London flat to be sold for in excess of £140m

At the top end of the market:

London’s £140m penthouse flat as super-rich buy 'trophy properties

thisislondon.co.uk/standard/ … 0m-flat.do

and the rest of the market:

’Slump will wipe £20,000 off price of average London home’

thisislondon.co.uk/money/art … -market.do

Something is not right with those numbers. A ‘flat’ at £6,000 per sqft would need a total area of 23,000 sqft to reach a price tag of £140 million. Maybe it is that big, but then it’s hardly a ‘flat’.

Didn’t a 4000sqft house in Dublin sell for €55 million or thereabouts in 2006 (€14k/sqft)?

It appears that it has actually been sold for £140m.

news.sky.com/skynews/Home/UK-New … 1010?f=rss

rman.co.uk/article_£140m-flat-sale-sets-a-new-world-record-3418.html

I would presume that the area also includes the roof terrace.

In the UK it is normal to refer to something like this as a flat because the word “apartment” is an American word that is very rarely used in the UK, like the American say “cookies” for biscuits.

I’m not surprised. Renting is dead money.

I read an article on this a few weeks ago. Seemed the minimum in that development is 6k a sq ft, ie Its well in excess of 10k a sq ft if you are on a top floor and facing the Park, which I assume this one is. A 850 sq ft, ground floor, 1-bed overlooking Knightsbridge Tube Station was 5mln£. App that was the cheapest apartment in the complex.

The car parking spaces were 350k each and the service charge was naturally something mind boggling which I cant remember, but app there are 7 permanent staff for every 10 apartments, just in case you are toolazy to go to Starbucks in the middle of the day

Incidentally,

Few things highlight what is wrong with the world than stories like this. Just when it felt like we were getting somewhere with 25+ of the most prominent Billionaires in America agreeing to donate large chunks of their wealth to charity, we get a story highlighting how the income gap just keeps growing and growing.

I question that story,

I can find no article where it actually sold

PR Pump to promote the 35% unsold

I await with interest the future stories concerning this luxury development

Wouldn’t it be better if these guys paid the near slaves who manufacture their stuff in China etc a decent wage, or provided health care for workers or actually paid tax so as to rebuild the collapsing infrastructure and public education systems in the US. Instead they are celebrated for going the way of the robber barons by buying a legacy while they’ve spent their careers championing ideas that have seen US incomes flatline for a generation.

Already Old News!

ft.com/cms/s/0/6a684de0-bcfc … ab49a.html

Monte Carlo dwelling sold for €240m
By Daniel Thomas, Property Correspondent

Published: September 10 2010 22:01 | Last updated: September 10 2010 22:01

A flat in Monaco owned by British property entrepreneur Christian Candy has been sold for €240m (£199m) in one of the most expensive residential property sales.

EDITOR’S CHOICE
Lex: Global luxury property - Jun-16.High-rise, high life - May-29.Hot property: Polo estates - Jul-24…La Belle Epoque, a property occupied by Christian and his brother Nick Candy, has been bought by an unnamed Middle Eastern investor.

The sale of the home, which dates back to the interwar years of swinging Monte Carlo, underlines the recovery in the fortunes of the super-rich, which has helped boost prices for luxury homes.

The apartment comprises the top two floors of the building and was the home of Edmond Safra, the financier and philanthropist. He died in a fire at the property in 1999.

Despite its price, which is almost one-third more per square foot than recent sales, La Belle Epoque has only three bedrooms.

However, it covers some 17,500 sq ft, with each suite having its own cinema, kitchen, dressing room and two bathrooms.

It has a library and spa, while its gardens feature mature trees and views of the waterfront.

It has been sold on a 97-year lease.

The flat was home to both brothers, who are domiciled in Monaco. They will remain in the principality where their yacht, Candyscape II, is moored, and are understood to have found a new residence.

A spokesman for the Candy brothers declined to comment.

The sale reaffirms Monaco as the most expensive place to live, boosted by a very tightly held property market and a benign tax system which attracts the super-rich.

Across the border in France there remains strong demand for exclusive properties in Cap Ferrat, Cap d’Antibes, Saint-Tropez and other playgrounds of billionaires from Russia and the Middle East.

Record prices have been paid for properties in Hong Kong and in London, including the sale of a £135m penthouse at One Hyde Park, the development in Knightsbridge being built by the Candy brothers.

Other properties carry a higher valuation than La Belle Epoque, including a housing complex in India built for Mukesh Ambani.

In 2008, Russian billionaire Mikhail Prokhorov was poised to spend €500m buying Villa Leopolda, a villa near Cap Ferrat, from Lily Safra, Edmond Safra’s widow, but the sale is thought to have later fallen through.
.Copyright The Financial Times Limited 2010. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web.

Oligarch buys record £136m London flat (and will spend another £60m on doing it up)

thisislondon.co.uk/standard/ … g-it-up.do