For £50 million you might have thought you could buy a perfect property. The pool would be filled and heated, the marble floors shining and the chandeliers sparkling. However, a £50 million property has just come onto the market which will set you back an astonishing £20 million to bring it up to the standard expected in the area.
Is it worth it?
For your money you get a Grade II-listed mansion in the heart of Mayfair with nine bedrooms, nine bathrooms and five reception rooms. As well as the main house, there's the mews house - with guest accommodation and parking.
According to one of the agents, Beauchamp Estates, former owners include the Marquis of Anglesea and The Earl of Westmoreland.
The fortunes of the house started to wane after it was used as a base for a charity during the Second World War. After the war it was converted into flats, and has been sadly neglected in recent decades.
Any buyer will be getting a home with holes in the ceiling and floors, a leaky roof, and crumbing facade. Just getting it back on its feet is a major undertaking.
The workAmongst the myriad of repair jobs will be replacing the roof and windows, adding new floors, and repairing the tired and dangerous frontage of the property. Heating and lighting will also need a complete overhaul. Then there are the jobs made even harder by the building's listed status. The Chinese wallpaper and silk wall mountings are listed, so will have to be removed and restored by specialists before being reinstated.
However, renovations don't stop at reversing the damage done by time. It's being sold as an enormous development project. It has planning permission for an extension - which will include a new basement level spa area with a swimming pool, as well as connecting the main house with the mews.
Beauchamp's brochure includes artists impressions of what the property could look like after the work is done - with a swimming pool, games room, wine room, cinema, gym, and a master bedroom suite over 2,000 square feet - occupying the whole of the second floor of the building.
The priceThe Daily Mail estimates that the building work will cost £20 million. However, it says that once you have spent this sort of money on your property, it'll be worth an astonishing £100 million. SWNS claimed that the value could double in the next decade, as property prices locally have soared.
Peter Wetherell, managing director of the other estate agency marketing the house, Wetherell, told SWNS he expects four types of people to look at the home – Oil royals, African moguls, billionaires and property developers.
He added: "Everybody knows each other, and as they also do with their mega-yachts, the competition and rivalry to create the world's best trophy houses is immense. We anticipate a fierce battle by super-rich bidders to snap it up. Once converted it will be one of London's most outstanding mansions."
So what do you think? Is it worth an asking price 300 times the average price of a house in England? Or is it a scandalous waste of cash?