London Real Estate: Single Family Home On The Market for Nearly Half a Billion Dollars
It's no secret that London real estate is not cheap, especially if you're an American with the exchange rates.
But, what about a single family residence to the tune of 300 million pounds? Just to be clear, that's over US $453,000,000. (Yes, that’s nearly half a billion dollars.) Well, if you're in the housing market with an extra several hundred million lying around, then here’s just the place for you.
2-8A Rutland Gate is the aforementioned home and it overlooks Hyde Park. Located in KnightsBridge, the home is by far the most expensive home to ever hit the London market.
Boasting 45 bedrooms and 7 stories, this super-mansion is listed for hundreds of times more than London's average market price of €368,000 pounds (equal to $556,000). Other than Buckingham Palace, this property is the largest single family home in London.
Now, you're probably asking yourself, where are all the photos? Well, with a property as high profile as this, discretion is of high importance. The sale of this home will most likely take place off the market, meaning that the listing and buyer’s agents will probably hold negotiations on their own, as is customary.
But, the property profile and sales brochures will not be offered to the public, so as to maintain the seller's privacy. Oftentimes, literature on an estate like this will come at a pretty penny, sometimes fetching over $3,000 for a brochure.
The buyer pool for a home like this is extremely narrow, so the property must be precisely marketed to only a handful of people. Clearly, there isn’t a large group of people who can afford this estate. Extensive research is done on purchasers of this caliber and those select few contacts are made aware of the opportunity.
We asked Managing Director of Beauchamp Estates, Gary Hersham FNAEA, who is an authority on prime central London property and buyers of this caliber, his thoughts on such an extraordinary estate. Hersham had this to say:
“A Palace in Central, the size of which is unmatchable in any other property to be found in Prime Central London other than the Royal Palaces themselves. Rutland gate has a full and enormous catering kitchen so that it’s chefs can cook for the family, and their entourage, efficiently. There are a full number of bedroom suites, each effectively accompanied by its own staff member bedroom. The reception rooms afford magnificent views over London’s Hyde Park. The ancillary accommodation provides substantial underground garaging and a huge pool. All in all, a house suited to a middle eastern royal family.”
With the price of many central London market homes rising by 50 percent since March 2009, this home certainly takes the cake.