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Mansions are the New Prada

Mansions with floorplans of 10,000 square feet and up are the new real estate hotness, if you've got $15-$20 million to spend and fancy a life on the Upper East Side. Well, $15-$20m to spend on the run-down piece of shit. Renovations tend to run another $1,000-$2,000 per square foot, adding $20-$40m to the purchase price. Let us know how it works out for you, would you please?
· Bypass that Pesky Co-Op Board, Buy a Mansion [NYTimes]