Its also a rentable income generating asset. Just like a 3rd or 30th home or whatever. Its something they can own to use the one week out of the year they might want, and then rent out to other rich (but poorer than them) people the other 99% of the time

Why do you think Kevin Cosner owns a giant ranch in one of the most expensive places in Colorado? He is probably almost never there himself, but its an easy thing to rent out to other very wealthy people for weddings, vacations, events, etc