A Mayfair property which was originally marketed at £50m two years ago has recently sold for just £38.8m.
The six bedroom, Grade II listed property is situated in Stanhope Gate, W1, close to The Dorchester and numerous embassies. It has recently undergone a renovation estimated to have cost £4.5m, reports say. The property features a basement leisure suite with swimming pool, cinema room, wine cellars, and a lift to a rooftop terrace with outdoor bar. The interiors have been created by celebrity designer Nicola Fontanella.
The property has been bought by an offshore company registered in the British Virgin Islands.
Some may regard the significant 20% discount off the original asking price as a sign of desperate times in the super prime central London market. However, high end properties of this nature are notoriously difficult to value. Even at just £38.8m the sale was still one of the largest such deals in central London in 2018.