Home News London home lists for $227M after owner’s fortune plunges

London home lists for $227M after owner’s fortune plunges

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The most expensive house ever sold in London could be yours.

And it was relisted at $227 million after its current owner’s net worth plummeted.

overlooking hyde park 2-8 Rutland Gate The mansion spans over 62,000 square feet with a magnificent 45 rooms and five floors.

In 2020, the estate of its former owner, Crown Prince Sultan bin Abdulaziz of Saudi Arabia, secretly sold the property for a record-breaking $232 million.

Now, just two years later, the single-family home is on the market for about $5 million less and is now owned by Cheung Chung-Kiu, formerly believed to be a Chinese billionaire. , is revealed to be the founder and chairman of the troubled organization. Chinese real estate group Evergrande, Hui Ka Yan, The Financial Times reported.

While Chan assumed the public face of the acquisition, it was actually his fellow tycoon and business partner Hui who was behind the deal, according to multiple insiders. Hui’s net worth dropped 83%, and Hui put the huge residence back on the market after his personal fortune plummeted. reported by an insider Based on the Bloomberg Billionaires Index. The fall from financial incentives comes as Evergrande defaults on his $300 billion debt.

Hui has a fortune of $6 billion and was reportedly forced to sell shares in the company and his other possessions (such as art) to pay off debts after the Chinese government refused to bail out the company. . In 2020, Hui was worth a reported $31 billion.

Rutland Gate 2-8, now fetching high prices.
Getty Images

To find new owners at its current price point, Hui needs to appeal well to a small market of ultra-high net worth individuals. He is further hampered by the fact that the house is currently being renovated.

“It’s very hard to put a price tag on it. It’s like artwork and diamonds. If someone really wants it, they’ll pay,” said one person involved in the 2020 sale. told the Financial Times about the house.

Some believe Hui’s sale is likely to bring the price down significantly.

“There are only so many buyers in the market. [in those circles] We know Evergrande is behind it,” a Hong Kong real estate executive and listing insider told the publication.

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