While annoying and true, this madness isn't new.

Royals have always built palaces for themselves, with the summer and winter palaces of the Russian tsars coming to mind.

If you remember, even the British royalty still own the several palaces built to accommodate their greed.

And, at least, they lived in them. Albeit infrequently.

This is the new dementedness here: the Ferengi-like acquisition of these monuments to ego that serve no other value but to say "My schlong is bigger than yours.".