The Most Expensive Real Estate In The World

WSJ, via Ritholtz:

If you think real-estate in Manhattan or San Francisco is expensive, consider Monaco.
The price of real-estate in Monaco — the world’s most expensive locale — is now an average of $5,408 a square foot, according to a report from Citi Private Bank and Knight Frank, the London real-estate firm. Spending $1 million will get you a 200 square-foot closet – presumably without a water view.
The second most expensive locale is Cap Ferrat in the south of France, at more than $4,800 a square foot. That’s followed by London, at $4,534 a square foot, and then by Hong Kong, at $4,406 a square foot.
New York is a relative bargain, coming in at number 17, at more  than $2,161 a square foot (this seems to be a little  high, even for Manhattan). The only other U.S. locations on the top 50 are Aspen, at number 39, with $974 a square foot, followed by Telluride ($760 a square foot) and Miami, at about $580 a square foot.

And I thought farmland was getting pricy.  For $1 million, you can buy 50 acres at $20,000 an acre, which is the highest price I've seen referenced, and that is a relative bargain, at 46 cents a square foot.  Stupid rich people.