A home in South Kensington has earned the title of 'the most expensive property on the market'. It's up for sale for an astonishing £105 million. This is an extraordinary amount of money for any kind of property, but it's a new record for a relatively modest six bedroom property.
So what do you get for your money? And can it really be worth so much?
At £105 million this is not the most expensive home ever sold in the UK. Park Place near Henley was sold in 2011 for £140 million - just months after One Hyde Park properties fetched £136 million.
It's not even the most expensive home available to buyers at the moment, as 18 Carlton House Terrace in St James' (one of the biggest houses in London in one of the most exclusive positions) is said to be for sale privately for £250 million.
However, it's the most expensive on estate agents' books.
Check out Park House in the gallery below:
Is it worth it?On the one hand, it's hard to see how it could possibly be worth so much. Park House isn't a typical millionaire's mansion. In fact it only has six bedrooms. For that you'll pay 640 times the average UK house price.
How can it be worth so much?The property is beautiful. As well as the six bedrooms there are seven reception rooms, five bathrooms, and landscaped gardens.
However, what really makes it different is that it has been described as a country home in the middle of London. This idyllic home is set in half an acre of the most expensive land in the UK - which means you cannot see a road or a car from the property, and can even hear the birds singing.
The property also has planning permission for an underground extension, which would add a huge swimming pool, gym and cinema. There's also permission to extend upwards to create three more bedrooms.
It's being sold by Professor Gert-Rudolf Flick, the heir to Daimler Benz, who is thought to be worth around £350 million. The estate agents, Beauchamp Estates, predict that it will sell quickly, and for the asking price.
What does it mean for the market?This gives us an insight into the world of ultra-high-value properties - where all that matters is the perfect property in the ideal location, and the cost doesn't mean very much. There will always be billionaires who want luxury in central London and are willing to pay £100 million or more for it. So there will always be properties for sale around this level.
It also shows us just how crazy prices have become in Kensington and Chelsea - often considered the most desirable part of central London. The average home in the borough is worth £1.5 million - which is up 8.2% over the last year. The average semi-detached place will cost you £6 million.
As well as Park House, at the moment you can buy a £65 million nine-bedroom house, or a number of a five-bedroom flats for £30 million. Alternatively you could buy a terraced house - for £27.5 million.
In this company, £105 million for a detached property may seem less of a crazy price tag. Of course, when you take a deep breath and realise that you could buy your own estate on a private island in the Highlands for roughly the equivalent of the stamp duty on this central London property, the whole thing goes back to seeming utterly absurd.