You have never seen it all in real estate, as it is a constantly morphing industry.  I just ran across an article in the New York Times on the sale of Air Rights where a developer paid $40 million to a church for its air rights in order to build a 51 story building in New York.

One real estate broker commented

“They’re building what I call a Viagra building, a tall slender tower with great views at a great location.   … What difference does it make if you pay $100 more per square foot if you’re selling condos for over $4,000 per square foot?  But there aren’t many sites where you can do this.”

Read the full New York Times article