Fourteen Years And A Demolition Later, Greg Norman Lists Jupiter Island Home For US$59.9 Million
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Fourteen Years And A Demolition Later, Greg Norman Lists Jupiter Island Home For US$59.9 Million

After years of trying to sell the Florida property, the golf legend bulldozed the original home and built a 2970sqm compound in its place

By Katherine Clarke
Fri, Jan 29, 2021 4:51amGrey Clock 4 min

Over a period of 14 years, golf legend Greg Norman has listed his home, reduced the price of his home, demolished his home and then replaced it with a large family compound filled with every bell and whistle he could think of.

Now he and his wife Kiki Norman have decided to sell, and are listing the customized compound for $59.9 million.

Named Tranquility, the 10-bedroom estate is over 8 acres and has nearly 2970sqm of living space, including the main house, a carriage house, a pool house, a guesthouse and a boathouse, according to the listing.

The home, completed last summer, has sprawling entertainment spaces, a bar, a trophy room and gallery, a large family room, an outdoor terrace, two offices, a luggage room and even a room for accessories like handbags, scarves and costume jewellery. There is also a more than 465sqm basement entertainment suite with a game room, a movie theatre and two 1900-bottle wine cellars.

Greg Norman's Jupiter Island
Photo: Robert Stevens.

“We’re on an island with hundreds of coconut trees, so it was very natural to build a coastal tropical beach house,” said Ms Norman, 52. “My goal was to make the house feel like we were on permanent vacation.”

Many of the home’s interior-design details were inspired by yachts, Ms Norman said, including a pair of navy banquettes in the kitchen custom designed to accommodate all the couple’s grandchildren. She said she also drew inspiration from the couple’s travels to places like St. Barts, the Bahamas, Jamaica and Australia, resulting in the incorporation of lacquered teak and high-gloss mahogany into the finishes.

The property is geared to the couple’s outdoor lifestyle, with a tennis pavilion and a gym. The construction of a pool house with an open terrace and two pools turned out to be a bonus amid the Covid-19 lockdowns.

Greg Norman's Jupiter Island
Photo: Robert Stevens.

“With it being open air, the pool house was the only real safe place to have a meal with a few friends or family that we trusted,” Ms Norman said. The boathouse is also used to accommodate Jet Skis, fishing rods and yacht equipment, and there is dockage for a yacht of roughly 150 feet.

The decision to sell the new home caps Mr Norman’s three decades on the island, which has since become one of the nation’s golf meccas. The area is home to several high-profile courses and training facilities. By 2016, The Wall Street Journal estimated that there were nearly 30 players on the PGA Tour residing in the area, including Tiger Woods and Dustin Johnson.

Mr Norman, 65, arrived in Jupiter in 1991, when he was introduced to the lush Florida island by golfer Jack Nicklaus, who lived in the area. Mr Norman was immediately drawn to the area’s laid-back lifestyle, which reminded him of his native Australia, and signed a contract for the house the same day he saw it.

“This gave me a compound where I could create my own private practice world,” Mr Norman said. “I had my own tee box and bunker and putting green. I would come home and people would think I wasn’t practising, but I’d be home practising and getting my game ready for the next week.”

For most of their years there, the Normans lived in a shingled cottage built-in 1902. It had its quirks. Some of the doorways were just 6 feet and 2 inches tall, and the staircase balustrade was just 30 inches high. “It didn’t have any insulation, not in the attic, not in the walls,” he said of the house. “As a matter of fact, it didn’t even have a foundation. It was basically buried into the sand dunes, and there wasn’t any hard foundation underneath.”

Greg Norman's Jupiter Island
Photo: Robert Stevens.

Mr Norman put that property on the market in 2007 for US$65 million but said he was just testing the market. It went on and off the market for roughly a decade and he and Ms Norman dropped the price to US$55 million in 2016. Still no buyers.

“I had a lot of people who came to take a look at it. A lot of my wealthy friends came,” said Mr Norman, noting that most of them concluded the house required too much work. “People wanted to have a turnkey property,” he said.

They decided to keep the property and upgrade it instead. Among the motivating factors was that the couple had a short window to take advantage of a permit they had to expand the property. The provision was sunsetting and wouldn’t be passed on to a new owner.

So three years ago, the couple tore down the existing house. “There one minute gone the next,” Mr Norman tweeted, as he watched a giant excavator tear down his home of close to two decades. Ms Norman snapped a photo as he stood in the giant hole left in the ground and pretended to play a bunker shot.

The Normans said they didn’t expect to be putting the finished product on the market so soon, but the Covid crisis made them re-evaluate their priorities. They want to travel more, they said, and spend more time in Australia with Mr Norman’s family. The couple also recently won their own battles with Covid-19. “This virus kicked the crap out of me like nothing I have ever experienced before,” Mr Norman wrote on Instagram. The couple has since fully recovered.

In addition to listing Tranquility, Mr Norman also recently made a deal to sell his ranch in Colorado, which had been on the market for $40 million, though it has not yet closed, he said.

Jill Hertzberg of the Jills Zeder Group and Michelle Thomson of the Thomson Team at Coldwell Banker Realty have the Florida listing.



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Home prices declined at a faster pace in May in major cities, while other data show a mixed picture for the world’s second-largest economy

By REBECCA FENG
Tue, Jun 18, 2024 3 min

China’s broken housing market isn’t responding to some of the country’s boldest stimulus measures to date—at least not yet.

The Chinese government has been stepping up support for housing and other industries in recent months as it tries to revitalize an economy that has  continued to disappoint  since the early days of the pandemic.

But fresh data for May showed that businesses and consumers remain cautious. Home prices continue to fall at an accelerating rate, and fixed-asset investment and industrial production, while growing, lost some momentum.

“China’s May economic data suggest that policymakers have a lot to do to sustain the fragile recovery,” Yao Wei, chief China economist at Société Générale, wrote in a client note on Monday.

The worst pain is in the property sector, which has been struggling to deal with oversupply and weak buyer sentiment since 2021, when a multiyear  housing boom ended . The market still doesn’t appear to have found a floor, even after Beijing rolled out its most aggressive stimulus measures so far  in mid-May  in hopes of restoring confidence.

In major cities, new-home prices fell 4.3% in May compared with a year earlier, worse than a   3.5% decline in April, according to data released Monday by China’s National Bureau of Statistics. Prices in China’s secondhand home market tumbled 7.5%, compared with a 6.8% drop in April.

Home sales by value tumbled 30.5% in the first five months of this year compared with the same months last year.

“This data was certainly on the disappointing side and may ring some alarm bells, as May’s policy support package has not yet translated to a slower decline of housing prices, let alone a stabilisation,” said Lynn Song, chief China economist at ING.

Economists had also been hoping to see a wider recovery this month after Beijing started  rolling out  a planned issuance of 1 trillion yuan, the equivalent of $138 billion, in ultra-long sovereign bonds in May. The funds are designed to help pay for infrastructure and property projects backed by the authorities. Investors  gobbled up  the first batch of these bonds.

Monday’s bundle of economic data, however, underlined how the country still isn’t firing on all cylinders.

Retail sales, a key metric of consumer spending, rose 3.7% in May from a year earlier, compared with 2.3% in April, according to the National Bureau of Statistics. While the trend is heading in the right direction, it is still a relatively subdued level of growth, and below what most economists believe is needed to kick-start a major revival in consumer spending.

The expansion in industrial production—5.6% in May compared with a year earlier—was down from April’s 6.7% increase. Fixed-asset investment growth, of which 40% came from property and infrastructure sectors, also decelerated, to 3.5% year-over-year growth in May from 3.6% in April.

Key to the sluggish economic activity data in May—and China’s outlook going forward—is the crisis in the property market, which has proven hard for policymakers to address.

The property rescue package in May included letting local governments buy up unsold homes, removing minimum interest rates on mortgages, and reducing payments for potential home buyers. It also included as its centerpiece a $41 billion so-called re-lending program launched by the People’s Bank of China, which would provide funding to Chinese banks to support home purchases by state-owned firms.

The hope was that by stepping in as a buyer of last resort for millions of properties, the government would manage to mop up unsold housing inventory and persuade wary home buyers to re-enter the market. In turn, Chinese consumers, who have  most of their wealth  tied up in real estate, would feel more confident about spending again, thereby lifting the overall economy.

But the size of the re-lending program wasn’t big enough to convince home buyers, said Larry Hu , chief China economist at Macquarie Group. “Meanwhile, their income outlook also stays weak given the current economic condition,” he said.

For the property market to bottom out and reach a new equilibrium, mortgage rates, which stand at around 3-4% in China, need to be as low as rental yields, which are currently below 2% in major cities, said Zhaopeng Xing, a senior China strategist at ANZ. He said that a large mortgage rate cut will need to happen eventually.

The other key part of China’s push to revive growth revolves around the manufacturing sector, with leaders  funnelling more investment  into factories to boost output and reduce the country’s reliance on foreign suppliers of key technologies.

The result has been a surge in production. But with domestic consumption not strong enough to absorb all those goods, many factories have been forced to cut prices and seek out more overseas buyers.

Data released earlier this month showed that  Chinese exports rose  faster in May than the month before.

However, the export push is  butting into resistance  as governments around the world worry about the impact of cheap Chinese competition on domestic jobs and industries. The European Union last week said it would  impose new import tariffs  on Chinese electric vehicles, describing China’s auto industry as heavily subsidised by the government, to the point where other countries’ automakers can’t fairly compete.

The U.S.  has also hit  Chinese cars and some other products with hefty duties, while countries including Brazil, India and Turkey have opened antidumping investigations into Chinese steel, chemicals and other goods.

Beijing says such moves are protectionist and that its industries compete fairly with global rivals.