London mansion asking price cut by £35m
One of the most expensive houses currently on sale in the UK has had its asking price slashed by an astonishing £35 million. Heath Hall, a 14-bedroom mansion in North London, will now set you back just £65 million.
So what is it really worth? And how does it compare?
The propertyHeath Hall is situated on The Bishop's Avenue, just south of Hampstead Heath in North London (pictured). The road is known as 'Billionaires Row' because of the opulent properties on it and their extraordinary values.
Heath Hall is one of the finest. It boasts 14 bedrooms and a leisure complex which includes an indoor pool, a sauna, snooker room and gym. Many of the rooms are lined with marble or oak. It also features a private cinema and a climate-controlled cellar. It is set in 2.5 acres of land, including tennis courts, and according to the Daily Mail, the estate agent has indicated that it is suitable only for royalty.
It has had an interesting past. It was built for a sugar magnate (My Lyle) in 1910 and according to The Express, it was taken over by The Bank of China in the 1950s, when it was turned into a hostel for employees.
It was bought in 2006 by a property mogul and completely renovated. It went back on the market five years later with an asking price of £100 million. This made it the joint-second-most expensive property on the market.
What is it worth?When 1 Cornwall Terrace sold last week (at £80 million rather than the asking price of £100 million) it became the second most valuable property on the market after the £300 million 2-8 Rutland Gate in Knightsbridge.
However, the estate agent, Knight Frank confirmed that the price has now fallen to £65 million. A spokesperson told the Daily Mail that the new figure was 'more realistic'.
It's still the most expensive house on the street - where a new-build will set you back between £12.5 million and £40 million, and a four bedroom flat £6.25 million.
At this end of the market, a house is worth whatever someone will pay for it. There is very little a seller can do but take a stab in the dark and see if anyone is interested. Clearly £100 million was too much even for the super-rich, but as the buyer of the £80 million terraced house a few weeks ago will confirm, the lower price may well be enough to garner interest.
It still makes it 273 times more expensive than the average property in the UK, and 146 times more expensive than the average London property, but given that there are 1,426 billionaires in the world, of which 36 live in the UK, surely one of them could do with a new London pad.
But what do you think? Could any home really ever be worth £65 million? Let us know in the comments.