European Castles May Be In Reach As Luxury Estate Prices Plunge

There might be an upside to the eurozone crisis after all. And that upside is a genuine castle of your very own.

Property values in the eurozone have fallen as much as 30 percent, making some of the continent’s most stunning and decadent estates just kind of expensive, instead of absurdly expensive, Forbes reports.

Even the global luxury housing market may finally be beginning to cool as a result of Europe's ever-weakening economy, with prices dropping 0.4 percent in the first quarter of this year.

What are some of the best deals for that dream estate on the market right now, according to Forbes? There’s the Humewood castle in Wicklow, Ireland, which is now priced at 8 million euros, down from its 26 million euro selling price in 2006.

That said, the luxury market more generally has actually done better than many other sectors in the face of the economic downturn, with sales of luxury cars like Rolls Royce booming alongside retailers like Michael Kors. Even the luxury market for dinosaur bones has been thriving. That's both a sign of good times for the rich, and of good business for the companies.

Still, heading to Europe isn’t a prerequisite for fulfilling your wildest property dreams. You can do it right here in the States. For example, you could purchase the unfinished 90,000-square-foot mansion inspired by the palace of Versailles in Windermere, Florida, for the recently reduced price of $65 million, down from $75 million, according to the Wall Street Journal.

Or follow in the footsteps of Oracle CEO Larry Ellison, who just this week purchased 98 percent of the Hawaiian island of Lanai, priced between $500 million and $600 million.