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We are now living in a new Gilded Age, as extravagant as the original.

Mansions have made a comeback. Back in 1999 this magazine profiled Thierry

Despont, the ''eminence of excess,'' an architect who specializes in designing

houses for the superrich. His creations typically range from 20,000 to 60,000

square feet; houses at the upper end of his range are not much smaller than

the White House. Needless to say, the armies of servants are back, too. So are

the yachts. Still, even J.P. Morgan didn't have a Gulfstream.