London’s most expensive home has just come back on the market and its price could have buyers saying, “What’s all this, then?”
The Knightsbridge Mansion, a miniature private palace at 2-8a Rutland Gate overlooking Hyde Park, will be marketed by Beauchamp Estates, Bloomberg reported. The 45-room property is owned by the family of Hui Ka Yan, the chairman of struggling property giant China Evergrande Group.
Sources familiar with the sale could not confirm the asking price. The property was last sold in April 2020 for £210m ($232m) when British Virgin Islands-based Vision Perfect Global Limited purchased the property.
The mansion was originally built from 1985 to 1987 as four individual apartments, according to a website dedicated to renovating the property. It was reconfigured into a single family home in 1998.
Spokespersons for Beauchamp Estates and Evergrande did not respond to requests for comment from the outlet.
The Financial Times previously reported that Hui Ka Yan bought the property in a deal led by another Chinese billionaire, Cheung Chung Kiu, the founder of real estate firm CC Land Holdings.
Hui, formerly China’s richest man, sold assets after a property crash put Evergrande and other developers into default. His net worth is now estimated to be around $6 billion, a massive drop from $30 billion at the end of 2019.
About a year ago, Chinese authorities had to issue a directive for Hui to use his personal wealth to help pay off some of the company’s debt. The order came after Evergrande missed a coupon payment for a dollar bond last September. Fitch Ratings officially downgraded the Chinese developer’s rating to “restricted default” last December.
Also in Mayfair, a house once owned by London Underground founder Lord Ashfield is asking for $20.8 million. The 6,477-square-foot house, less than a mile east of Hyde Park, has a blue plaque on the front exterior that notes the building’s famous former owner.