In what may be London’s most expensive real estate deal ever, the luxurious four-acre Regent’s Park mansion has been put up for sale, after a huge loan secured by the Saudi prince expired, leading to its seizure by the bank after the loan payments failed to be made in Its times, according to the British Financial Times.
And the palace, which agents expect to sell at a price of up to 250 million pounds sterling, the newspaper reported, on Tuesday, that its previous owner, according to property records, is Prince Abdullah bin Khalid bin Sultan Al Saud, a member of the Saudi royal family and the Kingdom’s representative to the United Nations in Vienna, along with several other members of his family.
The palace fell into the hands of the bank after the Saudi prince obtained a £ 150 million loan, which was secured by the guarantee of the property in addition to other assets, including a house and a plane in New York, but the payments were not made on time and the grace period expired, according to what he stated. Three people familiar with the matter told the British newspaper.
And if the palace is sold for £ 250 million, it will exceed the price of the most expensive house in London, a £ 210 million mansion overlooking Hyde Park, owned by Evergrande founder Hui Kai’an, who was previously ranked the richest man in China, according to the Financial Times. “.
The newspaper pointed out that the unusual circumstances of the sale of this palace shed light on a rare aspect of the dealings of wealthy foreign investors in London real estate, because such transactions are often shrouded in secrecy.
London’s luxury home market has been increasingly dominated by foreign buyers in recent decades, with Britain favored because of its strong property laws and the ability to buy anonymously, leaving almost no trace of ultimate ownership.
The UK government has recently sought to shed light on opaque ownership structures, pressuring outside organizations to declare its beneficial ownership status or face fines.
According to a person familiar with the sale process told the Financial Times, two of the three potential buyers who have expressed interest are from London, the other from abroad. He added that the house is more likely to be bought by a real estate developer than by a family planning to live in it.