishes.  

Surrounded by lush landscaping by Ben Scott, the Hawthorn home is a modern marvel with a striking sculptural façade, a thoughtful layout and carefully considered touches from chevron oak herringbone flooring and Italian porcelain tiling, to stucco Veneziano walls, marble surfaces and fluted glass detailing. 

Beyond a covered front patio and formal foyer, the large lounge room has a striking black marble fireplace, and across the hall, there is a home office with integrated cabinetry. 

Down a glass gallery and north-facing central garden, the rest of the ground-floor layout reveals the everyday family zone. A sleek kitchen hosts a sculptural natural stone island bench, full suite of Wolf appliances, and built-in Sub-Zero refrigeration. A hidden butler’s pantry with all the trimmings has a door to the side garden, offering easy access for caterers. 

The adjoining dining and family rooms feature expanses of north-facing windows for loads of natural light, and a covered outdoor room is the perfect spot for all-weather barbecues and alfresco entertaining beside the heated pool. 

Further options for gatherings with family and friends include a lower level gold-class home cinema and a custom-designed showcase wine cellar with sculptural curved detailing. 

In addition to a guest bedroom on the lower ground floor, the upper accommodation level has four more bedrooms and a multipurpose living room. 

Each bedroom has an ensuite and built-in storage, however the palatial main bedroom wing is an oasis with a vast dressing room, a private terrace and a grand bathroom with circular freestanding bath, steam room and custom-designed vanities. 

The long list of added extras elevates the house to a dream home, thanks to inclusions such as a lift to all three levels, a six-car garage, hydronic heating, ducted air-conditioning and vacuuming, an alarm, and CCTV surveillance. 

Located in the coveted Scotch Hill enclave of Hawthorn, the tree-lined street is characterised by its stately residences and enviable position close to Melbourne’s leading private schools including Scotch College, as well as parklands, transport, and popular shopping precincts such as Camberwell Junction, Glenferrie Road, and Auburn Village. 

Expressions of interest for 73 Kooyongkoot Rd, Hawthorn close 3 April at 5pm Scott Patterson, Ross Savas and Jamie Mi of Kay & Burton Boroondara. 

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Niantic to Sell Pokemon GO, Other Games to Saudi-Backed Group in $3.5b Deal

“Pokemon GO” maker Niantic reached an agreement to sell its gaming business to Savvy Games Group’s subsidiary, Scopely, for $3.5 billion, handing the company backed by Saudi Arabia’s sovereign wealth fund the hit mobile game along with engagement and live-experience apps.

“Pokemon GO,” one of the first videogames to use augmented reality, exploded in popularity after launching in 2016. The game allows players use their smartphone cameras to find and capture virtual creatures. The franchise amassed more than $8 billion in revenue since its inception and the game reaches players in over 190 countries and regions, Savvy Games Group said.

Niantic is also selling “Pikmin Bloom,” a game in collaboration with Nintendo that debuted in 2021, and “Monster Hunter Now,” Niantic’s most recent game that reached more than 15 million downloads following its September 2023 launch. Under the deal, Scopely will also take control of Campfire, an app that connects players, and Wayfarer, a player engagement service.

Scopely said the games and apps, which draw more than 30 million monthly active players, made more than $1 billion in revenue last year. The deal will add three games to its stable, which already includes “MONOPOLY GO!,” “Stumble Guys,” “Star Trek Fleet Command” and “MARVEL Strike Force.”

“This transaction represents one of the largest games deals made by a private company in the last decade, ranking alongside Scopely’s own acquisition by Savvy in 2023 for $4.9 billion,” Tim O’Brien, Scopely’s chief revenue officer, said in a statement.

The deal marks a major structural overhaul for Niantic. The company has struggled to come up with big hits like “Pokemon GO” and slashed dozens of jobs in recent years in an effort to focus on fewer games and develop augmented-reality technology.

Niantic said it planned to spin off its geospatial artificial-intelligence business into a new company, Niantic Spatial, once the deal with Scopely closes. The company said Niantic Spatial would get $250 million of capital, including $200 million from Niantic’s balance sheet and a $50 million investment from Scopely.

Scopely and Niantic expect the deal to close this year, subject to customary closing conditions and completion of a regulatory review.

Write to Mauro Orru at mauro.orru@wsj.com

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A Bel-Air Home that Blends Modern and Historic Elements Asks $31.5m

In Los Angeles, a home with a rare combination of historic and contemporary architectural pedigree is coming on the market for $31.5 million.

The circa-1949 house in Bel-Air was originally designed, and later owned, by architect John Elgin Woolf, known for his Hollywood Regency-style. More recently, it was renovated and restored by the architect and landscape guru Mark Rios and his husband, reproductive endocrinologist Dr. Guy Ringler. Rios, one of the architects behind the renovation of the Hollywood Bowl in Los Angeles, has designed homes for entertainment heavyweights like Clive Davis and television producer Darren Star.

Rios and Ringler paid $12 million for the roughly 8,400-square-foot, five-bedroom property in 2021 and embarked on an 18-month renovation. They moved into the house in 2023.

“We wanted to make it contemporary, but still not change the spirit and iconic quality of the architecture,” Rios said. “I kept on thinking, ‘If Jack Woolf were alive today, what would he do?’ And then also, ‘What would Mark Rios do?’”

When they purchased the property, Rios said, the home had fallen into disrepair. The layout was a relic of decades past, with servants’ quarters and separate primary-bedroom suites. A prior owner had installed an elevator from the kitchen to her dressing room to facilitate mid-party wardrobe changes.

The couple revamped the layout, converting a library into a media room with bright red walls. The new centerpiece of the home is a lounge with a fireplace and bar.

Outside, the couple aimed to make the pool area a more social setting for entertaining. They turned a pool pavilion into a Moroccan-style sitting area, which they jokingly refer to it as “the drug room” because of the psychedelic colors, Rios said.

For a recent dinner party, the couple re-created the menu from a New Year’s Eve party thrown at the house in the 1960s, serving beef wellington and “some kind of seafood mousse,” Rios said. They even hired a musician to impersonate the 1960s trumpeter and pianist Herb Alpert.

They are selling because they are spending more time at their home in Montecito, Calif., Rios said. The property is listed by Linda May of Carolwood, an affiliate of Forbes Global Properties.

Bel-Air, which was largely unaffected by the recent Los Angeles wildfires, has seen a handful of deals close at $30 million or more over the past year, Zillow shows. A nearby estate with an addition by architect Paul Williams sold for $39 million in November.

Write to Katherine Clarke at Katherine.Clarke@wsj.com

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These Are the Gifts Tween Girls Will Be Happy to Receive

Tween girls are fun to shop for because they appreciate a wide range of gifts. Clothes and jewelry? Creativity kits? Room decor? Check, check, check. But the trick with this age group (generally considered from 8 to 12) is finding presents that match their maturity and don’t read as too babyish, says Jackie Schiavone, a Westport, Conn.-based fashion stylist and mum of a tween and teen girl. We asked Schiavone and other style pros to share their gift recommendations, so you can confidently shop for the tween girl on your list.

For making a personal style statement

Schiavone says that girls this age are often obsessed with initial jewelry, and Anthropologie’s 14-karat gold-plated Bubble Letter Necklace is a lovely take on the trend. The adjustable length (15 to 17 inches) on the snake-style chain means it works with different necklines and necklaces. “Tweens can stack it with other thin necklaces — think small beads and gold chains — or wear it solo as a statement piece,” Schiavone says.

For 3D design projects

“My daughter is 12 and really wants this 3D printer ,” says Brooklyn, N.Y.-based interior designer Jennifer Morris of JMorris Design . It comes with everything a tween needs to make their own toys and objects from non-toxic, biodegradable plastic. They can choose from the set’s 7,000 patterns (from toys to ornaments to planters) or create their own designs — a feature Morris appreciates. “I love giving an art gift that has creative freedom and doesn’t have a prescribed outcome,” she says.

For old-school selfies

Instant cameras, including the Instax Mini , are “the must-have tween gadget at the moment,” says Kimberly McLeod , the Toronto-based author of ” The Ultimate Book of Would You Rather Questions .” Digital natives get a kick out of seeing photos develop before their eyes, and they love the bubbly retro design and cute credit card-sized photos, she adds. This bundle supplies everything they need to capture memories: the camera (in blush pink, ice white, lilac purple, mint green or sky blue), a four-pack of Fuji film, a carrying case and a photo album.

For keeping cozy in style

Starting in the tween years, it’s “welcome to black clothing,” says Schiavone. This Sam. black and faux shearling jacket is a great gift (in fact, Schiavone has one that her daughter keeps stealing). She likes that the white faux shearling softens the black, while still feeling grown-up. Most importantly, it’s warm and cozy, with a faux sherpa lining, a sherpa-lined hood and impressive 90%-down, 10%-feather fill.

For staying inspired

A customizable letter board makes a fun gift for tweens because it lets them express themselves, says Athens, Greece-based Anna Tatsioni, lead interior designer at Decorilla , an online interior design service. This framed aqua felt board can be wall mounted or propped up on a surface and comes with 725 white and gold letters in different fonts to design with. Tweens like that they can keep changing up the message, whether it’s an inspiring quote, a personal mantra or a Taylor Swift lyric. “It also doubles as a great conversation starter when they have friends over,” Tatsioni says.

For a wardrobe staple

You can’t miss with black Lululemon Align leggings , says Schiavone. Tweens especially like the Mini Flare style because it doesn’t look like mom’s Lulus. The leggings are made from the brand’s signature super-soft and durable Nulu fabric, which means they feel wonderful and hold up well.

For screen-free fun

Morris loves this LED dart board for the fun factor. “Anything that encourages play and looks cute is a win,” she says. The acrylic target comes with a plug-in board and six darts for tweens to practice their aim — when they aren’t basking in its rainbow glow. “I love the light for an accent in a room,” Morris says.

For staying toasty — and connected

“A Bluetooth beanie hat is the gift of the season,” says Schiavone. Any tween with a smartphone, Apple Watch or iPad will love this cute pom-pom beanie with a smart upgrade: an embedded Bluetooth headset. Just pop the hat on and listen to a favorite song or podcast, or take mom’s call on the go. The knitted acrylic hat also comes in black, but Sciavone says “winter white is the way to go.”

For happy feet

Vans are back in style, and tweens are loving that they’re a bit bold and a breeze to kick on and off. In a fun color like olive green or not-so-basic black and off-white, “they’re just a classic,” says Morris.

For beauty lovers/For a beauty spree

“In the tween and teen years, half their wish list is for beauty products from Sephora, so I like to throw a gift card inside a fun cosmetic bag,” says interior designer Suzanne Flohr of Lennon and Flohr Interior Design in Charlottesville, S.C. You can personalize this Mark and Graham train case , which is made of printed canvas coated with plastic for easy cleaning. If you want to stock it with something besides a gift card, toss in Summer Fridays Holiday Lip Butter Set , a favorite of the middle-school set.

For blemish busting

“These Hero Cosmetics pimple patches may be the ultimate stocking stuffer,” says Schiavone. They’re invisible patches made with medical-grade hydrocolloid, a gel used to heal wounds and acne. When you peel the patch off, it removes gunk from the pimple, helping it to heal. “Everyone in my house uses these patches, including my son,” she says.

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Here Are the Top 1200 US Financial Advisors of 2025

The nation’s Top 1,200 Financial Advisors grew their way to a new milestone.

The advisory teams that made it into this year’s ranking reported total assets under management of $6.1 trillion, for an average of $5.1 billion per team—both record highs for the dozen years during which Barron’s has ranked the Top 1,200. Last year’s ranking had $5.6 trillion in total AUM and $4.6 billion average AUM per team. In the past decade, the 1,200 cohort has increased its total AUM by 135% and its average revenue by 147%.

Amid all the growth, several advisors made big moves in this year’s rankings, including W Janet Dougherty of Cresset in Chicago, who re-entered the ranking at No. 37 in Illinois after moving from J.P. Morgan . Meanwhile, Ash Chopra of Syon Capital in San Francisco jumped 47 spots in California to No. 47; Hillary Cullen of UBS Private Wealth Management in New York rose 20 spots to No. 77; and Jon Neuhaus of Morgan Stanley Private Wealth Management in Los Angeles moved up 14 spots to No. 6 in California. Fourteen percent of the Top 1,200 advisors didn’t appear in the ranking last year.

Teams Are a Trend

Top advisory practices have ridden a wave of healthy markets, but that is only part of the growth story. Whereas a decade ago many of the best advisors were sole practitioners with modest support staff, now advisors are working in increasingly complex team configurations.

These teams are allowing advisors to provide an array of wealth management services in addition to the investing expertise that usually sits at the heart of their offerings. As teams acquire more skill in estate planning, taxes, lending, and other value-adds, they are attracting and retaining more business.

For investors looking for a new financial advisor, the trend toward expansive teams is good news. For starters, larger teams have built-in redundancy that helps with succession in the event that advisors depart the practice. A team structure also creates a great training environment for younger, more diverse wealth managers—a wellspring of workers who will be sorely needed in the coming years.

As many of the advisors who built the nation’s best teams enter the late innings of their careers, an advisor shortage is brewing. A recent McKinsey study says the advisor workforce may be short 100,000 advisors by 2034.

How We Do It

The Top 1,200 is Barron’s largest advisor ranking, and it’s actually 51 individual rankings—one for each state plus Washington, D.C., with the number of advisors represented in each determined by its relative population and wealth. Advisors who wish to be considered for the ranking complete a 100-plus-question survey about their businesses, and this year’s ranking had more than 7,600 applicants, up 16% from last year.

Like all of Barron’s advisor rankings, this Top 1,200 list uses both quantitative and qualitative measures . Client assets managed by an advisor, along with the growth of those assets, are a good signifier of the general health of a practice. We also use advisors’ revenue numbers as a proxy for client satisfaction—clients vote on the way advisors are serving them with the fees they’re willing to pay. Last, we evaluate a range of qualitative elements, including regulatory records, advanced credentials and designations on a team, and the nature and structure of an advisor’s team.

We hope this year’s list will give investors a great starting point for finding the best advisor for their needs.

Corrections & Amplifications :   Jack Taylor of Truist Investment Services is No. 6 in North Carolina in Barron’s 2025 Top 1,200 Financial Advisors ranking. The advisor originally listed in that spot was removed from the ranking. All the other advisors ranked in that state moved up one place, and R. Neil Stikeleather of Merrill Wealth Management was added to the list at No. 30. Read more about our ranking and see a link to the corrected list at  barrons.com/AdvisorRanks .

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Beverly Hills Mansion Mark Wahlberg Built Is Back on the Market for $68 Million

The Beverly Hills megamansion Mark Wahlberg built is back up for sale asking $68 million.

The 6-acre European villa-style estate in the hills of South Beverly Park— with a five-hole golf course, a waterfall and 20 bathrooms—is being sold by an LLC linked to Shenzhen-based business mogul Xu Hang.

Hang, founder of a medical device company who is featured on Forbes’s list of China’s richest people with an estimated net worth of $8 billion, bought it from Wahlberg for $55 million in 2023, property records show.

MORE:   A Private Racetrack Is Opening to Supercar Lovers by Nascar’s Charlotte Motor Speedways

The LLC is controlled by Hang’s wife, Gu Fang, who has snapped up several celebrity- and magnate-owned homes in recent years, including Heather and Terry Dubrow’s Newport Beach chateau and Rihanna’s New York City penthouse, according to reports.

Wahlberg let go of his 90210 address and the massive custom home while relocating to Las Vegas.

Since moving, the 53-year-old “Departed” star has made headway on his plan to create a “Hollywood 2.0” in the desert state. He’s been lobbying, along with Sony Pictures and Howard Hughes Holdings, to get a movie tax bill passed that would allow Sony to build a studio in Summerlin, Nevada.

The listing marks a $13 million price hike over what the buyer paid for the home just two years ago, though Wahlberg at one point had the mansion listed for as much as $87.5 million, Mansion Global previously reported .

MORE: Ellen DeGeneres Lists California Home After Relocating to the U.K.

The 30,000-square-foot mansion boasts a double-height foyer and a double staircase, a wood-paneled library, a two-island kitchen, glass gym and a home theater with dome ceiling detailing, according to the listing.

The lower level also has a “sophisticated tasting and smoking lounge,” the listing read.

Tucked in its own valley, according to listing photos, the grounds of the property feature an impressive circular motor court and fountain in the front and a wide lawn in the back. Beyond the lawn there’s a swimming pool and grotto, pickleball courts, basketball courts, a guest house and an abundance of patio space.

The estate was designed by Richard Landry, called the “King of the Megamansion,” who has erected homes for Kourtney Kardashian and Tom Brady.

Listing agent Ginger Glass at Compass didn’t respond immediately to a request for a comment.