Ohio is home to some incredibly extravagant and expensive properties. With sprawling mansions, lavish amenities, and premium locations, the most expensive homes in Ohio can cost tens of millions of dollars. But just how much does the state’s priciest pad go for? Let’s take a look at Ohio’s current most expensive listing and find out.
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The Priciest Pad in the Buckeye State
Currently, the most expensive residential property for sale in Ohio is located in the village of Hunting Valley, an affluent Cleveland suburb. Listed for a whopping $22 million, this enormous estate spans a full 25 acres and includes a 30,000 square foot main house. Known as “Valley Ridge Farm,” the property has been described as having the cachet of an East Coast estate with Midwest sensibilities.
So what exactly does $22 million buy you in Hunting Valley? Quite a lot, it turns out. The main house includes 6 bedrooms, 7 full and 5 half bathrooms, 5 fireplaces, an elevator, and a sprawling 5,000 bottle wine cellar and tasting room. For entertainment, there’s a home theater, game room, custom spa, and year-round indoor resistance swimming pool. The grounds feature stables and riding areas, tennis court, golf area, and several ponds.
The current owners, businessman Jeff Jacobs and his wife Mary Ann, originally built the estate in 1991. They completed a major renovation in 2010 that upgraded and expanded the amenities. The property’s long list of lavish features also includes extensive garaging, an aircraft hangar, and a separate carriage house. With its over-the-top details and hefty price tag, Valley Ridge Farm is undoubtedly in a class of its own when it comes to luxury real estate in Ohio.
Other Pricy Listings
While Valley Ridge Farm is easily the most expensive home currently on the market in Ohio, there are a handful of other luxury listings priced in the eight-figure range:
- A 9 bedroom mansion in Gates Mills listed for $10.5 million
- An 8 bedroom French chateau-style home in Cincinnati listed for $10 million
- A 10 acre lakefront compound in Dublin listed for $8 million
- A nearly 15,000 square foot Cape Cod-style home in Toledo listed for $7.9 million
These elite properties demonstrate just how luxurious and costly the top-tier real estate can be in certain Ohio cities and communities. From sprawling mansions to custom estates on acreage, the multi-million dollar homes in the state offer every imaginable amenity.
Priciest Sales in Ohio History
In addition to current listings, it’s interesting to look back at some of the priciest residential real estate sales ever recorded in Ohio:
| Sale Price | Property | City | Year |
|---|---|---|---|
| $25 million | 15 acre lakefront compound | Bexley | 2005 |
| $11.1 million | 11,000 square foot mansion | Cincinnati | 2005 |
| $10.7 million | French manor-style estate | Hunting Valley | 2007 |
| $9.9 million | 10 bedroom oceanfront mansion | Bay Village | 2008 |
| $9.8 million | 8,500 square foot lakefront home | Bay Village | 2018 |
The current $22 million listing shows that over-the-top luxury homes continue to set new records in Ohio. But extraordinary mansions have sold for eight and even nine-figure sums in the state for over a decade. Prime locations near downtown Columbus, Cleveland, and Cincinnati, as well as exclusive suburbs, lakes, and coastal communities have long attracted the development of high-end estates.
Factors Driving Luxury Prices
So what allows elite homes in Ohio to command such astronomical prices compared to the median home value in the state? Here are some of the key factors driving luxury real estate costs into the stratosphere:
Prime Locations
Multi-million dollar mansions tend to be clustered in exclusive communities that are seen as highly prestigious addresses. The Cleveland suburb of Hunting Valley, for instance, has long been the home of business leaders and celebrities drawn to the area’s country atmosphere, privacy, and exclusivity. Prime locations near downtowns and country clubs also fetch top dollar.
Pedigrees and Amenities
Luxury homes generally come with gold-standard finishes, rare imported materials, cutting-edge technology, and every amenity imaginable. Things like full home automation, climate controlled wine cellars, heated driveway/sidewalks, and full home spas have become commonplace for mansions in this price range. For car collectors, 20+ car garages are not unheard of. Top-of-the-line kitchen appliances, audio-visual systems, and security are standard.
Architecture and Design
No expense is spared when it comes to architecture and design on Ohio’s priciest homes. Soaring ceilings, intricate details and moldings, massive windows and open floor plans impress. Grand entryways make a statement. Large homes allow for spacious formal living and dining rooms in addition to massive eat-in chef’s kitchens and family areas.
Land
Multi-million dollar listings almost always sit on acreage, allowing for total privacy within a gated estate. Low density and sprawling land enables lavish outdoor amenities like pools, courts, stables, gardens, and trails. Waterfront locations command even higher prices for the private access and views they afford.
Custom Builds
New construction at this top luxury level is fully customized to the buyer’s desires. This allows for perfect tailoring to the owner’s needs along with the latest trends and innovations. Known architects and firms like Gwathmey Siegel are often behind luxury home designs.
Limited Inventory
Extraordinary homes are by definition rare. This low inventory amidst high demand allows prices to keep pushing upward. In areas like Hunting Valley, only a handful of elite properties may trade hands in a given year. Exclusivity and scarcity allow luxury home prices to detach from average real estate.
Luxury Market Trends and Outlook
The luxury real estate segment has seen robust activity across Ohio, and many high-end listings have traded in recent years. There are good reasons to expect this trend to continue.
First, the state is home to a growing roster of billionaires, centi-millionaires, Fortune 500 executives, and other ultra high net worth individuals capable of purchasing multi-million dollar properties. Private equity managers, entrepreneurs, and business leaders have driven gains at the top of Ohio’s income spectrum.
Low taxes compared to coastal areas make Ohio an attractive destination for wealthy out-of-state buyers looking for relative value and cost savings. For instance, relocating from the Northeast to Ohio could save millions in state income tax over time.
As wealth in the state becomes more concentrated, demand for luxury real estate including second homes and ranches can be expected to rise. This increased appetite for high-end housing will likely buoy prices for the most exclusive properties.
Overall, while Ohio may not be known as a typical luxury haven, the multi-million dollar market within the state remains highly active. Records continue to be broken as developers build and buyers seek out extravagant, custom estates across Ohio. For those with the means, owning a one-of-a-kind trophy property clearly retains its allure.
Conclusion
Valley Ridge Farm, the sprawling Hunting Valley estate currently listed at $22 million, stands as Ohio’s most expensive available residential real estate. The state has seen a number of 8 and 9-figure luxury home sales over the past two decades. Prime locations, privacy, architectural cachet, amenities and exclusivity allow the priciest pads in Ohio to command stratospheric sums. With top-tier real estate continuously setting new highs, the allure of luxury living remains strong.