How the richest Americans live

Location isn't always a common factor among the richest Americans, either. Although wealth tends to concentrate in specific areas, being a member of the billionaire's club doesn't automatically come with a house in Palm Beach, Fla. — though John Kluge of Metromedia does occupy a pale yellow mansion there.

Many of the richest people on our list own houses where they grew up or near the sources of their wealth. Sometimes those are less-than-glamorous places — think Bentonville, Ark., home of Wal-Mart and several members of the Walton clan. Dell head Michael Dell's primary residence is in Austin, Texas, and Nike founder Philip Knight's is in Hillsboro, Ore., a rural area outside of Portland.

"He bought it in the 1970s," says Mai Truong, a local real estate broker with RE/MAX Equity Group. "Back when he bought it, that was pretty much nowhere land."

Then there is the question everyone wants to ask: How much is a billionaire's home worth?

In some instances, as much — or more — than one would think. Kluge's Palm Beach estate, which totals more than 21,000 square feet and sits on four acres of manicured grounds adorned with statues and reflecting pools, has a market value of more than $23 million, according to county estimates.

Ellison spent several years and more than $100 million to build his palace. Last year, Gates received a property tax bill for a whopping $1.1 million, because his compound was estimated to be worth nearly $140 million. Fellow Microsoft billionaire Paul Allen, who owns a group of nearby properties valued at a little under $120 million, got off with just a $1 million charge.

But at the other end of the scale are über-wealthy people who are uninterested in flaunting —or even, it seems, enjoying — their billions. Some of our rich-listers choose to live surprisingly modestly. Take Buffett, the brains behind Berkshire Hathaway. The "Oracle of Omaha" lives in the Happy Hollow neighborhood of Omaha. It's not a shabby place, but he bought the gray stucco home in 1958 for $31,500. In 2003, it was assessed at just $700,000.

Members of the notoriously reclusive and low-key Mars family, heirs to the candy fortune, seem to own pretty modest digs — John Mars lives in a McLean, Va., townhouse and, until a few years ago, his equally secretive brother, Forrest Edward Mars Jr., who at that time was estimated to be worth $9 billion, lived in a unprepossessing condominium in Arlington, Va. Of course, billionaires often own more than one home — and sometimes several — which can explain why one may seem relatively modest. Another might be an utter palace.

Truong guesses that Phil Knight's house is worth just a few million dollars, depending on the condition of his house and what it's like inside.

"There's a pool, a nice big yard," she says. "But it could be very old, very simple depending on the owner."

Who wants to live like a billionaire? Perhaps you already do.

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