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The most expensive listing in San Francisco just received a $4.5 million price cut, but it's still on track to shatter the city's real-estate record — take a look inside the gorgeous complex

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  • San Francisco's 950 Lombard is the most expensive listing in the city, with a current asking price of $40.5 million.
  • Despite a recent $4.5 million price cut (bringing the listing price down from $45 million), if the home sells at its new reduced asking price, it'll still shatter the city's current real-estate record of $38 million.
  • The compound features an infinity pool, six bedrooms, eight bathrooms, and a four-car garage.

San Francisco is notorious for its overpriced housing market— 60% of tech workers there say they can't afford homes— and nowhere is that more evident than in a $40.5 million listing in Russian Hill, the most expensive listing in the city.

The home straddles two hillside lots and has six bedrooms and eight bathrooms, in addition to an array of terraces and wellness features, including an infinity pool, a wellness center, and a Japanese water-filtration system.

Read more: A $34 million San Francisco mansion billed as a 'wellness home' has a sauna, yoga studio, and filtration system that changes all the air in the house every 2 hours. Take a look inside.

Despite a recent $4.5 million price cut (bringing the price down from its original $45 million listing price), if the home sells for its new reduced asking price, it will still shatter the city's current real-estate record. According to Terri Tiffany, PR counsel to Pacific Union International, that record is currently held by 2712 Broadway on San Francisco's Gold Coast, which was listed at $42 million and sold for $38 million.

Here's a look inside the 950 Lombard compound:

SEE ALSO: Forget NYC and San Francisco — these are the 10 cities across the US that the most millennials are moving to

DON'T MISS: A paranormal investigator just bought the infamous Los Angeles home where the Charles Manson murders took place 50 years ago

The house is located at 950 Lombard St. in San Francisco's Russian Hill.

Source: Pacific Union International,San Francisco Business Times



The compound sits on over a third of an acre, which includes 100-year-old olive trees and an outdoor kitchen.

SourceSan Francisco Business Times, The Wall Street Journal



It includes a four-car garage, which is entered through a tunnel on the side of the hill.

Source:Pacific Union International



The property takes up two lots and the home itself is a modern mix of concrete structures and bright, open spaces.

Source: Curbed San Francisco



The home has four levels, all of which are connected by a glass elevator ...

Source: Pacific Union International



... that reaches from the two-story underground art gallery ...

Source: Pacific Union International, Curbed San Francisco



... to the three ensuite top-level bedrooms, including a master bedroom.

Source: Pacific Union International



The master bedroom opens up to a deck with sweeping views of the city.

Source: Pacific Union International



The middle two floors of the home feature plenty of open living spaces, as well as two more ensuite guest bedrooms ...

Source: Pacific Union International



... two separate bars ...

Source: Pacific Union International



... and a formal dining room.

Source: Pacific Union International



In addition to offering plenty of seating ...

Source: Pacific Union International



... the kitchen also opens right up into the grounds.

Source: Pacific Union International



The complex also features an 850-square-foot wellness center, including a massage table ...

Source: Curbed San Francisco



... and a hot tub.



A 40-foot infinity pool is the finishing touch to one of the home's many patios.

Source: SFGate



The patio area offers yet another dining area, replete with two chandeliers and more views across the bay.



Val Steele, listing agent with Pacific Union International in San Francisco, described the complex as offering the "rare opportunity for a person to own their own 'park' in San Francisco."

Source: Pacific Union International



"There has never been an offering of this kind in the city and there may never be one of this caliber again," Steele added.

Source: Pacific Union International



The home is now listed for a whopping $40.5 million.

Source: The Wall Street Journal



Despite a recent $4.5 million price cut, if it sells at asking price, 950 Lombard will become the most expensive home ever sold in San Francisco, displacing the current record-holder, which sold for $38 million in 2017.

Source: The Wall Street Journal, SFGate




18 of the most massive real-estate price cuts we've seen in the past year, from the 70% discount on Michael Jackson's ranch to a $20 million price chop on a log mansion

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playa vista isle hillsboro

Recent price cuts to multi-million-dollar properties include Michael Jackson's Neverland and an empty Beverly Hills plot, but they are not alone.

In the past year, Business Insider has reported almost a dozen massive price reductions on mega-mansions and penthouses. The latter sometimes results in the sale of separate apartment units, which are more marketable than the full complex.

Read more: Many NYC penthouses aren't selling, so real estate companies are chopping them up into multiple smaller apartments to get them off the market

While some homes listed below still remain on the market, others successfully sold after their price chops, such as a $159 million mansion in Hillsboro Beach. The mansion sold in January after three years on the market and a whopping $100 million reduction.

Keep reading for a look at some of the most expensive real-estate cuts over the past year, from lived-in celebrity homes to brand-new apartments.

SEE ALSO: Luxury real estate developers are building out elaborate basements for multimillion-dollar mansions, and they include spas, tennis courts, and even ballrooms

1. Michael Jackson's infamous Neverland Ranch is back on the market for $31 million.

Source: Business Insider



Originally listed for $100 million in 2015, the property was reduced to $65 million in 2017. Its most recent cut reflects a 70% drop from its initial asking price.

Source: Business Insider



2. Meanwhile, in Los Angeles, a four-level mega-mansion that was once listed for $250 million ...

Source: Business Insider, Business Insider



... got a $100 million price cut in January and is now on the market for $150 million. The property includes an in-house bowling alley, along with a movie theater, luxury car gallery, and five bars.

Source: Business Insider, Business Insider



3. Nearby in Beverly Hills, an empty hilltop plot nicknamed "The Mountain" was initially listed for a whopping $1 billion ...

Source: Business Insider



... but recently sold for just $100,000 at a foreclosure auction. The property was sold back to its lender, who had lowered the property's asking price by $350 million price chop in February. Despite this massive cut, the property was still the most expensive listing in LA.

Source: Business Insider



4. Even further south on the California coastline, business mogul Warren Buffett's Laguna Beach vacation home finally sold for around $7.5 million after two years on the market ...

Source: Business Insider, Business Insider



... but not before receiving a $3.5 million price cut from his original $11 million asking price. That's a 30% discount.

Source: Business Insider



5. In New York City, a SoHo penthouse initially listed for $65 million received a $5.5 million price cut ...

Source: Business Insider



... reducing its asking price to $59.5 million. However, like the LA hilltop, this property will still break records if it sells for this asking price. If purchased for $59.5 million, it will be the most expensive apartment ever sold in downtown NYC.

Source: Business Insider



6. Farther uptown, a Central Park penthouse in New York City's tallest residential building received a $21 million total price cut before selling in February. The penthouse's initial asking price was $82 million.

Source: Business Insider



After sitting on the market for two years, the penthouse was split into two luxury apartments. The separate units sold for $30.7 million and $30.2 million.

Source: Business Insider



7. Nearby, a luxury townhouse dubbed "Versailles in Manhattan" has been on and off the market for over a decade.

Source: Business Insider



Now listed for $19.75 million, the home's highest asking price was for $35 million in 2007. This represents a $15.25 million price drop over the course of 12 years.

Source: Business Insider



8. Meanwhile, a mansion modeled after the Palace of Versailles in Florida received a much heftier $115 million price cut ...

Source: Business Insider



... bringing its asking price down from $159 million to $42.5 million at an auction in January. The 11-bedroom and 22-bathroom mansion is located on "Millionaire's Mile" in Hillsboro Beach.

Source: Business Insider



9. In Windermere, Florida, famed NBA player Shaquille O'Neal is selling his $22 million mansion.

Source: Business Insider, Variety



The mansion has gotten a $7 million price chop: When the mansion first appeared on the market in 2018, it asked for $28 million.

Source: Business Insider



10. In Michigan, the world's largest cabin sits on 5,000 acres of wooded property and includes its own private marina.

Source: Business Insider



The owner of the "Granot Loma" discounted the property by 50% discount, reducing its $40 million price to $20 million last July.

Source: Business Insider



11. Overseas, news broke that billionaire Ken Griffin purchased a luxury London house for £95 million, or $123 million.

Source: Business Insider, Mansion Global, Bloomberg



While the sale was still one of the most expensive home purchases recently, the mansion once had an asking price of £125 million, or $165 million.

Source: Business Insider, Mansion Global



12. A mansion once owned by Cher returned to the Beverly Hills market with a 44% discount.

Source: Business Insider



The 11-bedroom, 17-bathroom estate is now on the market for $48 million, following an original listing for $85 million in 2017.

Source: Business Insider



13. Across the country, a Connecticut mansion once owned by President Donald Trump received a 29% price chop in June. Trump lived in the mansion for about a decade with his then-wife, Ivana. Following their divorce, Ivana sold the property financier to Robert Steinberg in 1998.

Source: Business Insider



The Greenwich mansion has been on and off the market since 2009. For the most recent discount, the Steinbergs reduced the asking price from $54 million to $38.5 million.

Source: Business Insider



14. Another mansion once owned by a US President is also back on the market for over $17 million less than its original price. Known as the "Western White House," the Orange County estate was once owned by former President Richard Nixon.

Source: Business Insider



The 9-bedroom, 14-bath estate — once used for diplomatic meetings — was first listed for $75 million in 2015; two years later, the list price had dropped over $11 million.

Source: Business Insider



15. Meanwhile, on the east coast, a New Jersey mansion known as the "White House of Englewood" returned to the market for a whopping 75% off.

Source: Business Insider



The Roaring '20s estate is located just five miles from NYC. The mansion was listed for $39 million in 2013; today, it has a sticker price of only $10 million.

Source: Business Insider



16. In Tribeca, Meryl Streep is selling her penthouse for a 26% discount.

Source: Business Insider



The full-floor, four-bedroom penthouse was originally listed for $24.6 million in August 2018, later discounted to $19.75 million, and most recently reduced to $18.25 million.

Source: Business Insider



17. Unlike Streep's home — which is still on the market — actor Bruce Willis' Turks and Caicos compound recently sold for $27 million.

Source: Business Insider



The celebrity's 11-bedroom, 13.5-bath estate sold for $6 million less than its original $33 million price tag, representing a 20% discount. Even with the price cut, it's still the second-most expensive home sale in the country's history.

Source: Business Insider



18. Finally, one of the most expensive homes for sale in the Hamptons — an estate known as Jule Pond — received a $30 million price cut in May.

Source: Business Insider



The mansion, previously listed at $175 million, has been on the market for over two years. Due to the price cut, Jule Pond no longer holds the title of the most expensive home for sale in the Hamptons.

Source: Business Insider



LSU's football team has a new $28 million locker room — complete with sleep pods, a pool, and a mini theater

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Following is a transcript of the video.

Inside LSU's $28 million dollar locker room

Louisiana State University recently unveiled its renovated Football Operations Center. The whole renovation cost $28 million. 

Here's what's inside…

The locker room has sleep pods for every football player. Each pod has a chair that folds out into a bed, similar to a first-class airline seat. It has charging ports for electronics and ventilated drawers to store shoes.

Overhead lockers store personal items and can charge the concussion sensors on the helmets. In addition to the revamped lockers, there's a team lounge with a mini theater and games.

And a nutritional facility that provides healthy food options for all student-athletes. There's also a wall of fame honoring LSU football alumni.

NFL player and LSU alum Tyrann Mathieu donated $1 million to the renovation. The new building was designed by HNTB Architecture. HNTB also designed multimillion-dollar athletic centers for colleges including the University of Kentucky and the University of Illinois.

Join the conversation about this story »

6 safe and trusted places to shop for designer clothing, shoes, and bags online

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farfetch

  • Treating yourself to a luxury fashion item should be a fun experience, but sometimes you don't want to go into a store. 
  • Luckily, we have a world of online shopping at our fingertips. Understandably though, when you're spending a lot of money, you want to do your due diligence and make sure where you're shopping is reputable, has legitimate products, and good customer service. 
  • We did all of that research for you and came up with six retailers that offer great selections of high-end wear for both men and women. They include Shopbop, East Dane, Matches Fashion, Farfetch, Net-A-Porter, and Mr. Porter.
  • All of these retailers have simple shipping and return policies and user-friendly interfaces that'll get you excited about your purchase. Keep reading to find them below.

Online shopping is an amazing innovation. You get all of the excitement of adding new pieces to your wardrobe without any of the effort of getting to the store and trying things on under the horribly artificial lighting of a dressing room. But, when you're spending a lot of money on luxury pieces, online shopping can actually be a little nerve wracking.

What if the piece looks nothing like it does online? What if the return policy is expensive or just a hassle? When you're dropping hundreds of dollars or more on a shopping haul online, you probably want to make sure that everything will ship relatively quickly (who wants to wait weeks for what you could get in days) and is easy to exchange. And, of course, you want to peruse a great selection. 

If luxury shopping is what you're looking for, we rounded up the six sites that you should check out. We've outlined what makes each stand out, the shipping and return policies they offer, and some of the notable labels you can find at each retailer.

Keep reading to see learn about six of the best spots to buy luxury fashion online: 

Shopbop

Shop women's luxury fashion and everyday essentials at Shopbop

If you're looking to leave your next shopping adventure with a balanced cart, filled with a mix of high-end and everyday brands, Shopbop should be your go-to. Shopbop offers a large selection of contemporary and designer labels with plenty of timeless and trendy pieces to fill your wardrobe. You'll find clothing, shoes, bags, and accessories that fit a range of budgets — so you can buy a luxury bag alongside a more affordable plain white T-shirt. Plus, Shopbop curates style guides, lists, and on-site designer boutiques to help guide and inspire your looks.  

Shipping & returns: Shipping is free on Shopbop and should take between one to three days. Amazon Prime members get Prime shipping benefits (free two-day shipping) on Shopbop orders, but if you're not a Prime member, you can pay extra for expedited shipping. If you don't love your purchase, Shopbop merchandise must be returned within 30 days. For the first 15 days, returns are free; after that, it'll cost you $10. 

Stand-out labels:

 



East Dane

Shop men's luxury fashion and more at East Dane

East Dane is Shopbop's male counterpart. Like its sister site, East Dane boasts a great selection of high-end and more affordable brands. Whether you're looking for wardrobe basics or more eccentric trend pieces, East Dane has got you covered. And, if you're in need of some fashion inspiration, there's plenty of that too. Check out the style guides or editors' picks list for pieces curated for all sorts of occasions, tastes, and budgets. 

Shipping & returns: Shipping is free on East Dane and should take between one to three days. Just like Shopbop, Amazon Prime members get Prime's shipping benefits (free two-day shipping) on East Dane. If you're not a Prime member, you can pay extra for expedited shipping. If you don't love your purchase, East Dane merchandise must be returned within 30 days. For the first 15 days, returns are free; after that, it'll cost you $10. 

Stand-out labels:



Matches Fashion

Shop men's and women's designer at Matches Fashion

Matches Fashion wants to make the luxury shopping experience feel personal. That's why the retailer not only offers a huge selection online, but also has an easy-to-shop app, a private, brick-and-mortar shopping experience, and MyStylist, the site's complimentary concierge that can help with anything from styling tips to wardrobe advice. "The Style Report" offers plenty of rich fashion content, from news stories about the industry to tips on how to style certain pieces or how to dress for certain occasions. You can shop by designer, occasion, or even buy pieces straight from the runway. The well-curated collection of investment-worthy clothing, shoes, accessories, and home goods is worth poring over.  

Shipping & returns: Shipping and returns are always free. Because Matches Fashion is a London-based retailer, delivery times to the United States may vary. But, once received, if you don't like your pieces, you have 28 days to return them. You can easily request a pre-paid return label within the first 14 days and then have 14 more to make your return. Just remember that this is an international brand, so returns may take longer to process — we'd recommend setting aside some extra time. 

Stand-out labels:



Farfetch

Shop luxury fashion for all at Farfetch

Men, women, and even kids can get their fix of designer duds at Farfetch. The selection on Farfetch is vast, spanning clothing, activewear, shoes, bags, luxury jewelry, and accessories. You can even shop pre-owned pieces if you're looking for more budget or environmentally-friendly pieces or just love all things vintage. Farfetch helps you find just what you're looking for with options to shop by aesthetic, occasion, and designer, as well as offering style guides to inspire your purchase. You can also find a host of articles on the site, covering everything from new releases, style how-tos, trend reports, the best brands in different categories, and more. 

Shipping & returns: Farfetch shipping costs vary based on the size, weight, and chosen destination of your order. You can pay extra for express delivery or same-day delivery in some locations. Returning your items is free, and Farfetch makes it easy with a return pick-up courier service. They'll send you the pre-paid return label, and you just need to send it back within 14 days. 

Stand-out labels:

 



Net-A-Porter

Shop women's designer fashion at Net-A-Porter

Net-A-Porter's beautiful website makes finding pieces you want and discovering new items you may not have known about before easy. There are many ways to shop: hero brands, monthly drops, weekly drops, Instagram picks, and sustainability are just a few. A star of the site is the what to wear section, where you can quickly access pieces fit for any occasion. The Porter edit holds all of the site's editorial content and has plenty of fresh takes on all things fashion, beauty, and women's lifestyle that women will appreciate. 

Shipping & returns: Net-A-Porter offers standard free delivery on all purchases. If you choose this option, expect your order to arrive within four days. You can upgrade to next-day or express shipping for an extra $20. You have 28 days to return your order, just choose to return on your Net-A-Porter account and they'll arrange everything for you. 

Stand-out labels:



Mr. Porter

Shop men's designer fashion at Mr. Porter

If you're looking for luxury beyond just fashion, Mr. Porter is a great place to start. Not only does the site have an extensive collection of high-end fashion and accessories, but it also hosts a range of luxe grooming products. The gift selection has something for every guy on your list, making it a one-stop-shop for holidays, birthdays, and housewarming parties. Check out the trending now section to keep up with the latest looks and the editorial page for all things men's fashion, from how to dress for an interview to opinion pieces that take stances such as why you should take fashion risks. 

Shipping & returns: Mr. Porter offers standard free delivery on all purchases. If you choose this option, expect your order to arrive within four days. You can upgrade to next-day or express shipping for an extra $20. You have 28 days to return your order, just choose to return on your Mr. Porter account and they'll arrange everything for you. 

Stand-out labels:

 



Glamping has come to NYC. I took an 8-minute ferry ride to an island in New York Harbor where people pay up to $1,200 a night to sleep in luxe tents and cabins — here's what it looks like.

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glamping governors island

  • Forget Colorado or Montana: Glamping— or glamorous camping — has gone urban.
  • Travel company Collective Retreats opened a glamping retreat on Governors Island in New York City in July 2018.
  • Guests pay between $150 and $1,200 per night to sleep in luxe tents or climate-controlled cabins with king-size beds and 1,500-thread count sheets, en-suite bathrooms, electricity, and WiFi.
  • In the new Outlook Shelters, guests can sleep in air-conditioned luxury and bathe in a soaking tub with a view of the Statue of Liberty.
  • While I found the tents and more upscale lodging options to be beautiful, they are decidedly not private or isolated — they're right on top of the island's main street.
  • Visit Business Insider's homepage for more stories.

Glamping, or "glamorous camping," is a luxurious alternative to camping that can come in many forms, from sleeping in a heated domed pod on the salt flats of Bolivia to staying in a luxurious "canvas cabin" with a soaking tub in the woods of Montana.

But glamping isn't just relegated to remote locations — you can even go glamping in New York City. 

Travel company Collective Retreats opened a luxury campground on Governors Island in New York Harbor, an eight-minute ferry ride from Manhattan, in July 2018 — and they just added an even more luxe type of accommodation.

On a recent summer afternoon, I took the ferry out to the island to get a look at what it's like to go glamping in New York City.

DON'T MISS: Extreme glamping: Luxury yurts, covered wagons with air conditioning, and $3 million RVs prove there's still a market for high-end outdoorsy adventures

DON'T MISS: I spent 3 nights 'glamping' — here's what it was like

The glamping retreat is on Governors Island, a car-free, 172-acre island in New York Harbor that once housed a US Army post.

Source:Governors Island



The island is only an eight-minute ferry ride from lower Manhattan.

Source:Collective Retreats



The Collective Retreats Governors Island campground is a short walk from the ferry, but I was picked up by a staffer in a golf cart, which brought me to the front entrance in about a minute.

Source:Collective Retreats



Opened in July 2018, the campground offers a clear view of the Statue of Liberty in one direction ...

Source:Collective Retreats



... and picturesque views of the Manhattan skyline in the other. The camp offers two types of canvas tents: Journey Tents or Summit Tents.

Source:Collective Retreats



In the Journey Tent, guests have the choice of a queen bed or two single beds, which come with 1,000-thread count linens and down comforters.

Source:Collective Retreats



The shared bathrooms for Journey Tent guests are a short walk from the tents. They have hot running water and full-flush toilets, as well as towels and environmentally friendly spa bath products.

The Journey Tents cost between $150 and $300 per night.

The tents have electricity and outlets where guests can charge their electronics, and coffee, tea, hot cocoa, and a hot water kettle are provided in each tent.

Source:Collective Retreats



The Summit Tent is the more upscale version of the Journey Tent.

Source:Collective Retreats



In the more spacious tent, guests sleep on 1,500-thread count sheets with a down comforter and blanket.

Source:Collective Retreats



Each Summit Tent has a private, en-suite bathroom with a rain-style shower and Turkish robes "for optimal lounging."

Source:Collective Retreats



Guests can drink their morning coffee on their private deck.

Source:Collective Retreats



At each of Collective Retreats camps, no two luxury tents are exactly the same. Staying in a Summit Tent will cost you $500 to $800 per night.

Source:Collective Retreats



Just in time for Labor Day weekend 2019, Collective Retreats added a new type of accommodation to the Governors Island camp: the Outlook Shelter.

Source:Collective Retreats



Custom made by Land Ark RV, the Outlook Shelters are the priciest accommodations at the campground, starting at $595 per night and going up to $1,200. Each comes with two private decks.

Source:Collective Retreats



Described on the website as a "transformational hotel room," the Outlook Shelter is a 300-square-foot, climate-controlled cabin.

Source:Collective Retreats



On my tour, I found that despite its compact size, the cabin didn't feel cramped thanks to its large windows, whitewashed pine walls, and smart design.

Source:Collective Retreats



At one end is a soaking tub where guests can take a bath with a view of the Statue of Liberty.

Source:Collective Retreats



The bathroom comes with Malin + Goetz bath products, Parachute towels, and custom spa bath robes.

Source:Collective Retreats



And the mini fridge is stocked with both still and sparkling water.

Source:Collective Retreats



Breakfast, lunch, and dinner are served at the nearby Three Peaks Lodge ...

Source:Collective Retreats



... or at outdoor tables overlooking the harbor. The dinner menu includes a poached shrimp salad for $23, an Atlantic Cod main dish for $36 or roasted chicken with heirloom tomato salad for $35, and three dessert options for $13 each.

Breakfast is $25 per adult and $12 per child and includes items like pancakes, yogurt and granola, a breakfast scramble, and French Toast.

Source:Collective Retreats



The adjacent Three Peaks Sunset Bar, which is open from noon to 9 p.m., sells beer, wine, and liquor, as well as small bites like charcuterie and hummus with vegetables and pita.

Source:Collective Retreats



Guests can also purchase a "BBQ-in-a-box" to enjoy on the grass, which includes table settings, drinks, all ingredients, and help with cleanup and grilling.

Guests can also order from a takeaway menu of sandwiches, salads, and snacks.

The camp has plenty of open space where kids can run around or adults can relax in the grass.

Source:Collective Retreats



If guests want to venture out of the camp, they can head over to Island Oyster for cocktails, lobster rolls, fish tacos, and of course, oysters.

Source:Island Oyster



Other activities on the island include renting bicycles, playing mini golf, checking out art installations, and catching an outdoor movie.

Source:NYG Go



Once Governors Island closes — at 6 p.m. on weekdays, 10 p.m. on Fridays and Saturdays, and 7 p.m. on Sundays, guests must stay on the six-acre campground. Collective Retreats Governors Island closes for the season on October 31, when the island closes to the public.

Source:Collective Retreats



While I found that each individual tent was nicely arranged, and the interior of the Shelter Outlook, in particular, was very aesthetically pleasing, what really stuck out to me was how close the tents were to each other — and to the island's main street, which was full of onlookers.

If you're looking for true privacy, this is not the place you're going to find it. Then again, privacy in a city as busy as New York is admittedly difficult to find.

While being inside the tents might offer a sense of isolation, stepping outside of them immediately puts you in direct view of other guests — and of curious spectators' gazes. Drinking coffee on a rustic porch with a view of downtown Manhattan seems like a romantic notion, but it's considerably less so when you're also part of what the sightseers are ogling.

Source:Collective Retreats



The wealthy are spending less money on luxury, and it might signal another recession. From penthouses to classic cars, here's what's just not selling in 2019.

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rich woman

The wealthy are saving more and spending less in luxury sectors like real estate, fashion, jewelry, art, and classic cars — and it could "trickle down" to a recession, reported Robert Frank for CNBC.

"If high-income consumers pull back any further on their spending, it will be a significant threat to the economic expansion," Mark Zandi, chief economist at Moody's Analytics, told Frank.

There are several factors influencing this trend, including tax changes, according to Frank.

Read more: Penthouses, mansions, and luxury ranches aren't selling across the US — and it could be a recession red flag

But it also signals a shift in demographics and the way the wealthy view status. Millennials are becoming prime consumers, and they're shopping differently and expressing different interests than generations before them. Meanwhile, the elite are investing in forms of discreet wealth, preferring to invest in intangible items like wellness over luxury goods.

Here's a closer look at some of the luxury markets seeing a slowdown in 2019.

SEE ALSO: Rich millennials are creating new trends and status symbols — here are 7 ways they're redefining what luxury looks like

DON'T MISS: Forget shiny Rolexes and Louis Vuitton handbags — rich people are investing more in education and health, and it shows that discreet wealth is the new status symbol

Real estate

According to The Wall Street Journal, July sales of luxury apartments in New York City hit a 6-year low.

In NYC, penthouses have been sitting on the market for months to years. Many of those properties eventually receive drastic price cuts or get carved into two smaller apartments, Business Insider's Katie Warren previously reported.

"Like any commodity, when the market is saturated with them, their value declines," Jason Haber, an agent at Warburg Realty in Manhattan, told Warren. "If under every rock you found a diamond, diamonds would decline in value. That's what is happening right now."

Down south, luxury condos in Miami are sitting on the market a hair too long: Some are taking four to six years to sell, Jerry Iannelli reported for the Miami New Times last year.

And out west, multimillion-dollar luxury ranches have been undergoing price cuts and sitting on the market for years, Katherine Clarke reported for The Wall Street Journal. While they held a Hollywood, Wild West allure for previous generations, millennials find them too labor-intensive and expensive, she wrote.

Clarke also said that Los Angeles has a glut of empty mega-mansions. Real-estate agents and developers are employing extreme measures to get those mansions off the market, from themed parties and gimmicky amenities to $100 million price cuts.



Luxury fashion

In a December 2018 article for Forbes, market researcher Pamela N. Danziger wrote that the luxury retail market in 2019 should expect a hard year.

While the rich are getting richer and have more money to spend, she said, experiences are replacing luxury goods as a status symbol: "Where wealth used to be something the affluent wore proudly, today the wealthy are retreating into their cocoons, living behind walls and going increasingly inconspicuous."

It's part of the rise in discreet wealth, in which showing off wealth is no longer the preferred way to signify having money. Investing in education and health rather than luxury handbags and cars helps the rich gain — and maintain — access to what the middle class cannot.

Read more: A rise in discreet wealth is creating a new type of status symbol, and the elite are spending their money on 5 key lifestyle choices to keep up with it

In the US, the top 1% have been spending less on material goods since 2007, wrote Elizabeth Currid-Halkett in her book, "The Sum of Small Things: A Theory of an Aspirational Class," citing data from the US Consumer Expenditure Survey.

In 2019, several luxury fashion retailers and designers filed for bankruptcy, according to The Fashion Law; that includes Barneys New York, Sonia Rykiel, and Roberto Cavalli. Last year, iconic luxury brand Henri Bendel closed after 123 years in business.



Jewelry

Another segment of the luxury retail industry — jewelry — is on the decline, according to Richard Weisenfeld, president of the Jewelers Board of Trade (JBT), in a January 2019 interview with National Jeweler magazine. In 2018, 852 US jewelry retailers closed their stores, reported Laura Ewen for Retail Dive, citing JBT.

The jewelry industry is increasingly dependent on millennials, who just aren't as interested in diamonds as their parents were, reported Ray A. Smith for The Wall Street Journal. To appeal to this cohort, luxury brands like Bulgari are offering edgier jewelry lines at lower price points.

Consider iconic luxury jeweler Tiffany's — its sales have been suffering since 2016. Its 2018 holiday sales declined in both domestic and international markets, with a few exceptions to the latter, reported Danziger for Forbes.

In August 2019, Tiffany's announced it would be launching its first comprehensive jewelry collection for men in October to attract millennials and increase sales. The same month, the brand's shares increased by as much as 5%, reported Daniel Strauss for Markets Insider.



Art

The first two quarters of 2019 saw art auction sales drop for the first time in years, reported Robert Frank for CNBC. Over the past year, Sotheby's sales and Christie's auction sales decreased by 10% and 22% respectively, he wrote.

According to Artsy, the art market has shrunk over the past decade when adjusting for inflation. A 2017 article by Artwork Archive reported that mid-market prices between $10,000 and $50,000 saw an increase in sales, while artworks over $1 million saw a decrease.

Read more: Forget real estate — 'art flipping' is the latest way rich millennials are building wealth, and it's an investment baby boomers largely ignored

Several art dealers told Rachel Corbett of Art Net last year that attendance is down in art galleries. Dealers expect gallery sales to continue to drop in the future more than any other sector, she wrote, citing TEFAF's 2017 market report. They expect deals to be more likely to occur at art fairs.

Wealthy people also appear to be spending less on art compared to other luxury items, Doug Woodham, managing partner of Art Fiduciary Advisors in New York, told Abby Schultz of Penta.



Classic cars

Spending on luxury cars may be booming, but spending is down when it comes to classic cars, Frank reported. Less than 50% of cars listed for $1 million sold at the Pebble Beach car auction — but those priced for less than $75,000 sold much more quickly, he wrote.

Classic car auctions in 2018 and 2019 saw a sell-through rate for cars priced at more than $1 million decrease by 20% compared to the year prior — the lowest since 2008, when Hagerty began tracking such statistics, reported Rob Sass for The New York Times.

The wealthy could be disinterested in the offerings or they could be feeling a change in the market, Brian Rabold, vice president for valuation at Hagerty, told Sass.

There are a few factors worth considering, according to Sass: Baby boomers are leaving the market and millennials aren't interested in buying or are priced out of the market, and there are general concerns about an economic downturn.



The death of Hong Kong's extradition bill is a gift to Tiffany's after protests wiped out 6 days of sales

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tiffany shopping bag

  • Tiffany & Co stands to gain from the demise of Hong Kong's extradition bill.
  • The jeweler lost six days of sales last quarter after shutting its stores due to mass protests sparked by the proposed law.
  • Tiffany's plans to open a new flagship store and expand its airport boutique in the region, which accounts for about 5% of its total revenue.
  • Shares in Tiffany's rose 2.2% in pre-market trading.
  • Watch Tiffany & Co trade live.

Tiffany & Co stands to gain from the demise of Hong Kong's extradition bill.

The jeweler lost nearly a week's worth of sales in the region last quarter, after the government's bid to allow fugitives to be detained and transferred to mainland China sparked three months of mass marches and clashes between protesters and police.

"The current situation is taking a toll on our business," CEO Alessandro Bogliolo said on Tiffany's second-quarter earnings call last week. "We estimate that during the second quarter, we lost nearly six full selling days due to unplanned store closures."

Hong Kong is "critically important" for Tiffany's, Bogliolo said. The company has 10 stores in the region, its fourth-largest market by sales after the US, Japan, and mainland China. Hong Kong generates about 5% of Tiffany's total revenue, meaning a 20% drop in local sales would trim the total by one percentage point, Bogliolo added.

Tiffany's underlying revenue in Asia Pacific inched up 1% last quarter, as higher sales in mainland China offset weaker trading in Hong Kong, the group's earnings show. While the company faces a "unique set of challenges" in Hong Kong, Bogliolo said on the call, it's committed to bolstering its presence in the region.

The jeweler plans to open a three-floor flagship store at 1 Peking Road, the region's most popular shopping area for Chinese tourists, Bogliolo said. It also intends to expand its boutique in Hong Kong International Airport into a full-sized duty free store, as the global travel hub offers a "very nice shopping environment."

Tiffany's may breathe a sigh of relief now the extradition bill has been scrapped, but there's no guarantee the disruptions will end, as protesters have made other demands. For example, they've called for criminal charges against protesters to be dropped, and abuse of powers by the police to be investigated.

SEE ALSO: Abercrombie & Fitch plans to shut flagship stores worldwide in a bid to boost profits (ANF)

Join the conversation about this story »

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The spectacular story of Ferrari's 7-decade journey from an upstart racing team to a $30 billion-dollar luxury brand (RACE)

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F1 Pitstop Ferrari 2014

  • Ferrari is one of the most valuable brands in the world.
  • Ferrari — the Italian supercar maker and Formula One racing operation — is worth $30 billion.
  • Unlike many of its rivals, Ferrari is a racing operation first and car company second. 
  • Ferrari was founded as a racing team with the sale of road cars as a means to fund the racing operation. 
  • Visit Business Insider's homepage for more stories.

Over the past seven decades, Ferrari has come a long way since its start as a fledgling racecar builder

In 2015, Ferrari's IPO on the New York Stock Exchange valued the company at nearly $10 billion. Now, the company's market cap has risen to $30 billion. This makes the car maker one of the most valuable and recognizable brands in the world; its "prancing horse" logo is synonymous with sex, money and the high life. 

Ferrari wasn't always the global luxury brand that's now being traded in New York. The company's early days as a maker of racing cars were rather humble, and it took an Italian-American racing star named Luigi Chinetti to begin the transformation into a purveyor of glamorous supercars for the world's well-heeled. The company's success drew takeover interest, and later rivalry, from Ford – before Ferrari eventually became part of FIAT.

Read more: I drove a $474,000 Ferrari 812 Superfast to see if the sports car delivers a thrill worth the price — here's the verdict.

For many years, Ferrari artificially limited its annual production figures to preserve the exclusivity of its cars. However, since the IPO in the fall of 2015, the company has steadily increased the number of cars it delivers to customers.

But even if Ferrari sells 10,000 cars, those cars are still exceedingly rare. In fact, most of the company's models are supply limited in that the number it sells is limited not by how many people want to buy a car but by how many they can make. 

Here is the story of Ferrari's incredible seven-decade-plus journey: 

An earlier version of this story was written by Benjamin Zhang.

FOLLOW US: on Facebook for more car and transportation content!

In 1908, A 10-year-old Enzo Ferrari saw his first car race and immediately became hooked. As a young adult, Enzo was drafted by the Italian army to fight in World War I.



After the war, Enzo had a hard time finding work in the auto business. He applied to work at Fiat, but was rejected to due an abundance of unemployed war veterans. Eventually, he found work at smaller automakers.



By the early 1920s, Enzo landed a job at Alfa Romeo as a race car driver. Fellow drivers at the company included legendary aces like Tazio Nuvolari, seen here in an Alfa.



In 1929, Enzo launched Scuderia Ferrari or "Team Ferrari." There was no car company yet — Scuderia consisted of a group of drivers who raced the cars they owned.



The team raced mostly Alfa Romeo cars. By 1933, Scuderia Ferrari had essentially become Alfa's racing division.



In 1937, Enzo shut down Scuderia Ferrari and became the head of Alfa Romeo's factory racing operation — Alfa Corse. But that wouldn't last. He wasn't happy.



A week after leaving Alfa Corse in 1939, Enzo started up Auto Avio Costruzioni. The AAC 815 is the first car Ferrari's startup built on its own.



AAC built two 815 cars in 1940. Both were prohibited from carrying the Ferrari name due to a noncompete agreement between Enzo and his previous employers. The agreement prohibited Ferrari from using his name in relation to races or race cars for at least four years.



Although WWII forced Ferrari to curtail his racing activities, his company got back to work immediately following the war. In 1945, the company introduced a new V12 engine that would become one of Ferrari's signature offerings.



In 1947, Ferrari launched the 125. And since the noncompete agreement with Alfa had lapsed, this was the first car to carry the Ferrari name.



In the late 40s, Luigi Chinetti — a successful Italian-born racing driver and newly naturalized American citizen — approached Ferrari about the prospect of building sports cars for the public.

New York Times

 



Ferrari was hesitant because his company's main purpose was to win races. At that point, the only cars Ferrari sold were for privateers. Chinetti started racing and winning in Ferrari's cars around the world.



By the early 1950s, Luigi Chinetti got the sports cars he wanted and opened the very first Ferrari dealership in the US. Chinetti's showroom was located in Manhattan, but was later relocated to Connecticut.



The US became a huge market for Ferrari's cars. Even today, it remains Ferrari's most lucrative market. This opened the floodgates for Ferrari's business. Legendary cars such as the California Spider ....



... the GTO and ...



... the Testarossa soon appeared.



By the 1960s, Ferrari's cars demonstrated their prowess on and off the track.



In 1963, Ford CEO Henry Ford II jumped at the opportunity to buy Ferrari's road car business. The deal failed after Enzo found out that Ferrari would have to ask Ford for money from Detroit to go racing.

Automobile



Incensed by his failure to close the deal, Ford decided to beat Enzo's team at the 24 Hours of LeMans.



Ferrari ruled Le Mans at the time. Enzo and his team had dominated the grueling 24 hour-long endurance sports-car race — winning six times in a row from 1960-1965.



By 1966, Ford's challenger for Ferrari's cars was ready. The legendary GT40 was set to race at Le Mans.



Henry Ford II got his revenge. The GT40 won Le Mans with a stunning 1-2-3 finish, ending Ferrari's dominance.



Ford would go on to win four years in a row — from 1966 until 1969.



By 1969, Enzo realized his company needed additional resources not only to be successful, but also to survive. That year, Ferrari sold 50% of the business to the company that once refused to give him a job — Fiat!



Enzo Ferrari died in 1988 at the age of 90. But before his passing, he signed off on one final car to commemorate the 40th anniversary of his company.



The mighty F40!



After the passing of Enzo Ferrari, longtime executive Luca di Montezemolo assumed the position of President and later Chairman. Under his guidance, Ferrari was transformed into a global luxury brand.



Today, the company sells its supercars for hundreds of thousands of dollars.



And its hypercars for millions.



Ferrari also licenses everything from clothes to jewelry.



There's even a Ferrari-themed amusement park!

Click here to read more about Ferrari World



On the racing front, Ferrari is still at the top of its game. The company's Formula One team — still called Scuderia Ferrari — has won eight world championships since Enzo's death.



With its IPO, Ferrari completed its transformation from a startup racing operation to a multibillion-dollar global brand. But true to its roots, Ferrari trades on the New York Stock Exchange under the ticker symbol RACE.



Since the IPO, the company's market cap has risen to $30 billion, thanks to big-ticket cars such as the 812 Superfast.



Ultra-exclusive models like the Monza SP1 and SP2 — $2 million cars — have also helped.



On the auction market, Ferraris have set records. In 2018, a Ferrari went for $48 million, breaking a previous record of just over $38 million in 2014.



All eyes are on the next major new vehicle from Maranello — the Purosangue, Ferrari's first SUV. Or "FUV," as the company likes to say.



And it's rumored that Ferrari could launch an all-electric supercar. In the meantime, there's the SF90 Stradale. It's the most powerful production Ferrari ever, making almost 1,000 horsepower from its turbocharged V8 engine and three-motor hybrid drive system.






Inside the exclusive Montenegro resort influencers are loving this summer, complete with helicopter arrivals, a cliffside pool, and a $6,000 weekly price tag

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Aman Sveti Stefan

  • Aman Sveti Stefan is a luxury resort and island in Eastern Europe's Montenegro.
  • It can cost up to $6,000 to stay there for a week during high season, and influencers have been snapping photos there all summer.
  • Nestled between a forest and the sea, Aman Sveti Stefan blends history and paradise while maintaining privacy and an air of exclusivity.
  • Visit Business Insider's homepage for more stories.

Nothing says exclusive like a place that's hard to get to. And a high price tag, of course.

Consider Aman Sveti Stefan, located in Eastern Europe's Montenegro. Part luxury resort, part island, Sveti Stefan has been called "Europe's most luxurious hotel."

And while it's not in a remote location, it's not in Europe's most trafficked destination either. Aman Sveti Stefan has been attracting influencers all summer, during which it costs nearly $6,000 for a weeklong stay, a spokesperson told Business Insider. 

It's not difficult to see the appeal of Aman Sveti Stefan: It has scenic views of both forest and sea, and the historic charm of its architecture is juxtaposed against paradise vibes along its beaches.

Business Insider spoke with three Instagrammers who recently visited Aman Sveti Stefan to see if their experiences aligned with the hotel's luxurious image — and as it turns out, the experience delivers on the expectation.

Here's a look inside the five-star resort that's more destination than hotel.

SEE ALSO: Step inside 'Billionaire Mountain,' the wealthy Aspen enclave where the Bezos and Dell families own sprawling mansions and homes go for as much as $49 million

DON'T MISS: Lisbon is the hottest travel destination for millennials in 2019. We asked 20-somethings for their best travel tips — from fairy-tale castles to buzzing nightlife, here's what they said.

Aman Sveti Stefan is a five-star resort on the coast of Montenegro along the Adriatic Sea. It's a 40-minute car ride from Montenegro's Tivat airport.

Source: Aman Sveti Stefan



The hotel is operated by high-end hospitality brand Aman, which is famous for luxury resorts around the world.

From Shanghai to the deserts of Utah, Aman hotels are consistently recognized as some of the best in the business.

Business Insider's Katie Warren toured Jackson Hole's Amangani in July and found that it delivered neatly on two of the biggest things luxury travelers in 2019 are looking for: privacy and experience.



Guests can arrive at the Montenegro hotel via the resort's private helicopter, a Mercedes Benz, or speedboat.

Source: Luxury Travel Magazine



A short drive or sail from the old town of Budva or UNESCO World Heritage Site Bay of Kotor, the resort is in a prime location to access many of the country's most scenic offerings, from Lovcen National Park to Skadar Lake.

Source: Aman Sveti Stefan



Numerous influencers appear to have visited the resort this summer, according to their Instagram geotags — but it's not a major, highly trafficked destination yet.

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As of the time this article was published, there were just over 4,500 posts with the Aman Sveti Stefan hashtag on Instagram. That's actually a relatively modest number of posts compared to Aman's other properties — consider Amangiri in Utah, which has more than 18,000 hashtags.



Stunning architecture and sandy beaches with turquoise waters make this historical slice of paradise pure Instagram porn.

 

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Even celebrities have been known to visit. David and Victoria Beckham found the resort so nice they visited twice — they reportedly vacationed there last summer and this summer with their kids.

Source: Hello! Magazine, Visit Montenegro



Prices for the resort range start at $850 a night, a spokesperson told Business Insider. That's $5,950 for a seven-night stay.

Earlier this year, the resort hosted an art exhibition featuring works from Picasso, Chagall, and Warhol. Only visitors got to see them — tickets for two cost £1,457, or $1,607.



"Vacation [at Aman Sveti Stefan] is a little bit more expensive than in other places in Montenegro, but in my mind, if you want to have a comfortable holiday and relax your body and soul, the price doesn't matter," Stefaniya Glibo, who stayed at the resort this summer, told Business Insider.



Aman Sveti Stefan is comprised of two parts: Sveti Stefan island and Villa Milocer on the mainland. The island is open from May 1 to October 20, but Villa Milocer remains open year-round.

Source: Aman Sveti Stefan



Overlooking the Adriatic Sea, the stone-walled Villa Milocer sits on 80 acres and is surrounded by lush forests with more than 800 olive trees. It was once the summer residence of the Serbian royal family before Aman took over.

Source: Aman Sveti Stefan



It's home to three different types of suites with garden or sea views. The biggest suites, the Queen Marija suites, are housed in a separate building near Villa Milocer.

Source: Aman Sveti Stefan



The interior is updated with modern elements but retains its historic character.



Villa Milocer also has a living room, meeting room, and a library.

Source: Aman Sveti Stefan



That's not to mention the cliffside pool, from which you can see both the pine trees and the sea.

Source: Aman Sveti Stefan



The mainland is also the center of relaxation — there's a 5,200-square-foot spa. That includes a gym, Pilates and yoga studios, and two pools.

Source: Aman Sveti Stefan



There are also three hydrotherapy suites with steam rooms, saunas, and plunge pools.

Source: Aman Sveti Stefan



The spa offers holistic and personalized treatments drawing from Montenegro's 650-plus medical species of herbs.

Source: Aman Sveti Stefan



The island, or islet, of Sveti Stefan has 15th-century village roots and is only accessible to hotel guests.

Source: Aman Sveti Stefan



Grand Luxury Hotels describes it as "more exclusive village than luxury resort." The island is arguably one of Montenegro's most iconic images.

Source: Scott Dunn Exceptional TravelGrand Luxury Hotels



However, the resort is so exclusive that not everyone recognizes it. Beyza Kurt recently visited and told Business Insider that when she posted a picture from the resort on Instagram, a lot of friends asked her where it was.



It's home to cobbled streets, courtyards, and 50 rooms, cottages, and suites in restored stone buildings.

Source: Aman Sveti Stefan



The 1,776-square-foot Sveti Stefan suite is the most luxurious suite, complete with ocean views, a terrace, and a private swimming pool.

Source: Aman Sveti Stefan



But if you don't have your own private pool, there's also a family pool on the top terrace of the village.



The spacious rooms in the village have a similar rustic-meets-minimalist aesthetic with wooden-beamed ceilings, exposed stone walls, and a neutral color palette.



At the center of the village is the open-air square known as the Piazza, where there are a number of dining venues.

Source: Aman Sveti Stefan



Meals at the resort incorporate local ingredients, from cheeses to beef from the north and rock oysters straight from the Adriatic Sea.

Source: Aman Sveti Stefan



Glibo described Aman Sveti Stefan one of the most beautiful and calm places in Montenegro, and noted that its beaches lack the crowds of people that frequent other Montenegro beaches.

One of those beaches is Islet Beach, which was named one of the top 30 beaches to visit in Europe this summer. Half of the beach is free, while the other half is reserved for hotel guests or those willing to pay a $110 per day fee.

Source: Aman Sveti Stefan, The Standard



There's also Queen's Bay, a private, secluded beach surrounded by cypress trees.

Source: Aman Sveti Stefan



Visitors can sail from the resort to secluded bays perfect for a swim or lunch.

Source: Aman Sveti Stefan



"The exclusivity and privacy of Aman allows for the utmost relaxation," Ava Harb, who stayed there for five days, told Business Insider. "It is an experience so unique that it is nearly impossible to put into words."



Mark Cuban, who just sold a majority stake in his two cable networks, owns a $19 million Laguna Beach vacation home with walls that open up to views of the Pacific Ocean. Here's a look inside.

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mark cuban vacation home

  • Mark Cuban just sold a majority stake in his two cable networks — AXS TV and HDNet Movies — to Steve Harvey and Anthem Sports for an undisclosed sum, according to Deadline.
  • The "Shark Tank" star enjoys an ultra-luxurious lifestyle and most recently bought a $19 million beachfront mansion in California to use as a vacation home. 
  • The Laguna Beach villa is part of an exclusive community that gives residents access to hotel amenities that include a concierge, room service, housekeeping, and a spa.
  • The modern, six-bedroom home includes walls that disappear to open up to the outdoor space and a private pool.
  • Visit Business Insider's homepage for more stories.

Mark Cuban has an estimated net worth of $4.1 billion, according to Forbes— and he certainly knows how to enjoy a luxurious lifestyle.

Deadline reports that the billionaire investor just sold a majority stake in his two long-standing cable networks, AXS TV and HDNet Movies, to Steve Harvey and Anthem Sports for an undisclosed sum. This deal is just the latest in a string of business maneuvers that have made Cuban one of the wealthiest people in America.

Read more: Mark Cuban just sold a majority stake in two cable networks to Steve Harvey and Anthem Sports — here's how the 'Shark Tank' investor made and spends his $4.1 billion fortune

Most recently, the "Shark Tank" star purchased a $19 million beachfront California mansion.

Cuban bought the villa as a vacation home in December 2018, according to Villa Real Estate. John Stanaland, who sold the house to Cuban, said it was the highest sale in Laguna Beach's exclusive Montage Residences community in 2018..

Take a look inside the ultramodern and luxurious 3 Montage Way, Cuban's vacation spot.

SEE ALSO: A billionaire movie producer is selling a one-bedroom apartment that takes up an entire floor of NYC's Ritz-Carlton for nearly $40 million

DON'T MISS: Mark Cuban just sold a majority stake in two cable networks to Steve Harvey and Anthem Sports — here's how the 'Shark Tank' investor made and spends his $4.1 billion fortune

In December 2018, Mark Cuban bought a California vacation home in Laguna Beach for $19 million.

Source: Villa Real Estate



It's part of an exclusive oceanfront community called Montage Residences, where residents can access hotel amenities that include the concierge, room service, housekeeping, and a spa.

Source: Villa Real Estate



The home has 7,867 square feet of living space and is decorated in an airy and bright California style.



There are six cheerfully decorated bedrooms.

Source: Villa Real Estate



Some have beach-themed decor ...

Source: Villa Real Estate



... while others look ready to host children.

Source: Villa Real Estate



The home seems well-equipped to host guests.

Source: Villa Real Estate



One entire wall of this bedroom opens up for access to the outdoor space.

Source: Villa Real Estate



There are seven three-quarter bathrooms ...

Source: Villa Real Estate



... which have a spa-like feel.

Source: Villa Real Estate



A private home office also opens up to the outdoors.

Source: Villa Real Estate



The home puts a focus on indoor-outdoor living.

Source: Villa Real Estate



Mahogany and glass doors disappear into the walls, opening up the indoor areas to views of the ocean.

Source: Villa Real Estate



"High ceilings complete the airy ambience perfect for enjoying the golden hues of each Pacific sunset," the listing reads.

Source: Villa Real Estate



Outside, there's a private pool ...

Source: Villa Real Estate



... along with outdoor furniture for al fresco lounging and entertaining ...

Source: Villa Real Estate



... and an outdoor kitchen complete with a grill and sink.

Source: Villa Real Estate



The luxe interior is just as inviting as the outdoor space.

Source: Villa Real Estate



Electronic systems to control the lighting, environment, and audiovisual devices are integrated into the home.

Source: Villa Real Estate



Downstairs is another spacious living area, with three TV screens and a wraparound sofa.

Source: Villa Real Estate



But the most impressive part of the lower level might just be the wine cellar, which appears to have room for hundreds of bottles.

Source: Villa Real Estate



"This contemporary home seamlessly interfaces interior and exterior spaces for a luxurious seaside living experience," Villa Real Estate said of the house.

Source: Villa Real Estate



Cuban's new vacation home, which was built in 2010, was originally listed for just under $26 million.

Source: CNBC



Golf homes are making a comeback in the US by resorting to the same tactic luxury apartment buildings are leaning into: a wide and wild array of amenities

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golf course homes

Golf homes are making a comeback.

Philip A. White Jr., president of Sotheby's International Realty, told Shivani Vora of The New York Times that after a 10-year decrease, demand for homes on the green is now experiencing an upswing. It's partly because golf communities are evolving from catering strictly to golfers to now including unrelated amenities that enhance these homes' "overall lifestyle appeal," he said.

That includes recreational offerings for those who aren't interested in teeing off — but amenities are going above and beyond just restaurants and pools, he said: "Some communities have casinos, concierges similar to ones you would find at a five-star hotel, horseback riding, go-kart tracks, hiking trails, and cycling paths."

Others even offer glamping, kid's clubs, and summer camps, White added.

Read more: Outdoor yoga decks, private parks, and 'tranquility gardens' are the hottest new thing in luxury buildings, and it signals a change in status symbols among the wealthy

Luxury apartments are using perks and amenities to attract buyers

As high-end real estate continues to linger on major markets across the US — including in NYC, LA and Miami— luxury developers are turning to increasingly lavish amenities to entice buyers. It's a competition so pronounced that Jason Fudin, CEO of WhyHotel, previously described it as an "amenities war" to Business Insider.

By offering increasingly lavish amenities, golf communities are taking a page right out of luxury apartment buildings' playbooks to attract buyers. Think rooftop running tracks and dog parks, outdoor movie theaters, and residents-only bars and restaurants.

In New York City, one $85 million condo comes with tickets to outer space and a couple of Rolls-Royces. In Miami, one luxury building provided its residents with Tesla-driving chauffeurs. In Baltimore, 414 Light Street is also loaded with amenities, including an alfresco dining space, a yoga and meditation room, and a business lounge.

And Oceanwide Plaza in Los Angeles, a three-tower development, will feature a two-acre "sky park" with two dog parks, a basketball court, lawns, a swimming pool, and a running track.

However, some condo buyers are forgoing flashy amenities in favor of "well-being" amenities, according to Mansion Global's 2019 Year Ahead report. From Brooklyn to LA to Hallandale Beach, Florida, condos are offering amenities like outdoor yoga decks, private parks, tranquility gardens, and infrared saunas, the report stated.

Business Insider's Katie Warren recently toured 15 Hudson Yards, an 88-story superluxury tower in NYC that devotes 40,000 square feet on the 50th and 51st floors to amenities, including a fitness center, a 75-foot pool, a yoga studio and a private spa.

SEE ALSO: There are 2 major surprises in today's luxury real-estate market, according to a developer who's designed multimillion-dollar New York City penthouses

DON'T MISS: Luxury restaurants and high-end apartment buildings are using the same strategy to draw in wealthy parents — and it makes total sense

Join the conversation about this story »

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The 5 new hotels around the world with the most incredible design, according to experts

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dream guest suite

  • Dezeen is an architecture and design website that is celebrating current design innovations around the world through its second annual Dezeen Awards.
  • This year, 53 projects were announced to be on the Dezeen Awards interiors shortlist, which was culled from the original 259 projects included on the longlist. The winner will be announced in October.
  • Business Insider compiled the list of featured hotels that made the interiors shortlist.
  • Visit Business Insider's homepage for more stories.

From jungle bungalows in Tulum to converted bridge houses in Amsterdam, the second annual Dezeen Awards are recognizing innovative interior design worldwide.

With over 4,500 project entries from 87 different countries, 75 leading figures in architecture and design are judging the projects to determine the best of the year. Judges are assessing each project based on 3 criteria: beauty, innovation, and benefit.

Read more: The 19 best hotels in the world in 2019 

In July, a longlist featuring 259 projects was released. In the first week of September, a shortlist reduced to 53 projects was released. The winner will be announced in October.

Presented below, in order of price point, are the five hotels featured on this year's shortlist. Almost all fall under $200 per night.

SEE ALSO: Take a look inside the stunning lakeside hotel in India that was just voted the best in the world

DON'T MISS: Microhotels are popping up in major cities around the world, and some 'rooms' are as small as 30 square feet

1. ℃ (Do-C) Gotanda is a modern capsule hotel in Tokyo featuring minimal interiors and a rough, industrial look.

Location: Tokyo, Japan

Prices: Start at $45 per night

This capsule hotel, located in a Tokyo red-light district, was redesigned and completed by Jo Nagasaka/Schemata Architects in 2018. Previously, it was also a capsule hotel; the renovation solely provided fresh interiors.

Source: Dezeen, Do-C Gotanda



A public bath in the basement was transformed into showers and a sauna. Existing interior finishes were stripped and reconstructed to provide for a more unfinished look.

Source: Dezeen.com



The capsule sleeping pods, the hotel's sole accommodation, are big enough to comfortably fit a twin sized mattress.

Source: Dezeen, Do-C Gotanda



Guests can book accommodation for as little as an hour.

Source: Dezeen, Do-C Gotanda



According to Dezeen, this hotel made it onto the shortlist because of its simple but effective interiors overhaul.

Source: Dezeen, Do-C Gotanda



2. Jungle Keva Hotel is a hotel that describes itself as fusing the elements of its design with the nature that surrounds it.

Location: Tulum, Mexico

Prices: Start at $105 per night

Jungle Keva is a boutique hotel situated in the Mayan jungle.

Source: Dezeen, Jungle Keva



It consists of five lodges, each of which boasts a mezzanine, terrace, and an indoor-outdoor bathroom.

Source: Dezeen, Jungle Keva



The hotel was designed by Jaque Studio with the local greenery in mind, keeping 70% of the original vegetation by constructing lodges amongst pre-existing clusters of trees.

Source: Dezeen, Jungle Keva



Palm leaf-lined ceilings and natural wooden finishes allow the lodges to blend in with their surroundings.

Source: Dezeen, Jungle Keva



The hotel has been recognized for its environmentally minded approach to design.

Source: Dezeen, Jungle Keva



3. SWEETS hotel is a collection of 28 tiny bridge houses along Amsterdam canals that were reimagined as individual hotel suites.

Location: Amsterdam, Netherlands

Prices: Start at $132 per night

The suites can accommodate two guests each.

Source: Dezeen, SWEETS hotel



The bridge houses once boarded Amsterdam's many bridge keepers, but with a centralized bridge control system, the structures lost purpose.

Source: Dezeen, SWEETS hotel



In 2012, Space&Matter, a local architecture and design studio, proposed redesigning them as guest suites in the spirit of experiential travel.

Source: Dezeen, SWEETS hotel



They have been working on the project ever since, with 15 of the 28 bridge houses currently accepting reservations.

Source: Dezeen, SWEETS hotel



The Dezeen Awards shortlist recognizes SWEETS hotel for "combining modern initiatives with industrial heritage."

Source: Dezeen, SWEETS hotel



4. Dream and Maze are two renovated accommodations within The Other Place, a boutique hotel in Guilin Litopia, China.

Location: Guilin Litopia, China

Prices: Start at $139 per night

The hotel has 10 different, dreamlike, themed guest rooms.

Source: Dezeen, The Other Place



The renovation was spearheaded by Shenzhen-based Studio10. The design was inspired by the works of M.C. Escher, a graphic artist known for his mind-bending artwork of impossible constructions.

Source: Dezeen, The Other Place, M.C. Escher



The final design is meant to create a mysterious atmosphere and employ elements of optical illusion.

Source: Dezeen, The Other Place



The 650 square foot rooms were completed in 2018. Each room relies on a pale pink and forest green monochromatic color scheme, on top of the unexpected architecture, to transport guests to an alternate reality.

Source: Dezeen, The Other Place



Dezeen included Dream and Maze on its shortlist because of its "serene and fresh environment … with the aim to distance spaces from busy, everyday life."

Source: Dezeen, The Other Place



5. Radar Station is a cozy vacation rental home inside two prefabricated timber sheds erected in 1961 on the coast of Kent, England.

Location: Dungeness, United Kingdom

Prices: Start at $1,098 per night

Source: Dezeen, Mulberry Cottages



The timber sheds were redesigned by UK-based designer Johnson Naylor into a one-bedroom beach vacation rental home in 2018.

Source: Dezeen, Mulberry Cottages



It maintains the exterior shed form, but the interiors were redesigned to be "gentle, natural and calm," according to Dezeen.

Source: Dezeen, Mulberry Cottages



The interiors reflect the landscape with a light color palette.

Source: Dezeen, Mulberry Cottages



The living area features yellow as a pop of color, mirroring the color of indigenous flowers in the area.

Source: Dezeen, Mulberry Cottages



A bridal designer and boutique owner explain why wedding dresses are so expensive

We tried a $1,000 Royal Etiquette Class

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  • INSIDER's Emily Christian tries a $1,000 etiquette course at the Plaza Hotel.
  • The course promises to teach you the graces of a duchess. 
  • Emily finds out why the class is being frequented by young professionals. 
  • Visit INSIDER's homepage for more stories.

The following is a transcription of the video. 

Emily Christian: I think this is, like, it's really a finger thing, because it's too far away now.

Myka Meier: OK, so now it's...

Christian: It's...

Meier: OK, go.

Christian: I'm so sorry, that was, like, the worst thing I could have done.

Today I'm at the Plaza Hotel to take a etiquette class. And, let me tell you, I am not the most graceful person. I'm a messy eater, I've never walked in heels before, and I would not know how to conduct myself at a formal dinner. So we're gonna see if this class can truly give me a full etiquette makeover today, and I can walk out of here ready to have dinner with the Queen.

Meier: Etiquette is simply respect. That's all it is. If you really deconstruct everything, and the core of what it is, it's just simply respect.

Christian: A private etiquette course at Beaumont Etiquette taught at the Plaza Hotel can cost over $1,000 and promises to teach you all the graces of a duchess in just a few hours. Etiquette is something that seems so old-fashioned to me, but this school's founder, Myka Meier, says business is booming, and maybe not for who you'd think. While Myka has worked with members of England's royal family, today her clients are mostly young professionals willing to dish out a month's rent to learn manners. So I wanted to pay her a visit to learn why.

Meier: It's more relevant now than ever before, because we communicate mostly electronically now. So we're losing some of those soft skills that are still important when you meet somebody face to face.

Christian: At this point, I was a little more nervous than confident that I could pull it off, but the time had finally come to see if I could be at least a little bit graceful for a day. Meier: In front of you here we've got, this is just a very simple, one-course table setting. You have your water glass, which is always directly above your knife.

Christian: Oh.

Meier: Then you have your bread plate on your left. So you put your index to your thumb on both sides. This is a lowercase B for bread.

Christian: OK.

Meier: The right is a lowercase D for drinks.

Christian: Oh.

Meier: So, if you put it down, your bread plate's always on your left and your drinks will always be on your right. So, the moment you get to a restaurant, you want to take that napkin off of the plate, and then just gently, to the side, just unfold it, and then refold it in half so that the seams are both down, like that, and then the crease faces toward you. Excellent.

Christian: Oh no, mine looks terrible.

Meier: No. You never go down to your napkin, because it looks like you're kind of, like, hiding something under the table. So just open here, and you bring the napkin up to your face, and then, oh, just the inside.

Christian: Oh.

Meier: Hold the inside. And you're actually putting all of your stains in the inside of the napkin. We just dab, dab, dab, and then you close the napkin so all the stains stay contained in the inside of the napkin.

Christian: Wow.

Meier: Now, at the end of the meal, then we would pinch in the middle and we would leave it to the left of the place setting to show that we were finished with the meal, we are done, we are not coming back to the table. Never do that. So, if you take nothing away from this course, I want you to remember this. So, in American dining, we often hold cutlery like this, and we cut, cut, cut, and we rest our knives, and then we switch, and then we eat. At the moment I would say in business or in any formal social situation, I want you to elevate and switch to what we call continental dining. So, the blade faces up, perfect, so you're holding with your thumb, your index is out, wrap and twist, and then, keeping the prongs down, they go into your mouth. So this is break, I'm taking a break, and then when I'm finished with my meal, to signify to the server I am finished, then prongs are up, and then handles are at four o'clock. If it has a stem you hold it by the stem. You never want to heat the liquid inside the glass.

Christian: I always just, I just stick my hand right on there, the full thing. Also, this is heavy.

Meier: And also for fingerprints, right? And then when you're drinking, you're drinking from the same point of the glass every single time, so that you avoid that lip ring. And then back down directly over the knife.

Christian: And I'm guessing you don't go, aah. Meier: Oh, we'll see about that. But, typically speaking, the lower to the stem we hold, the more sophisticated a holder becomes. Beautiful.

Christian: What about, is this, like, the most sophisticated? Meier: Whatever it is you're drinking, we never go past 45 degrees. OK, up, up, up, up, up, up, up, up, up, up, up. See, so you pretty much get...

Christian: OK, that's enough.

Meier: right, and so you just don't wanna go. Crew member: Have you ever done that at the bar?

Christian: Yes, absolutely, I have done that, at a bar, and at dinner, and at all over town, really, I've been going like this.

Meier: So what you would do, you would take your tea, and then it's not clockwise or counterclockwise, it's actually just 12 o'clock to six o'clock, and then, making no noise, I want you to pinch through and support. Perfect, and when you're sipping you sip down, you look down into the tea. Arms up, one down, two down. OK, now I want you to go ahead and try it again. You have to keep the napkins, and don't do this in public, ever. Go ahead and take another sip of your tea.

Christian: How...?

Meier: Beautiful, now take that sip, see, you're nice and in.

Christian: I'm very hungry, so my first instinct is gonna be just to kind of tear into it, but I know that's not what we're here to do.

Meier: So as much fun as it is to put everything on your plate at once, that's not the correct etiquette.

Christian: That's what I'd do.

Meier: I know. And you always let your guests choose first. One thing with any kind of communal food to remember is that you never take straight off and put it into your mouth. So you should take a bite that's not overly large. Like, the whole goal of afternoon tea is to stay social. You can take up to four bites before you break again.

Christian: So you only take four bites of food, and then you break.

Meier: Exactly.

Christian: OK.

Meier: And that's just to not eat too fast.

Christian: I eat so fast.

Meier: It's normal, it's very normal. Christian: I don't think I breathe when I eat, normally. [Emily mumbles] Meier: Some modern-day icons of etiquette, I think, easily the Duchess of Cambridge and Prince William, I think are constantly, we see them, you know, very polished and respectful to everybody and everybody that they work with. I think Michelle Obama is a really great example of etiquette.

Christian: Now that I knew how to talk the talk, it was time to learn to walk the walk, quite literally.

Meier: And now, I would like you to put on heels.

Christian: Uh-oh, OK.

Meier: So we're gonna, don't be scared, I'll walk you through everything.

Christian: I've never walked in heels, not a single time. This was truly the final test of whether or not this class could really give me a royal makeover.

Meier: Go ahead and just give me your first attempt, straight through and back.

Christian: And we're off.

Meier: OK, all right. What I'm gonna do for you, because you're not comfortable wearing heels, I'm going to give you something to do with your hands to help you, and it also helps with balance at first, too. So now I'm just, you can put that to your side or in front, it can be whatever you want, and if you're an awkward heel person, always hold something, because then you're almost not, like, teeter-tottering, or you actually have something to hold your balance. So go ahead and, now, with your new technique, a little bit larger stride, nice, rolled-back shoulders, hands, fingers together, and come on right toward me. Much better.

Christian: That felt better.

Meier: Night and day.

Christian: Maybe I wasn't going to be a pro at the heels right away, but Myka had given me the confidence that I could become an etiquette expert with practice.

Meier: Now a quiz, pop quiz. OK, queen's pose. Duchess slant. Cambridge cross. Sussex slant. Beautiful.

Christian: Yay! I'm basically a royal now. It's not a big deal.

Meier: Practically, right?

Christian: While I opted for their most exclusive and intensive class, Beaumont Etiquette offers many different options, including a group course for $150. By the end of the class I realized why young people are so eager to learn Myka's techniques. Something that sounded outdated to me at first became a skill I could use in my office to be more professional and even with my friends, just to show respect.

Meier: And the whole goal of our courses is that when they leave, they leave more confident than when they walked in. OK. OK, never lick your fingers, never lick your fingers.

Join the conversation about this story »

One year after killing off its premium Apple Watch, Apple is bringing it back with a new version that costs as much as $1,400 (AAPL)

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Apple Watch Series 5

This time last year, it looked like Apple seemed to be getting out of the luxury watch game when it quietly discontinued its most expensive Apple Watch, the Apple Watch Edition.

The ultra-high-end 18-karat-gold Apple Watch Editions, which cost upwards of $10,000, were spotted on celebrities including Kanye West and Beyoncé after they were introduced in 2015. That model was discontinued after only one year. 

The following year, Apple replaced gold with ceramic, and lowered the price to a still-expensive $1,250. But that watch, too, was discontinued in 2018. Last year's Apple Watch Series 4 only came in stainless steel and aluminum, and started at a more affordable $399. (Apple didn't totally forget about ceramic, though: Every Series 4 Watch came with a ceramic back plate, as part of the watch's improved cardiac monitors.)

Read more: Here's how the new $400 Apple Watch Series 5 compares to last year's model

Now, only one year later, Apple has announced that the Series 5 Watch will come 4 finishes: aluminum, stainless steel, ceramic, and titanium, with the two latter finishes being Edition watches.

The ceramic watches will be available in 40 mm and 44 mm case sizes and priced at $1,299 and $1,349. The titanium finish is a first for Apple Watches, and starts at $799.

Apple didn't say why it brought back the Edition watch this year, but according to Apple, the ceramic finish is more than four times as hard as stainless steel and won't scratch easily.

We'll have to wait and see how the ceramic models fare this time around, but let's hope they live up to that promise, since they still cost three times as much as the entry-level aluminum finishes. 

SEE ALSO: Here's how the new $1,100 iPhone 11 Pro Max compares to Apple's other big phone, the iPhone XS Max

Join the conversation about this story »

NOW WATCH: Amazon is reportedly seeking a new space in New York City. Here's why the giant canceled its HQ2 plans 5 months ago.


San Francisco's fastest-growing neighborhood didn't even exist two years ago. Now it's filled with gleaming glass towers, and the average rent is almost $5,000 per month.

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east cut san francisco

  • San Francisco'sEast Cut is the fastest-growing neighborhood in one of the fastest-growing cities in America— and it didn't even exist until two years ago.
  • This part of town houses some of San Francisco's most high-profile characters — Salesforce, Google, Facebook, and the like call this neighborhood home — and luxury high-rises are popping up to accommodate the thousands moving into the area.
  • So to distinguish this area from the rest of the city, a neighborhood association pooled a reported $70,000 in taxes from local property owners and rebranded the area as the "East Cut."
  • But some residents have had a hard time adopting the area's new moniker, and the neighborhood is not without its problems.
  • There are traffic congestion, no schools, and a lack of affordability as developers have capitalized on the area, churning out high-rise after high-rise of luxury, multi-million-dollar condos.
  • Take a look around the East Cut, with its glitzy, glass high-rises and big tech offices.
  • Visit Business Insider's homepage for more stories.

SEE ALSO: Take a look inside a glittering, $16 million penthouse in the hottest new San Francisco neighborhood that Facebook, Google, and Salesforce call home

DON'T MISS: San Francisco’s housing market is so dire that tech workers are spending over $2,000 a month to rent rooms in vacant Victorian homes

It's no question that San Francisco is a quickly-evolving city. The area's neighborhoods, both old and new, are constantly transforming as the region's tech market continues to boom.

Source: SF Curbed



But one neighborhood on the eastern side of the city is in its infancy — it didn't even exist until two years ago — and it's growing at lightning speed.

Source: The San Francisco Chronicle



In recent years, luxury high-rises and big tech offices have ushered thousands of people into parts of Rincon Hill, South Beach, and SoMa (South of Market), just south of the Financial District.

Source: Business Insider and CBS SF BayArea



To distinguish this booming area from the smorgasbord of San Francisco's other 89 residential locales, a local neighborhood association rebranded it as the "East Cut" neighborhood in 2017.

Source: Business Insider



The group, called the East Cut Community Benefit District (CBD,) pooled a reported $70,000 from taxes on the neighborhood's property owners for the rebranding.

Source: Business Insider



Now the East Cut is the hottest, fastest-growing neighborhood in San Francisco.

Source: 7X7



It's on the smaller size — it only consists of 20 blocks.



But this is a part of town housing some of the city's — and the country's — largest tech companies, including Salesforce, Google, and Facebook.



The city's $2.2 billion Salesforce Transit Center also runs along one edge of the neighborhood. The transit hub was designed to be a central nexus for local transportation.

Read more:Bus service through San Francisco's $2.2 billion transit center has finally resumed after a cracked beam halted service for the better part of a year — take a look around



San Francisco is notorious for its stringent zoning restrictions, but the "East Cut" falls into District 6, a district that has seen 60% of the city's housing development in the last decade.

Source: The San Francisco Chronicle



So a slew of new, shiny, glitzy glass skyscrapers housing pricey luxury condos has been permitted to shoot up in recent years, turning the neighborhood into a hot destination for the city's wealthy.



There are the multi-million-dollar residences at 181 Fremont, along with its five-bedroom $42 million penthouse.

Read more:Inside the multi-million-dollar condos of San Francisco's newly-opened $850 million residential tower — the first one just sold for $15 million



And the newly-opened Avery high-rise also offers multi-million-dollar condos, including a $16 million penthouse and a top-floor $41 million unit.

Read more:Take a look inside a glittering, $16 million penthouse in the hottest new San Francisco neighborhood that Facebook, Google, and Salesforce call home



The towering high-rises are a trademark of this part of town. So are the posters hanging on every block in the East Cut proudly displaying the 'hood's new moniker.



Many San Franciscans who have been accustomed to calling the area Rincon Hill, South Beach, or SoMa have had a hard time adopting or even recognizing the name "East Cut."

Source: Fast Company and San Francisco Chronicle and San Francisco Chronicle



"That name is baloney," Valen West, the owner of the historic century-old Fly Trap restaurant that sits right outside the East Cut, told the San Francisco Chronicle. "This is really SoMa."

Source: The San Francisco Chronicle



And resident Gloria Li told Fast Company that the East Cut sounds like the name of the Meatpacking District in New York. "It has this weird industrial feel to it," she said.

Source: Fast Company



But these new, brightly-colored posters brandishing the neighborhood's sexy new name abound in the area. Some read "Gold Rushers Settled Here," which is true actually.

Source: The East Cut



Before 1869, San Francisco folks made wealthy by the Gold Rush turned Rincon Hill into one of the city's most elite neighborhoods, perching their mansions upon and around the hilltop.

Source: The East Cut



But in 1869, the city decided to more easily transport goods from loading docks located in what is now South Beach to downtown by carving out Rincon Hill along Second Street, which forms the eastern edge of what is now the East Cut neighborhood.

Source: The East Cut



It's this cut down Second Street that the neighborhood was named after.



After the 1869 cut, the wealthy packed up and set off for other A-list neighborhoods like Russian and Nob Hills, leaving Rincon Hill to wither.

Source: The East Cut



Throw in the damage from the 1906 earthquake, and the area didn't have much going for it except for industrial buildings and warehouses.

Source: The East Cut and Fast Company



But eventually, the long-neglected neighborhood caught the eye of city planners in the late 1980s as a shining prospect for development.

Source: The East Cut



And now after a few decades, the area has blossomed into the bustling tech-centric East Cut neighborhood we know today — and it doesn't look like it's slowing down.



Signs of construction are as ubiquitous as the glossy high-rises that the East Cut neighborhood is known for.



One of the more recently-built projects is Park Tower, a 43-story office building at 250 Howard leased in its entirety by Facebook. The social media juggernaut is also the sole commercial tenant of the 181 Fremont mixed-use tower.

Source: SF Curbed and Business Insider



Though you'll find some buildings reminiscent of the area's industrial past, like a red brick building that used to house the Marine Electric Company.



It's now a trendy, upscale restaurant, with the next door 181 Fremont high-rise towering over it.



And plenty of other projects look to be in progress with a simple jaunt through the neighborhood.



The neighborhood is known for being relatively quiet outside of work hours, but you'll be met with hordes of tech workers if you step inside the 20-block 'hood around lunchtime.



There's a wide variety of restaurants, ranging from fast-casual to high-dollar, easily-accessible for employees on the hunt for a bite to eat.



Once Facebook's Park Tower opens, hundreds more will likely add to the lunchtime swarm.



As much of a five-star neighborhood as the East Cut is touted as, it's not without its problems.



For one, traffic throughout the area can be a headache — just like it can be throughout the rest of the city — but it's especially nightmarish at rush hour. The Bay Bridge's off-ramps spit cars out right into the heart of the East Cut.



The four-lane roads are wide to accommodate the freeway exit — they weren't designed to cater to people living there. So navigating the intersections as a pedestrian can be daunting and less than efficient.

Source: Fast Company



Another issue is the neighborhood's lack of affordability. The East Cut neighborhood was ranked among the 10 most expensive zip codes for renters in the US, according to a 2018 Rent Cafe report.

Source: Rent Cafe



Most of the new housing complexes that have been built are luxury units, even though some units in each development project are classified as affordable.

Source: The San Francisco Chronicle



So the majority of residents moving into the East Cut are those that can afford multi-million-dollar condos or the average monthly rent of $4,666.

Source: Rent Cafe



Retail spaces have responded in kind to the area's wealthy residents. The only grocery store in the neighborhood is Woodlands Market, an upscale, pricey spot that opened in 2017.

Source: The San Francisco Chronicle



You also won't find a school in the East Cut, which could lead to residents packing up and leaving for more family-friendly locales.

Source: Fast Company



Something else that you won't see much of is the city's homeless population. Thanks to the neighborhood's medley of luxury apartment buildings, there's high-end security monitoring the areas around the entrances to these high-rises.

Source: Fast Company



Growth in and around the neighborhood, as scores of new construction projects have broken ground, has also contributed to homeless people clearing the area.

Source: Fast Company



And members of the East Cut CBD also help patrol the streets. The East Cut website states that the organization has addressed 3,702 calls for homeless welfare checks and outreach assistance over the course of the first half of 2019.

Source: The East Cut



But a 2018 study from UC Berkeley shows how California CBDs (there are 16 in San Francisco) actually amplify anti-homeless rhetoric by supporting policies that "exclude or drive out homeless people" with taxpayer money, Fast Company reports.

Source: Fast Company, Berkeley Law



Other duties performed by East Cut CBD members include responding to reports from residents of overflowing trash bins or graffiti marks. According to the organization's website, members have removed 134,250 pounds of garbage from the neighborhood's public spaces in the first half of 2019.

Source: East Cut



"I'm so glad that if I see an overflowing trash can, I can report it and it's topped off and cleaned up within an hour," East Cut resident Katy Liddell told Fast Company.

Source: Fast Company



But as Fast Company reports, East Cut residents have the luxury of services provided by the East Cut CBD, on top of what the city of San Francisco provides, because they can afford to live in the area.

Source: Fast Company



So that means the East Cut neighborhood ecosystem — with its luxury towers and wealthy residents, premium neighborhood service organization, and throngs of high-earning techies — is indicative of why the city of San Francisco is more broadly experiencing a crushing wealth divide.

Source: Fast Company 



The 9 most valuable sneakers with the highest resale value right now, according to the data

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2011 Nike MAG Sneakers

  • The sneaker resale market is huge and could be worth $6 billion globally by 2025, according to Cowen & Co. estimates.
  • Sneakers can increase in value over time. Limited releases and high-profile collaborations fuel the hype, and demand.
  • Online luxury consignment retailer The RealReal combed its data to find the top nine sneakers with the highest resale value right now.
  • A pair of Nike Air Mags with a limited edition case that went for $179 when it was released is estimated to be worth $9,900 at resale.
  • Visit Business Insider's homepage for more stories.

Sneakers are on the rise. 

Cowen & Co. estimates suggest that the sneaker resale market could be worth $6 billion globally by 2025. 

Luckily, online marketplaces like StockX and Stadium Goods ensure that almost anyone can cash in on the hype. Sneakers on those resale platforms have resold for as high as $20,000. Business Insider interviewed a 15-year-old in August who has made six figures reselling sneakers on StockX.

Read more:Meet the 15-year-old who has made 6 figures reselling sneakers

Styles and trends are constantly shifting but high-profile collaborations and limited releases keep the sneaker culture fresh and thriving. Online luxury consignment retailer The RealReal combed through its data to find the sneakers with the highest resale value at the moment. The 2011 Nike Mag sneakers with a limited edition plutonium case release ranks as the pair with the highest resale value, costing $179 at its release to going for $9,900 on the resale market, making for a 5,530% growth in value. 

"These pairs of sneakers have been able to retain their high resale value because of the limited edition Nike Mag plutonium display case," Sean Conway, a sneaker and streetwear expert with The RealReal, told Business Insider.

Here are the nine sneakers with the highest resale values right now, according to The RealReal.

SEE ALSO: These are the 10 best-selling sneakers of the year so far

9. Yeezy X Adidas Black White Boost 350 V2 with tags

Estimated retail price: $220

Estimated resale value: $895

Value increase: 407%

Shoes from Kanye West's Yeezy collection with Adidas are generally valuable on the resale market. But this unique colorway is what gives this specific pair such a high resale value, The RealReal sneaker and streetwear expert Sean Conway explained.



8. Nike Air Jordan x KAWS 2017 4 Retro with tags

Estimated retail price: $350

Estimated resale value: $1,750

Value increase: 500%

Air Jordans are some of the most sought after shoes to come from the Nike brand. Pairs have gone for $20,000 on various resale marketplaces. Demand for this specific silhouette and colorway has risen in the last few months, Conway said, and it is a rare collaboration.



7. Nike Air Jordan x Union 1 Retro High Black Toe with tags

Estimated retail price: $190

Estimated resale value: $1,195

Value increase: 629%

This limited model was born out of a collaboration between Nike and the streetwear brand Union. This remake of a signature classic blends vintage and current styles and has generated a fair amount of hype on the resale market, Conway said.



6. Off White X Nike Air Force 1 Low MCA with tags

Estimated retail price: $185

Estimated resale value: $1,875

Value increase: 1,015%

This sneaker from Nike and Virgil Abloh was released in connection with Abloh's

"Figures of Speech" exhibit at the Museum of Contemporary Art in Chicago, Conway said.



5. Off White X Nike The Ten Air Jordan 1 High Chicago

Estimated retail price: $190

Estimated resale value: $2,000

Value increase: 1,053%

This was the first sneaker released from Virgil Abloh's collection and was a remake of the classic Jordan 1.

"It's a deconstructed take on a classic," said Conway.



4. Nike X Tom Sachs Mars Yard 2.0

Estimated retail price: $200

Estimated resale value: $3,000

Value increase: 1,500%

Released in 2012, this Nike collaboration with contemporary artist Tom Sachs was inspired by NASA and space travel. The Mars Yard sold out almost immediately at its release in 2017, Conway said.



3. Nike x Kanye West Air Yeezy 2 Red October

Estimated retail price: $179

Estimated resale value: $2,900

Value increase: 1,620%

This sneaker was Kanye's last collaboration with Nike for the Air Yeezy 2 collection, Conway said.

"When these sneakers were released, monochrome sneakers were very in at the time, with red being one of the most popular colors," he added.



2. Jordan 3 Retro 'Oregon Ducks PE Promo'

Estimated retail price: $194

Estimated resale value: $2,000

Value increase: 2,062%

These sneakers were originally released to athletes and the friends and family of the University of Oregon.

"What's really unique about these [is] that instead of the signature Jumpman logo, the sneakers have embroidered duck feet on the back," Conway said.



1. 2011 Nike Mag with the limited edition plutonium case

Estimated retail price: $179

Estimated resale value: $9,900

Value increase: 5,530%

Nabbing the spot as the pair with the highest resale value, the Nike MAG sneakers were based off the pair worn by Marty McFly in the 1989 film "Back to the Future Part II."

Conway said that the high resale value of this specific pair is because of the limited edition add-ons, such as the Nike Mag Plutonium display case, which includes a charger, special edition T-shirt, commemorative Nike Air Mag pin, paperweight, commemorative booklet with DVD, and Tinker Hatfield drawings.



Italic makes luxury bags that are all under $250 using the same factories as brands like Prada and Givenchy — here's how they stack up

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italic luxury 2

  • Italic is a new online brand that prides itself on selling luxury goods (bags, accessories, apparel, home goods) without the labels.
  • It's able to do this by partnering directly with manufacturers who have decades of experience producing for luxury designers such as Prada, Givenchy, Burberry, Celine, and Miumiu. 
  • The leather crossbody ($135), backpack ($200), and tote ($250) we reviewed from the company were beautifully constructed and also functional for everyday wear. 

Direct-to-consumer brands have seen huge success in the last decade. Whether it's because Millennials have become disillusioned by the excesses of designer luxury or they're just itching for a way to shop that's different from how they've always done it, this generation is particularly drawn to online-first, direct-to-consumer companies like moths to a flame. 

"We cut out the middleman," the snappy phrase that once vividly captured the value of a D2C brand, however, is quickly becoming stale. Shoppers now see that, shrug, then say, "...and?" It's not enough to eliminate traditional suppliers and retail distribution methods. They want to know that there's something inherently revolutionary to the way the product is produced, whether it's a beauty product created entirely from customer demand or a comforter that's fully compostable.

Italic is an online brand that wants to flip the idea of luxury on its head by producing goods with partners that manufacture for designers like Prada, Givenchy, and Burberry. In doing this, it's able to create original designs, ensure designer-caliber quality, and offer very competitive prices all at once.

Read more: This Kickstarter sensation is making luxury women's watches for less than $250 — here's what we thought

italic luxury 3

Italic first launched in late 2018 and created buzz as a $10-a-month, members-only marketplace. If you joined, you got access to label-less, high-quality bags and accessories at more affordable prices. Founder Jeremy Cai says that eventually the volume of sales Italic was doing, along with learnings from managing the customer experience, warranted opening up the marketplace to everyone. 

At Italic, you can now freely shop men's and women's bags, accessories, and apparel, as well as home goods like bedding. The selection isn't large, but it seems careful and curated, confidently assured that shoppers don't actually need pages and pages of options. There are $425 leather moto jackets, $80 sheet sets, and a variety of handbags, the most expensive of which costs $250 and was produced by the same manufacturers making bags for Prada. 

Cai says, "Italic is the culmination of decades of growing up with a manufacturing family and working in technology. I had always thought it backwards that manufacturers take home the smallest margin in the supply chain despite making the actual products being sold for many times the cost. Italic bridges the gap between consumers and luxury goods by partnering directly with the manufacturers instead of purchasing inventory like a brand." 

Many of these manufacturers have operated for decades making bags and accessories for labels that some can only dream of buying one day. It's a risk for them to join forces with a young unknown like Italic, but Cai says that other factors are also threatening these legacy names, and in the end, it's really a win-win relationship.

He points out, "While it wasn't easy by any means to convince manufacturers to incur inventory risk for the first time in their histories, most of these companies are facing rising labor costs, uncertain global trade, and a near total reliance on wholesale. Many were already looking for a way to sell directly to consumers but without the enormous overhead of building a brand." 

Read more: These celebrity-loved shoes used to cost hundreds more when they were sold in luxury stores — but a new strategy has made them much more affordable

italic luxury

If you like nicely made things but could care less about the status that comes with flexing a designer label, then you're the perfect Italic customer. Because making anything akin to a designer dupe would tread into tricky legal waters, especially considering the products are made in the exact same factories, all of Italic's designs are original and unique to the brand. Still, with options like zip card wallets and oversized acetate sunglasses, they remain classic and familiar. 

We tried a few of Italic's bags to see whether they really lived up to the high expectations. When we first received them, we immediately ooh-ed and aah-ed that they looked and felt good. Over the past month, as we actually carried and used them in our day-to-day lives, it became clear that the bags would become favorites — functional, beautifully made, and well-priced. 

Keep reading for our reviews of Italic's handbags and backpacks. 

Shop all luxury goods at Italic here

Luna Quilted Leather Crossbody Bag

Luna Quilted Leather Crossbody Bag, $135, available at Italic

How much it should cost: $350-$395

Made by the same manufacturer as: Celine and Prada 

Our review: This ultra-soft and smooth lambskin leather bag looks and feels gorgeous. With its textured, quilted exterior and a simple and roomy interior compartment, it's both a fashionable and practical bag choice when I go out to a nice dinner or want to look put-together as I travel. Gold hardware runs throughout, from the chain strap to the side buckles to the feet on the bottom of the bag that prevent the ivory color from getting dirty.

Based on its substantial feel and fashion-forward half-moon shape, I would've expected the bag to cost at least $200, but am eternally grateful that it doesn't. Since I usually only carry them on especially active days, all my crossbody bags tend to get a little worn down, but this is one crossbody I'll be sure to care for properly. —Connie Chen, Insider Picks reporter 



Claire Leather Double-Gusset Tote

Claire Leather Double-Gusset Tote, $250, available at Italic

How much it should cost: $785-$1,250 

Made by the same manufacturer as: Prada and Miumiu 

Our review: I was pleasantly surprised by how much I've used and loved this bag since it appeared on my desk a couple months ago. It's deceptively spacious inside, which makes it great for carrying to work, and I love that it has multiple handle options so I can swing it over my shoulder if I need a free hand.

The interior has two large, open pockets on each side with a zippered divider pocket in the middle. I can easily fit my 13-inch laptop, charger, and daily essentials in one side, along with a pair of flats, my lunch, and a small umbrella in the other. Honestly, I kind of feel like Mary Poppins when I carry it!

I got it in the dusty blue color (the picture above shows it to be a little darker than it really is), which looks relatively neutral even when paired with colorful outfits, but it also comes in black for a more basic option. —Sally Kaplan, Insider Picks editor 



Fleur Leather Mini Backpack

Fleur Leather Mini Backpack, $200, available at Italic

How much it should cost: $580-$695 

Made by the same manufacturer as: Celine and Miumiu

Our review: Since my main interaction with Italic was limited to targeted Instagram ads before testing this, I came into the experience pretty skeptical. Lots of new brands claim to bring you luxury at a fraction of the cost, but really only a few of them do.

However, after a few weeks of using the Italic mini backpack, I can say that the hype is worth it in this case. I was impressed. I've tested a lot of bags in two years at Insider Picks, and Italic's Fleur Leather Mini Backpack is one of the best in its quality and usability.

The leather feels supple, soft, and substantial to the touch, but frankly, it also just looks nice. It's the kind of nondescript black backpack that people bother to ask you about at happy hour. Simple, but can't-put-your-finger-on-it good: a phenomenon more commonly known as luxury. The price is still steep, but if it's a comfortable splurge — or you're thinking of dropping more on something similar from Celine or Miumiu — it's worth checking this out first. —Mara Leighton, Insider Picks reporter 



A 200,683-acre ranch where the Mrs. Fields Cookies founder once lived is selling for $45 million. Here's a look inside the sprawling property, complete with cattle, Scottish stained glass, and its very own river.

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  • The newest luxury ranch on the market is River View Ranch, a massive $45 million property in northern Utah spanning 200,683 acres and with a mansion once owned by the Mrs. Fields Cookies founder. 
  • The ranch's main estate (a 17,000-square-foot European-style manor designed by Debbi Fields herself) is roughly 30 minutes outside of Park City, Utah. Beyond the mansion, the property (expanded by the current owner) spans four counties.
  • The hefty asking price includes the furnished estate, multiple other homes on the land, cattle, ranch equipment and machinery, grazing permits, water rights to a nearby private river, elk hunting rights, and mineral rights.
  • Visit Business Insider's homepage for more stories.

Debbi Fields started selling homemade cookies in Palo Alto, California, in 1977. It wasn't long before her name became synonymous with warm, fresh chocolate chip cookies — and it certainly paid off for her.

By 1983, the cookie magnate was building and designing her own dream estate on a private bluff just outside of Park City, Utah. Now, the 10-bedroom, 14-bathroom mansion and the sprawling property beyond it are up for sale.

Read more: Millennials aren't buying baby boomers' luxury ranches — and it's a sign of a much larger problem in the US real-estate market

Once Fields' cookie chain filed for bankruptcy in 2008, the estate went into foreclosure, according to Mansion Global. "Eleven different banks had a piece of it," Jeanette Brooks, the co-founder of the company behind Xocai chocolate, told Mansion Global. "We bought it 'as is' at auction for I think $1.7 million."

Brooks spent years and millions of dollars renovating and restoring the dilapidated home. She also bought up tens of thousands of acres to run a fully functional cattle ranch. The renovated Fields estate is the focal point of the property, but that's only a fraction of the listing. 

Keep reading for a closer look at the property and all it includes.

SEE ALSO: Millennials aren't buying baby boomers' luxury ranches — and it's a sign of a much larger problem in the US real-estate market

DON'T MISS: Take a look inside the 100-square-mile Texas ranch that T. Boone Pickens, the oil magnate who just died at 91, listed for $250 million in 2017

The centerpiece of the expansive Utah ranch is the Woodland Estate. It is a 17,000-square-foot home that Mrs. Fields herself designed in 1983.

Source: Summit Sotheby's International Realty



Both the exteriors and interiors of the mansion were inspired by European manors.

Source: Mansion Global



There are even stained glass windows throughout the house that Mrs. Fields had imported from Scotland.

Source: Forbes



The house has 10 bedrooms and 14 bathrooms.

Source: Summit Sotheby's International Realty



In addition, there are multiple living spaces. There are three family rooms.

Source: Summit Sotheby's International Realty



Between the intricate woodwork and 11 different fireplaces, there is impressive detailing throughout the home.

Source: Forbes



Along with a formal dining room, other amenities in the estate include a basement with a billiards table, a wine cellar, a bar imported from Scotland, and a sauna.

Source: Forbes



These private pastures lessen the distance between the Woodland Estate and Grouse Creek.

Source: Summit Sotheby's International Realty



The adjoining Grouse Creek property — added by the current owner, chocolatier Jeanette Brooks, and her husband — has six homes total, including the ranch manager's home, as well as a metal shop, two hay barns, livestock barns and 1,000 acres for alfalfa crops.

Source: Summit Sotheby's International Realty



The fully-functioning ranch will be sold with all of its equipment and machinery included.

Source: Summit Sotheby's International Realty



Beyond that, the sale will also include the cattle ...

Source: Mansion Global



... and appropriate grazing permits.

Source: Mansion Global



It also includes access to over a mile of private river access and extensive water rights.

The property, which spans four counties, has more than a mile of private access to the Provo River, according to Sotheby's— which is how it came to be known as River View Ranch.

Source: Forbes



The turnkey property was listed with Summit Sotheby's International Realty in August.

"The ultimate buyer is probably somebody who has some money and needs to put it somewhere and would rather put it in land and that kind of asset instead of keeping it in the market," listing agent Kerry Oman told Forbes.

Source: Summit Sotheby's International Realty



The world's first Instagram 'sleep influencer' told us about his life of snoozing in luxury hotels and jet setting across the globe

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From travel and food bloggers to Instagram models and fashion figures, influencers have seemingly taken over the globe in almost every respect.

But London native Alex Shannon — better known as @FollowTheNap on Instagram— found a gap in the market, and he's been making himself comfortable there ever since.

Shannon is the first ever "sleep influencer" to amass a significant following on the internet. The 35-year-old jet sets around the world to sleep in some of the most luxurious hotel suites money can buy.

Through his gorgeous, staged photos and tongue-in-cheek captions that "kind of poke fun at the whole influencer thing itself," Shannon has amassed an Instagram following of more than 19,000. He told Insider about his favorite destinations, the ins and outs of his sleep influencer lifestyle, and what's to come from @FollowTheNap.

Alex Shannon — a 35-year-old from London better known as @FollowTheNap on Instagram — is taking the influencer craze in a brand new direction.



While tons of influencers focus on food, travel, and clothing through their social media personas, Shannon noticed that there was a glaring absence in the field.



"Essentially I saw that so many influencers are creating the same kind of content," Shannon told Insider. "They're all identical. Everyone's doing the same thing and saying the same thing. For a while I just had lodged in my mind that I would love to create something on Instagram that was a little bit of an antidote to that."



Shannon is the first ever "sleep influencer" to amass a significant following on Instagram.



He jet sets around the world to sleep in some of the most luxurious hotel suites money can buy.



Through his gorgeous, staged photos and tongue-in-cheek captions that "kind of poke fun at the whole influencer thing itself," Shannon has amassed an Instagram following of more than 19,000.

Instagram Embed:
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And, fittingly, the idea for Follow the Nap came to him in a dream: "I'm a really vivid dreamer so I keep a notebook next to my bed. One morning I woke up and I had written 'Follow the Nap Instagram, sleep and travel' and I was kind of like 'Oh, that's an interesting idea.'"



"Nobody has ever really done anything like this for sleep before," Shannon said. "It's a huge part of our lives, so I think that novelty draws people in."



He's stayed at the iconic 11 Cadogan Gardens hotel in London's Chelsea neighborhood...



sipped on a cappuccino sprinkled with 24-karat gold flakes at the Armani Hotel Dubai...



and enjoyed the view from a suite in Le Metropolitan in Paris.



Shannon told Insider that one of his favorite destinations to date was the Mandarin Oriental in Paris.



"That was by far the most luxurious I've ever stayed at, both in terms of the actual rooms themselves and service and the way I was treated," Shannon said. "It was the first room I walked into and I couldn't breathe or speak because it was just beyond anything I had ever thought really existed."



He's visited many other fabulous destinations as well, and he isn't planning on stopping anytime soon.



He still has plenty of places that he's itching to explore: "Number one on my list has always been Tokyo and I've never managed to make it there," Shannon said. "I've never visited Asia so I'm hoping to do an Asia trip... There's so many others. I've never been to Greece, Iceland, Brazil, Australia, or New Zealand."



Even though he loves what he does, Shannon revealed that his influencer lifestyle isn't nearly as relaxing as it may seem.



"The days are actually really jam-packed which seems in massive contrast to what my feed presents," Shannon said. "If I'm staying at one particular hotel, I'll set up a shoot that spans the entire day that generally involves various rooms. We get photo and video for each and I try to have a unique concept which involves having different props like food, balloons, teddy bears, or pajamas... The process itself is usually a bit hectic."



He also has to locate and hire photographers: "I try to find one or two photographers to work with wherever I'm traveling," Shannon said. "If I don't know anyone in the area, I'll just do a lot of research online and on Instagram and try to find a few that I think would be able to capture the type of stuff I'm looking for."



On top of all that, Shannon uses his spare time wisely while he's traveling, often meeting with multiple hotels, vendors, and travel companies in every destination he visits to forge future partnerships.



Sometimes, he even does daytime shoots in hotels he isn't actually sleeping in to maximize his output from each trip.



"Even though it's all based on laziness, I would hope people can see that there is a lot of thought and planning that goes into it," Shannon said.



Still, Shannon said he feels it's "absolutely surreal" to be living the sleep influencer lifestyle: "This is going to sound so cheesy but what's made it really nice is to have people sending me messages saying 'your post really made me smile today' or 'that was so funny!'" Shannon said. "That part of it has been really wonderful."



Shannon currently runs Follow The Nap while working a full-time job as an editorial director for Barefoot Scientist in Los Angeles.



And he's used his many years of experience in editorial and social media in the fashion industry as a basis for his work as a sleep influencer.



But he has no immediate plans to take the Instagram influencing full-time: "I think one day I would consider it, but right now I actually really enjoy having the balance of full-time and doing this on the side."



Still, Shannon recognizes that his concept has loads of potential, and he's eager to see where it goes down the line.



He said working with Aman, the hotel group responsible for some of the most luxurious resorts in the world, would be "a pinnacle that would be incredible." He also has a goal to team up with more "high-end, designer pajama brands."



And he's thought about spinning off in other directions as well: "Would I want a pajama line? Would I want to have a YouTube series? I don't know where to take it next in a way that's fun and meaningful but not something everyone else has already done... I'd be very interested to see where people think this could go."



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