A mansion in Chelsea, London has sold for £51m after being described as the perfect property. It is one of the most expensive house sales in the UK, with a huge Stamp Duty cost of £7.6m.
The West London home was sold for 300 times the average property price in England and Wales.
Additionally, it is 18 times the size of the average new build, with nine bedrooms, nine bathrooms, a cinema, a Japanese water garden and an indoor swimming pool, all spread over four floors.
The previous owner commissioned the mansion and initially put the house on the market for £55m. Land Registry figures show that an offshore company bought it for £51,191,950.
The home is on Boltons Place in The Boltons, an exclusive street of late 19th and early 20th century mansions.
The huge Stamp Duty bill, equivalent to 15% of the purchase price, is due to the buyer being a Bermuda-based firm. There is also a further bill of £218,000 per year, as the Annual Tax on Enveloped Dwellings (ATED) is charged to companies owning residential property in the UK.
Estate agent Knight Frank’s Knightsbridge branch called it an “exceptional detached recently built mansion” that is “presented in immaculate condition throughout”.
The advertisement read: “The intention from the outset was to bring together the very best in the fields of construction and building services, together with the most accomplished artisans and craftsmen to create and build the perfect house.
“Only materials of the highest quality have been employed by the most skilled workmen in order to create a house of unparalleled and exacting design.”
Three developers purchased the site in 2002 for £15m, on which the 17,500 square foot house stands. The location was previously a BT telephone exchange.
The building was demolished and Barrett Lloyd Davis architects was commissioned to design three mansions. Walter Lilly & Company built the properties, which were completed in 2006.
Property consultant Simon Barnes called the house “the perfect home”.
He continues: “The properties weren’t build by developers to sell, they were built for them to live in.
“They are amazing. There is a spacious hallway, very good reception rooms and bathrooms. They are as near a perfect home as you can get; great for entertaining in and great for living in.
“In prime central London, 99% of these houses are listed or in a conversion area, so you can’t just rip one down and rebuild it. Boltons Place was built on an old telephone exchange. In prime central London, it is unique. The sale presents great news for the Treasury and the owner has a wonderful new home.”
Alex Newall, Managing Director of Hanover Private Office, adds: “Boltons Place is well laid out and in a superb location. There are only a handful of homes like this in London. The ceilings are four metres high, there is a massive lift, the master suite takes up a whole floor; it really is an awesome space.
“There is demand, but it is the availability that is the problem. Most streets are listed so it is difficult to find somewhere to build a house like this. A lot of people will keep the façade, but rebuild the house behind it.”
Property expert Henry Pryor concludes: “Strange though it may seem, this property looks good value when you consider what you could pay for flats in one of the posh new developments in Knightsbridge and Mayfair.”