F E AT U R E
The Million Home LONDON HOUSE SET TO BECOME UK’S MOST EXPENSIVE PROPERTY
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he six-storey Grade I listed Regency mansion boasts 50,000 sq ft of living space, nearly as large as a whole football pitch, making it one of the capital’s largest private homes. With a view of St. James’ Park and within walking distance of Buckingham Palace, Trafalgar Square and Piccadilly Circus. It is situated off The Mall, and is one of the most exclusive streets in London with few residential properties.
Reports have suggested that a ‘strictly confidential’ brochure, which describes 18 Carlton House Terrace as ‘probably the finest residence in London’ has been circulating among the super-wealthy. The property is registered in the British Virgin Islands, and said to be owned by a member of the Saudi Royal family. The secret brochure apparently shows interior photographs which were taken in the 1890s, because the current owner does not want to advertise the contents of his home for security reasons. Details on the interior are sketchy, but there is believed to be a magnificent double staircase and a huge ballroom. According to reports, the house has four storeys above ground and two below, that could be converted into a spa, cinema, and swimming area. The owner has reportedly spent millions restoring the town house to its former glory. Property expert Henry Pryor, who pointed out that the ‘nearest corner shop will be Fortnum & Mason’, said: ‘I think it will almost certainly be bought by a foreign buyer.’ The property is 1,537 times more expensive than the average house sold last month in the UK, which was worth £162,606. At the asking price, the buyer will face a £17.5million bill for stamp duty. Despite the shaky economic recovery, 2012 was a record year for sales in London worth more than £5million, according to research by estate agent Savills. Last year, more than 400 properties were sold over that threshold, up from 350 in 2011. With so many properties now fetching nine-figure sums, oligarchs might be tempted to move to Kensington’s Egerton Crescent, Britain’s priciest street - where they can pick up a bargain with the average house costing just £8million. If 18 Carlton House Terrace reaches its £250million asking price, it will be the UK’s most expensive home - but it is not the only super-pricey property to reach the market in the past year. Last autumn, a huge house at Rutland Gate overlooking Hyde Park was put on sale for £300million, although its price was slashed when it failed to find a buyer. Around the same time, 1 Cornwall Terrace, opposite Regent’s Park, was advertised for £100million, which estate agents said was the highest price ever asked for a terraced house. Outside Central London, Heath Hall in Hampstead was also marketed at £100million - which later had to be lowered to £65million. Cambridge House on Piccadilly, formerly home to the In and Out Club, is currently being renovated and could fetch more than £200million when it is sold. The previous record for a London sale is £136 million paid for a property at One Hyde Park in Knightsbridge.
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