Foreign Property News | Posted by Hnin Ei Khin
A Chinese property tycoon has agreed to buy a 45-room mansion overlooking Hyde Park in London for more than £200m, making it by far the most expensive house to be sold in the UK.
Cheung Chung-kiu, who already owns the £1.15bn so-called “Cheesegrater” skyscraper in the City, is “in the process” of buying 2-8a Rutland Gate for between £205m and £210m.
The seven-storey property was built as four grand family homes before being converted into one vast residence in the 1980s.
The previous owner had been Crown Prince Sultan bin Abdul-Aziz of Saudi Arabia who died in 2011.
It has also been home to the billionaire businessman Rafic Hariri, who twice served as Lebanon’s prime minister.
When the sale completes in the next few weeks it will officially become the UK’s most expensive home.
The record is currently held by Park Place, a stately home near Henley-on-Thames, in Berkshire, which was bought in 2011 by the exiled Russian billionaire Andrey Borodin for £140m.
Last year, the US hedge fund billionaire Ken Griffin, bought a Grade II*-listed Georgian mansion within sight of Buckingham Palace for £95m.
Cheung has yet to decide whether he will use the 62,000 sq ft mansion as his family home or divide it into a series of lateral apartments.
If renovated and converted into apartments the property could be worth up to £700m, a spokesman said.
“2-8a Rutland Gate is in the process of being acquired by funds advised by the family office of Mr Cheung Chung-kiu,” the spokesman said.
“At present no decision has been made on whether the final scheme will be a single house for private client use, or an ultra-prime multi-unit apartment scheme.”
The Knightsbridge house, which was built in the 1830s, features approximately 45 rooms including grand staterooms, 20 bedrooms, a swimming pool, private health spa and gym and underground parking for several cars.
Ref: Property Report
