Christie’s International Real EstateFranchise Cost, Revenue & Review 2026
Data from FDD filing
FranchiseVerdict summary · 2026
A Christie’s International Real Estate franchise requires a total initial investment of $64K – $443K, including a $35K franchise fee and an ongoing 3.0% royalty[2]. The 2025 FDD does not disclose unit-level revenue (no Item 19). Verdict grade: F. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $64K – $443K
- 40th pct Real Estate
- Avg gross sales
- N/A
- 25th pct Real Estate
- Royalty
- 3.0%
- 5th pct Real Estate
- Units
- 36
- 22nd pct Real Estate
- SBA default
- N/A
Quick verdict · Real Estate · color = vs category peers
Green = >15% above Real Estate avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
The system contracted 8% year-over-year. Investigate why units are closing.
10 legal cases disclosed in the FDD. Read Item 3 before signing.
Bottom line
- Total investment $64K – $443K including a $35K franchise fee, 3.0% ongoing royalty.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict F (Bottom Quintile) with a risk score of 93/100.
- 10 litigation matters disclosed in Item 3, higher than typical. Review the summary for patterns (franchisor-initiated vs. franchisee-initiated).
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Christie’s International Real Estate, LLC
- Parent company
- At World Properties, LLC
- Ultimate parent
- At World Properties Holdings, LLC (acquired by Compass, Inc. on January 13, 2025)
- CEO title
- Co-CEO
- Michael Golden
- Incorporated in
- DE
- HQ
- 806 N. Peoria St., Chicago, IL 60642
- Auditor
- Aprio, LLP
- Audited financials
- Franchisor revenue
- $0
- vs $0 prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Overview
About
Franchisees operate luxury real estate brokerage offices under the Christie's brand, leveraging the auction house's brand equity to sell high-end properties. Day-to-day activities include recruiting and managing licensed agents, marketing premium properties, managing client relationships, and generating transaction volume subject to 3-6% royalties on gross revenues. Franchisees must maintain operational and compliance standards while competing in concentrated luxury markets.
- CEO
- Michael Golden
- Headquarters
- IL
- Founded
- 1995
- FDD year
- 2025
- States available
- 21
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $35K | $35K |
| Working capital (3–6 mo) | $5K | $90K |
| Equipment, build-out, other | $24K | $318K |
| Total initial investment | $64K | $443K |
Source: Christie’s International Real Estate 2025 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $64K – $443K
- Better than avg vs category
- Liquid capital req'd
- $5K – $90K
- Better than avg vs category
- Franchise fee
- $35K – $35K
- Better than avg vs category
- Royalty
- 3.0%
- Gross Revenues · typical 6–8%
- Ad fund
- 3.0%
- typical 3–5%
- Total fee load
- 6.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 3.0% of gross sales |
| Marketing / ad fund | 3.0% of gross sales |
| Technology fee | $150 |
| Training fee | $500 |
| Transfer fee | $5K |
| Renewal fee | $1K |
| Total fee load | 6.0% of rev |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Real Estate averages
How Christie’s International Real Estate Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 36
- Opened
- 4
- Last reporting year
- Closed
- 7
- Terminated
- 3
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 3
- Term expired, not renewed (per Item 20)
- Turnover rate
- 19.4%
- Company-owned
- 3
- Corporate units in the system
- % franchised
- 92%
- vs corporate-owned
- Net growth (yr3)
- -8.3%
- Net unit change last year
- 3-yr CAGR
- +0.0%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 0
- Termination rate
- 16.7%
- Franchisor-initiated terminations
- Ceased ops
- 16.7%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 29 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
A contracting luxury real estate franchise facing significant antitrust and fraud litigation with undisclosed financials, making risk assessment and ROI validation impossible.
Litigation (Item 3)
Six antitrust class action lawsuits filed in late 2023 and early 2024 against Parent, the franchisor, and other real estate brokerage companies, alleging anticompetitive real estate listing policies in violation of antitrust laws. Cases include: (1) 1925 Hooper LLC v. NAR et al. (dismissed following Umpa settlement); (2) Burton v. Bluefield Realty Group et al. (stayed pending Umpa appeals); (3) Friedman v. Real Estate Board of New York et al. (Christie's voluntarily dismissed); (4) March v. Real Estate Board of New York et al. (stayed pending Umpa appeals); (5) Tuccori v. At World Properties LLC (settlement framework agreed, stayed); (6) Umpa v. NAR et al. (settled November 2024 with operational changes including commission negotiability disclosures). Relief sought includes class certification, declaratory relief, damages/restitution, injunctive relief, and costs.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Aprio, LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: Yes
Score breakdown · what drove the 93 / 100 rating
- 01MINORSystem contraction of 8.3% YoY (36 units) indicates shrinking franchise network and potential brand deterioration
- 02MINORMultiple class action antitrust lawsuits (Hooper, Burton, Friedman, March, Tuccori, Umpa) suggest systemic compliance issues and reputational risk that could impact agent recruitment and client trust
- 03MINORNo average revenue or net income disclosure (Item 19) prevents validation of ROI claims and franchisee profitability analysis
- 04HIGHHigh litigation exposure across property disputes (Stuart, Kjarsgaard, Aratlakov, Lyons) with allegations of fraud/negligence creates legal liability risk for franchisees
- 05MINORWide royalty range (3-6%) lacks transparency on which metrics trigger higher tiers, creating profit margin unpredictability
- 06MINORInvestment spread of $64,475-$443,125 (586% variance) suggests inconsistent startup costs and unclear break-even projections by territory
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Counties, zip codes, or other geographical designations |
| Protected territory | Yes |
| Online sales rightsℹ | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 1 year |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | Illinois |
| Litigation count | 10 |
View Item 3 litigation summary
Six antitrust class action lawsuits filed in late 2023 and early 2024 against Parent, the franchisor, and other real estate brokerage companies, alleging anticompetitive real estate listing policies in violation of antitrust laws. Cases include: (1) 1925 Hooper LLC v. NAR et al. (dismissed following Umpa settlement); (2) Burton v. Bluefield Realty Group et al. (stayed pending Umpa appeals); (3) Friedman v. Real Estate Board of New York et al. (Christie's voluntarily dismissed); (4) March v. Real Estate Board of New York et al. (stayed pending Umpa appeals); (5) Tuccori v. At World Properties LLC (settlement framework agreed, stayed); (6) Umpa v. NAR et al. (settled November 2024 with operational changes including commission negotiability disclosures). Relief sought includes class certification, declaratory relief, damages/restitution, injunctive relief, and costs.
Items 10, 11
Training & Operations
- Classroom training
- 13 hrs
- On-the-job training
- 0 hrs
- Training location
- On-site and corporate
- Ongoing training
- Required
- Time to open
- 4 mo
- From signing to launch
- POS system
- pl@tform
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: pl@tform
Item 20 · call current owners
Franchisee Contacts
50 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Christie’s International Real Estate · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Christie’s International Real Estate franchise?
The total investment to open a Christie’s International Real Estate franchise ranges from $64K – $443K, with an initial franchise fee of $35K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Christie’s International Real Estate franchise owners earn?
Christie’s International Real Estate does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Christie’s International Real Estate's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Christie’s International Real Estate (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Christie’s International Real Estate franchise locations are there?
As of their most recent FDD filing, Christie’s International Real Estate has 36 total units in the United States, including 33 franchised units and 3 company-owned units. 4 new units were opened in the latest reporting year.
Is Christie’s International Real Estate a good franchise to buy?
FranchiseVerdict rates Christie’s International Real Estate as a F-grade franchise with a risk score of 93 out of 100, based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.