Check out this article I found!  You all know how pricey London real estate is and we’ve learned that from the many insane purchases made by filthy rich billionaires in the past. (ex -Lakshmi Mittal) Well, a London property developer wants to convert 7 office buildings into a 50,000 square foot mega home. This would make it the 2nd largest residential home behind the well known Buckingham Palace. The developer hopes to sell the stucco mega home for 100,00,000 British pounds (or around $156 million).

HERE IS THE ARTICLE:

The 50,000 square foot Regency terrace, which currently houses a row of seven office buildings, will be converted into a 10 bedroom stuccoed mansion.

Marcus Cooper, the north London property developer, has won planning permission to redevelop the buildings, designed by the Regency architect John Nash, when Cancer Research, the current occupiers, move to new offices in April.

The developer bought the buildings at 6-10 Cambridge Terrace and 1-2 Chester Gate for £23.7m in 2007, but hopes to sell the completed “super-prime” residence for £100m.

The plans include 10 huge bedroom suites, several vast reception rooms and a basement leisure complex including a cinema, gym and swimming pool.

A 40-ft roof garden, complete with a sliding ceiling and overlooking Regent’s Park, will be built into the eaves, and the development will come with two additional staff houses.

The “mega-mansion”, which will be sold to a single owner, will claim the title of London’s biggest residence after Buckingham Palace – an accolade currently held by Witanhurst House in Highgate.

Marcus Cooper made millions of pounds two years ago from the redevelopment of Witanhurst House, which he bought for £32 million in 2007 and sold the following year for more than £50 million.

If sold for more than £100 million, the Regent’s Park development would also claim the title of London’s most expensive home.

The official record was set in February 2008 when a buyer paid £80 million for a detached house in Kensington’s Upper Phillimore Gardens.

Camden Council approved Mr Cooper’s plans on the condition that affordable housing is built on another site.

  • Daniel

    Residences on Kensington Palace Gardens will still remain the most expensive block of homes in the world.

    And judging by Streetview, it will still look like a damn apartment building by the time he is done sprucing up the place.




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  • Stewie

    Em your math seems to be a bit off. £100 million is $ 156 million by today’s exchange rates. Still that’s a ridiculous amount of money. I wonder if it sells in this kind of environment? Russians no longer have the money they once did, the recession has hit them very hard. Tbh I’d be surprised if it sells anywhere near that amount.




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  • Stewie

    Though then again it’s 50,000 sq ft. so that’s ‘only’ £2,000 per sq ft. That could actually in theory be achievable if there’s some crazy Saudi or Quatari or other oil rich sheikh looking to spend some petrodollars. Still, I don’t think it will sell for anywhere near that. Wealthy Russians were the ones who were driving up the property prices in Europe, and their wealth has taken a big nosedive since the recession hit. Can’t see it selling in this environment.
    Great article though Kenny




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  • Stewie

    Oh a little fact for my fellow Homes of the Rich readers:
    The most expensive home in London, after Buckingham Palace obviously, is owned by the US government and is where the American Ambassador to the UK resides. It’s called Winfield House and has got the largest private garden, after Buckingham Palace, in Central London. It was built by the Woolworth heiress Barbara Hutton. No idea what it’s worth but it’s got to be ridiculously expensive. When our President (former ones as well as Obama) visit the UK they often stay at Winfield House. It’s completely private and apparently guarded by members of our and the British intelligence community at all times. Winfield House is far more expensive than any house in Kensington Palace Gardens




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  • Mike F

    Would like to see more photos and information about it.

    If it is an office building now, it should give the impression of being a single family residence after the makeover. Wonder how they will do that.




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  • Stewie

    Why haven’t my comments been published?




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    • Kenny Forder

      because you used a different email.




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      • Stewie

        lol ok




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        • Stewie

          damn now I said everything twice lol




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  • Stewie

    Hmm strange, it said yesterday something about ‘will be published when moderated’. very unusual. what’s up with that Kenny? Maybe a glitch? I dunno…




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  • Stewie

    It was the wealthy Russians, who made their money when communism broke down in Russia and the businesses went into private hands, that raised all the property prices in Europe. But the recession has hit the rich Russians very hard. The switch from communism to capitalism in that country is now over. And the recession has severly impacted their wealth. I don’t think this house will sell. The time when Russians had limitless supply of money is now over.




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  • Stewie

    And £100million is $156million, not $200million.




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  • Bryan

    I wonder if this might end up as an embassy? When I was in London last March I stayed in the Kensington area and when going to Kensington Palace a tour guide said that many of the Kensington Palace Gardens mansions are occupied by ambassadors.




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  • Marie

    Doesn’t sound warm or inviting, If I had over $156 million I could definitely find far more exciting and luxurious homes to select from than what this will ultimately become.




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  • Asger

    You can view the submitted plans and documents for the home at the “Planning Applications” section on the Chelsea and Kensington Borough website…




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  • Chance

    I haven’t looked at the location of this place some I’m not quite sure where it is at, but I do know that if this was a 50,000 square foot house in Belgrave Square or Lowndes then this place would be about $350 million instead of $150 million. High end London is the second most expensive real estate in the world behind Monaco.




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