Updown Court finally sells for £35m

Daily Mail

As far as profiting from property goes, we know expected returns today are far from the heady pre-recession days of the property boom.

The top of the market certainly isn't safe from tumbling values either, with the county's most expensive house finally getting sold following six years on the market, for just half the initial asking price.

The luxurious mansion - Updown Court, in Surrey - has finally been sold for £35million. The property was once expected to fetch £75million, but the price was repeatedly knocked down as it failed to find a buyer.

Earlier this year the house was taken over by the Irish government when owner Leslie Allen-Vercoe defaulted on the debt he had taken on to finance the property.

Ireland's National Asset Management Agency (NAMA) was appointed receiver to the property in August and hired a real-estate agent to speed up the sale process. The property, which is bigger than Buckingham Palace, is believed to cost €50,000 (approx. £44,000) a week to run.

According to the Irish Independent, the property – thought to be the most expensive country house ever put on the UK market - hit the headlines earlier this year when news filtered out that no buyers had been found for the mansion and NAMA was preparing to take enforcement action.

The 103-room Updown Court, which has five swimming pools, was an Irish Nationwide joint venture, which lent £63m (€71m) to the project. The property also has a bowling alley, a cinema and an indoor squash court.

The buyer is thought to be an Indian businessman but their identity has not yet been revealed.
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