$486 Million House Up For Sale in London

Recession? What recession?

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Hey, one percenters: here’s a property that may be beyond even your reach.

As the rest of Britain struggles through an economic downturn, London’s real estate market for the super-rich appears to be flourishing: a house with an asking price of £300 million — or about $486 million — is on the market for what’s believed to be the highest asking price of any home in Britain’s history.

(MORE: What Recession? A $1 Billion House Rises in India)

The west London property, which borders Hyde Park, has apparently been for sale several months, although only a select few have been invited to bid on it. Hardly surprising, considering there’s only a handful of people in the world who could afford such an estate, which is going for more than double the price of Britain’s next most expensive home, the 300-year-old Park Place estate in Henley-on-Thames, which sold last year for $227 million.

It’s still a far cry from the most expensive house in the world, a massive, 27-story skyscraper in central Mumbai owned by Indian billionaire Mukesh Ambani, which features a ballroom, 50-seat cinema, three helicopter pads and a staff of 600, and is estimated to be worth a cool $1 billion.

(PHOTOS: How the 1 Percent Lives: Nine of America’s Priciest Homes)

So what does nearly half a billion dollars get you in London? Seven stories, 60,000 square feet, 45 bedrooms, a pool, industrial sized kitchen, underground parking, and a view of Hyde Park. It sounds pretty good to us — and might explain why property expert Henry Pryor in the Guardian deemed the property “a trophy rather than an investment.”

And while it is true that many across the UK have been feeling the pinch of the recession and the effects of the government’s austerity measures, London’s property market has been soaring in recent years thanks to foreign investors from Europe, the Middle East and northern Africa. In fact, the home was once owned by the former prime minister of Lebanon, Rafiq Hariri, until his death in 2005. The property then passed to Sultan bin Abdulaziz, crown prince of Saudi Arabia, who passed away last year. But even with the boom for pricey real estate in London booming, experts are saying that the Hyde Park home is a unique asset.

“It is a truly rarefied property on the market and whoever buys it is going to pay a lot of premium for the unusual size in that location,” Charles McDowell, a London property consultant, told the Financial Times. “You are going to have to wait a long, long time for something like this to come on the market again.”

MORE: The 10 Most Expensive Cities in the World

50 comments
Sachi Mohanty
Sachi Mohanty

...

May be Mr. Ambani has another half a billion dollars in spare cash. Then he might want to add a London property.

Or one of those Russian oligarchs will surely go for the kill.

Twitter: @sachi_bbsr:twitter 

...

Kimsbenn
Kimsbenn

Completely mislabeled headline. It is FOR SALE not PURCHASED! Lots of houses are for sale, that doesn't mean the housing crash is over. Duh!

aware101
aware101

That estate makes about as much sense as a sardine and peanut butter sandwich.

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Money is everything.

gbgentleman
gbgentleman

Well if it was 2005, with my below $100K salary, I'm sure the bank would have qualified me in a heartbeat for the loan, but now they actually check to see if you can repay the loan.

gbgentleman
gbgentleman

 Right wing?  Wow...you really have me confused with someone else.  I am a left-leaning independent actually.

purnellmeagre
purnellmeagre

poor guy. RIght WIng ideologue, huh? No mattter what the story it alll comes back to your tired RIght WIng complaints. Be careful - brainwashing reallly afffects your ability to process new input.

gbgentleman
gbgentleman

It would make an excellent Hotel/Bed and Breakfast.  

KaneFord
KaneFord

Psh, I drop that much on a ham sandwich, LIKE A BOSS.

purnellmeagre
purnellmeagre

Is LIKE A BOSSS an expresssion you learned from your televvision? LIke Fail or WINNNING? I always like original material. It's more epic!

BoneheadDetector
BoneheadDetector

I was expecting to see some castle.  It looks like an office building in a nice business area.  For that kind of money I want some flash on the outside as well.

stefletcher
stefletcher

OH LORDY... let me rush over to the bank and get a loan!  How STUPID......  and how sad that we live in a world where this would even be possible.  This "home" has a listing price higher than the GDP of some countries!!!!  

Karim
Karim

Which countries? Vatican city?

LamborghiniGal
LamborghiniGal

Dang!  Must be nice to be THAT rich.  Let's see............Yeah - I have a WHOOPING $11.23 in my checking account.  LOL 

gmenfan54
gmenfan54

I heard Mitt Romney is moving in after the election.

ConceptVBS
ConceptVBS

 I sometimes lay flat on the floor pretending to be a banana.

BobMD
BobMD

Or you could buy a commercial building the same size for 1/10th the price.

roarkrandhoward
roarkrandhoward

That's not a house, it's not a residential property...it's basically a condomium in waiting.  

So stop your naive comments about this being someone's home.

middleright
middleright

Paul Mc Cartney that lefty billionaire comes to mind, he can throw 1oo k fundraisers for Obama and talk about how he worries about the poor

stefletcher
stefletcher

Very cool comment MR....  all the super-rich people "talk" about how they "worry" about the poor..... OH and yes, I am a lefty... we are not all bad you know.

Tinwoods
Tinwoods

You're insulting McCartney because he's rich?  You shouldn't care what he does with the money he makes, right?   You sure don't sound like the conservative Republican you're pretending to be.  Sounds kind of like something an envious communist (or even a socialist) would say.

stefletcher
stefletcher

so Tin.. you are super rich too?  Do you worry about the poor? 

Patrick Doyle
Patrick Doyle

600 servants for 5 people for the $1 Billion house in Mumbai, is the most disgusting thing I have heard all year. May they choke on their food...

Jaye Leitch
Jaye Leitch

 that's 500 more ppl that they gainfully employed that they didn't have to.  I wish people would look at things from both angles prior to spewing stench from their mouths

Charles Cline
Charles Cline

Thats 600 jobs, envy is a very strong emotion when it makes people wish death to fellow humans, so what is an acceptable accumulation of wealth patrick before one brings down your death wish?, I guess when people are on welfare they have more time to play God, personally I think I will keep my money and continue knowing I am mortal.

Threemarie
Threemarie

Yes, when you think of the millions of desperately poor people in India, the billion dollar house and it's occupants are hard to stomach at all.

RobertHill
RobertHill

 Diana answered I am alarmed that a student can make $6658 in four weeks on the network. did you look this(Click on menu Home)

BobMD
BobMD

Yea, and since when is 27 stories a "skyscraper?"

Tinwoods
Tinwoods

Since when has a skyscraper been described by any specific number of stories?

Kevin Hill
Kevin Hill

Skyscraper was first used when we began to use steel to build skeleton systems in buildings and could build more then 4 stories. Early skyscrapers were only about 10 stories tall, it was not until the invention of safe elevator systems that we began to build the types of skyscrapers we see in downtown's today.

brentc
brentc

I think 13 stories or higher is considered technically a skyscraper.

Simps0n
Simps0n

Only J.K. Rowling comes to mind.

ribblefizz
ribblefizz

All I can think is "hotel."  I suppose there are zoning or historical-preservation restrictions that would prevent that?

beansngravy
beansngravy

A perfect example of  Gluttony.....

traveler128
traveler128

No. Have you seen Romney's mansions? They make this look like the YMCA. 

Josh
Josh

You are an idiot.  Have you heard of the term "location"?   

His mansion is even less than the price of 2BR, 2,000sf apt in Manhattan.  

Size don't matter.  It's all about location, location, location.Damn, Rommey's supporters are a bunch of tools.