A London mansion put on the market for £100m in 2009 has recently sold for around £60m, it has been reported.
The grade 1 listed five storey property in Belgrave Square was put up for sale by its Middle Eastern property developer owner for £100m back in 2009, after an extensive programme of renovation. However, it has recently been reported that an offer of around £60m from an as yet unknown British buyer was accepted just before Christmas.
Despite the sizable discount the house is still thought to be London’s most expensive property sale of 2018.
The apparent huge discount leading to what seems to be a giveaway price might be put forward by some as evidence of the moribund state of the London prime property market. However it should be remembered that super high end property of this type is notoriously difficult to value and even back in 2009 £100m was probably optimistic to say the least. While at £60m the buyer will no doubt feel they have got good value it’s unlikely the seller will be that disappointed either.