Foreign Property News | Posted by Zarni Kyaw
A mysterious American tech billionaire may have purchased one of the United Kingdom’s most expensive homes for almost half its original $314 million asking price, according to the Times of London. The still-stratospheric sum: $172.83 million.
The seller is the family of a Saudi prince, former defense minister Khalid bin Sultan al-Saud, who bought the property for around $42 million in the late 1980s before losing it to creditors.
This transaction, despite the deep discount, marks the second-most expensive residential deal ever recorded in UK history, according to the Times.
Also known as London’s “White House,” the 40-bedroom palace inside Regent’s Park sits on a lake over 4 acres in the heart of the city — featuring its own underground pool, ballroom and tennis court.
(The 207-year-old mansion sits on 4 acres overlooking a lake in the heart of London.Bloomberg via Getty Images)
(The Georgian home sits on a lake and neighbors Winfield House, the home of the US ambassador to the UK.Bloomberg via Getty Images)
Other sources, however, said the buyer could be a young Hong Kong-based crypto billionaire. Either way, Americans have usurped Russian oligarchs, Middle Eastern petrol princes and Chinese moguls to become “the No. 1 buyers dominating the London real estate market,” said Rory McMullen, who heads Savills’ private office.
“London has captured the interest of Americans looking for a blend of Old World charm and modern luxury — think ‘Downton Abbey’ meets Wall Street,” said Corcoran CEO Pam Liebman, Savills’ stateside partner. “The resilient housing market is a smart move for anyone who wants to diversify their portfolio.”
A strong US currency and the fact that home prices are down 10% from last fall also helps fuel Americans’ British buying spree.
(Oracle co-founder Larry Ellison.Aaron Schwartz/UPI/Shutterstock)
The 207-year-old Georgian mansion is also known as the Holme — which means “river island” in Saxon.
(Late actress Marlene Dietrich spoke at the Holme during a charity garden party in 1954.Mirrorpix via Getty Images)
Photo Credit- Mirrorpix via Getty Images, Aaron Schwartz/ UPI/ Shutterstock, Bloomberg via Getty Images
