There's been a lot of denial among luxury homeowners. In 2006, it was thought that the luxury market wouldn't suffer the same fate as the broader market. A year later, high-end home buyers were thought to have endless, deep pockets, further insulating the top-tier from the cratering economy.

As the nation's markets in 2008 went from bad to worse, some in the industry claimed that the dearth of trophy properties outstripped supply.This year, reality set in. No one is buying $100 million homes. Few are buying $30 million homes. Properties in that range are either being reduced by amounts similar to the national debts of small countries--Dunellen Hall, reduced by $50 million from $125 million to $75 million, and BootJack Ranch to $68 million, a reduction of $20 million from last year's asking--or are being pulled from the market entirely. [Read the full article]

Forbes' power lists are synonymous with moguls and movie stars, heads of state and captains of business. One look at the 2010 World's 100 Most Powerful Women list and it is clear that we've come up with a new ranking of the female power elite that reflects the New Order of now.When we set out to identify this year's list, we decided it was time to look up and out into the broader culture. Our assessment is based less on traditional titles and roles and more on creative influence and entrepreneurship. These power women have built distinctive companies and brands and championed weighty causes, sometimes through unconventional means; in other cases they have broken through gender barriers.We divided our power women candidates into four groups: politics, business, media and lifestyle (that is, entertainment, sports and fashion). We ranked the women in each group, and then group against group. [Read the full article]

It's a balmy night in September, and the second floor of the Upper East Side town house of former Viacom( VIA - news - people ) CEO Tom Freston and his wife, Kathy, is packed with politicos, celebrities and cable news personalities. They're here to celebrate the launch of Arianna Huffington's 13th book, Third World America: How Our Politicians Are Abandoning the Middle Class and Betraying the American Dream. It's crowded enough to induce severe claustrophobia even among the historically unafflicted, and upon entering, I narrowly miss an elbow in the rib from Nora Ephron. "It's a zoo! A zoo!" she says, pushing her way through the throng. The zoo's inhabitants, all of whom are preternaturally social, are talking loud and fast and glancing over shoulders to spot or wave to Eliot Spitzer or Barbara Walters or Kyle MacLachlan. But the crowd has magnetized largely around the party's striking and charismatic guest of honor, Arianna Huffington. [Read the full article]

The Facebook phenomenon strikes again, this time helping catapult two new 20-somethings into the ranks of America's richest for the first time and bringing down the average age of America's richest ever so slightly to 65.7. Only eight American billionaires are under the age of 40, and three of them cofounded Facebook.The youngest? It isn't who you think it is. The world's youngest billionaire is now 26-year-old Dustin Moskovitz, who is 8 days younger than his former Harvard roommate and Facebook cofounder Mark Zuckerberg. The social-networking site's first chief technology officer, Moskovitz left in 2008 and started Asana, a software company that allows individuals and small companies to better collaborate. The company has attracted several of the same early backers as Facebook and may one day be worth something. For now, though, Forbes estimates Moskovitz's entire $1.4 billion fortune comes from his 6% stake in Facebook. [Read the full article]