For sale, a £50m wreck
It’ll cost an extra £20m to renovate...but could then fetch £100m!
WITH its £50million price tag, this Grade II listed mansion already sounds like a home for someone with very deep pockets.
That’s before you realise that the buyer will have to spend a further £20million restoring it.
The run-down property, in Mayfair, is believed to be Britain’s most expensive ‘fixer-upper’ – estate agent slang for a home in need of a full refurbishment.
But whoever buys it could be making a shrewd investment, as it is likely to be worth £100million after renovation.
The mid-18th Century mansion, which has fallen into disrepair over the years, is set to attract keen interest from the super-rich, who often compete over trophy homes.
Once restored, it will boast seven palatial bedroom suites, eight state rooms, a leisure complex and a private cinema.
The main suite will span 2,000 sq/ft – twice the size of the average new UK home – and include ‘his and hers’ dressing rooms. There will be a mews home for staff, a wine room and a several high-security vaults.
The terraced property is thought to have been built after 1750, with previous residents including the Earl of Camperdown and the Marquis of Anglesey.
Peter Wetherell, of estate agents Wetherell, said: “We anticipate a fierce battle by superrich bidders. Once converted, it will be one of London’s most outstanding mansions.’