Murray sells former home for £1m less than asking price

● Ex Rangers owner accepts reduced value after four years on sale

Former Rangers owner Sir David Murray has sold his Edinburgh mansion for almost £1 million less than the value placed on the property when it was originally put on the market.

Four years ago, the steel tycoon was seeking nearly £2m for the property in the city’s Murrayfield area.

But after failing to find a buyer for the three-bedroom villa — complete with swimming pool, wine cellar and gym — he put it back on sale at offers over £1,495,000.

Records from Registers of Scotland now reveal an offer of just £1.1m was recorded as being accepted for the property in Easter Belmont Road last week.

Sir David sold Rangers to Craig Whyte for £1 in 2011 beforethecrisis-hit Ibroxclub was plunged into administration.

It was announced his debthit former flagship firm MIH was being wound up in January 2015.

Since 2000, he has chaired the Edinburgh-based family firm Murray Capital, which has interests in manufacturing, engineering and oil and gas.

Other houses in the street have sold for up to £2.75m. Selling agent Savills website said the property came off the market in October.

Experts believe Scotland’s high value market was badly

0 Sir David Murray accepted cut-price offer for home affected by the independence referendum in 2014, held just after Sir David put his house up for sale.

They believe confidence at the top end of the Scottish property market was eroded even further when the Scottish Government’s land and buildings transaction tax came into effect a year later, adding thousands to the cost of high-value homes.

The new owner will have had to pay £90,350 in land and building transaction tax for Sir David’s former home.

Adjoining Murrayfield Golf Club, the villa has a leisure suite, swimming pool, fitness room and dressing room.

There is also a wine cellar and a lift to the first floor of the building.

The sales material highlights the fact that the owners have been granted permission to demolish the two-storey mansion and build a country house in the Art Deco style.