Sir Philip Green, owner of British high street store empire Arcadia Group, has purchased a stunning £10 million mansion in the exclusive central London area of Belgravia for his daughter, Chloe Green.
The mansion consists of 6 rooms, a roof terrace, a double basement conversion and a glass roof. The four-storey building also boasts its own personal lift, according to architect drawings submitted to the local council.
The refurbishment has been ongoing for the past 6 months, with all development work overseen by Green’s wife, Lady Tina Green, who is based out of Monaco and reportedly in charge of the family’s entire £5bn fortune.
A source alleged that ‘no expense is being spared’ for the 25-year old Topshop heiress and the final outcome ‘will be like a palace…done to an extremely high standard’.
The house was purchased from a close friend of the Green family, Daniel Pittack, who allegedly has an interest in the offshore based ‘Mottistone Holding’ company which is domiciled in the British Virgin Islands. Interestingly, Mottistone Holding shares the same address as Tina Green’s design firm, Green and Mingarelli Design.
Green is still under fire for the recent meltdown of BHS and the subsequent fallout that’s been detrimental to its thousands of loyal employees; a £571 million pensions hole has been left unresolved with a likelihood that any settlement will still require the taxpayer to contribute hundreds of millions to the scheme.
There is still debate as to his rumoured involvement in the pension scandal and real questions over whether the Billionaire businessman should lose his honorific title and face an MP ordered £1bn fine.
Sir Philip Green and his family seem entirely undeterred by public opinion at such a sensitive time for BHS employees, happy to splash the cash on an extravagant home for their only daughter.
DMZ thinks there’s no doubt the house will be astounding, complimenting the Green’s extraordinary lifestyle and acting as the perfect luxury retreat and party house for a young Londoner. However, we question whether spending millions on personal assets in the midst of such a public scandal is the most prudent move by the usually shrewd businessman.
It’s now been over 220 days since the Billionaire tycoon pledged before MPs to “sort” the pensions issue. Why not put personal investment ‘on ice’ and focus your efforts on a resolution?