An “extraordinary” 10-bedroom mansion on London’s most expensive street is up for sale with a price tag of £85 million.
A 125-year lease on the vast brick residence in Kensington Palace Gardens has been made available by the Crown Estate following a lavish refurbishment and is being discreetly marketed.
The house, which has a spa in the basement and bathrooms with “incredible marble detailing”, according to one viewer, has already been seen by representatives of Middle Eastern and European families. The price values the 16,500 sq ft home at just over £5,000 per square foot.
The eventual buyer will live opposite tycoon Leonard Blavatnik — whose own mansion is estimated to be worth close to £200 million following a two-year restoration — and will have Formula One heiress Tamara Ecclestone and steel magnate Lakshmi Mittal as near-neighbours.
The road, known as Billionaires Row, is highly prized by the capital’s most wealthy property owners because passing traffic is not allowed through and there are police security posts at either end.
Two of London’s most sensitive embassies, those of Russia and Israel, are located on the tree-lined avenue which runs between Notting Hill Gate and Kensington High Street.
Homes in Kensington Palace Gardens hardly ever come on the open market but, unusually, three other owners have made it known they are currently open to offers. One agent, Cedric Emmanuel of Swiss Group, said one of his clients is seeking offers “and if he gets a silly price he’ll take it.”
The house being sold by the Crown Estate was built in the mid-1850s at a cost of £7,000. The first occupant was a Peter Carthew who paid an annual rent of £73 2s 6d. In the 1970s it served as the residence of the Nigerian High Commissioner. Giles Hannah, senior vice-president at Christie’s International Real Estate, said: “Kensington Palace Gardens remains the ultimate address for ultra-high net worth individuals requiring security and discretion.
“It’s the most sought-after and most valuable street for homes in London.” The freehold to the entire street is owned by the Crown Estate, which manages a £10 billion property portfolio on behalf of the Queen. Most of its earnings go to the Treasury but 15 per cent of the profits go to the Queen to fund her official duties.
A Crown Estate spokesman would not comment.
