Is this Scotland's biggest house price cut?

The Whitehouse at Gleneagles was supposed to become Scotland's most expensive property.

The 13,000 square foot mansion in the grounds of the famous hotel and golf resort was meant to feature every possible cutting-edge luxury, and hit the market three years ago priced at £8 million.

However, since then, things have changed.

The mansion was aimed at mega-rich golf fans, and came with a range of millionaire trappings.

Along with free membership to Gleneagles for the first two years, the Courier reported that it was meant to have a swimming pool, spa, gym, soundproofed cinema, and orangery.

The scale of the property meant the entrance hall was as big as many London flats, and although the artist's impressions of the lounge featured just one grand piano, there was clearly room for several.

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Unfortunately, the Daily Mail reported that the property didn't find a buyer.

A shortage of funds halted building work, and then in 2013 it was repossessed.

The newspaper says that the property records reveal it has been sold to a local businessman for just £861,888.

He will have plenty of work led to do before it is anything like the mansion it was meant to become, and the agent advertising the property was at pains to point out that the artists impressions of the finished house did not resemble the state the property was being sold in; but there's no denying he got a bargain.

Biggest price drops

This could be the biggest price drop in Scottish history. However, it falls short of the English record.

That was seen in 2013 when the sellers of Heath Hall on The Bishop's Avenue in North London dropped their asking price from £100 million to £65 million. This £35 million price was almost matched the following year, when a new-build mansion in St John's Wood was cut from £65 million to £35 million.

The rollercoaster housing market around the world means that the owner of this Gleneagles property is in good company, because a number of celebrities have had to slash the asking prices in order to sell their homes.

We saw Richard Gere knock an astonishing £17.5 million off the asking price of his home in the Hamptons. It had been on the market for more than a year, and saw the asking price fall from $65 million to $47.5 million.

Meanwhile, last year Bruce Willis cut the asking price on his Idaho property by $6.2 million - from $15 million to $8.8 million.

It's doubtful whether being in good company brings any of them any comfort.

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