The repossessed property is reported to be going for a whopping Ā£250 million
A sprawling, four-acre property in Regentās Park is set to become Londonās most expensive house sale ever. Agents selling the 205-year-old mansion are reported to be asking for as much as Ā£250 million ($300 million), topping the previous record for a residential sale of Ā£210 million ($252 million).
The mansion is one of just a handful of homes located in Regentās Park, one of the cityās largest parks, and is expected to be in high demand by some of Londonās wealthiest residents.
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It was previously owned by a number of members of the Saudi royal family, including Prince Abdullah bin Khalid bin Sultan al-Saud, the Saudi representative to the Union Nations in Vienna.
The mansion was repossessed by receivers after a loan worth approximately Ā£150 million ($180 million) expired. Other assets backing the loan, including a New York City home and a private plane, were also taken.
The London housing market has been attracting an increased number of international buyers, with foreigners purchasing 48% of real estate considered āprime centralā in the city last year.
A new report by real estate consultancy Knight Frank reveals how the worldās wealthiest individuals are still spending big on commercial property, despite a rapidly declining market.
The ultra-wealthy, as well as their closely held companies and investment firms, purchased a combined $455 billion in commercial real estate in 2022, becoming the most active class of buyers in the sector for the first time.
Real estate prices have been affected by the pandemic more than any other asset class, largely due to the proliferation of remote work. The sustained interest in the market by the worldās wealthiest investors demonstrates how the wealthy still consider property an essential aspect of diversifying their wealth.
The report also found that Monaco was the most expensive city in the world to buy a home, with $1 million only buying 17 square meters of property in prime locations. Hong Kong was second with 21 square meters per million and New York was third with 33 square meters per million.
