Not All London Real Estate Is Still Appreciating: "B&M Billionaire Sells Luxury London Mansion at 30% Loss"

From the intro to a post on the who will buy my sweet, sweet treasuries question:

October 2023
"Spiraling Toward A ‘Debt Crisis’?"
As a friend once said to me, there will always be a market for upper, upper-end London real estate, it's just a question of what price and whose pockets have the loot.

Ditto for U.S. debt....

And from Bloomberg, March 8:

• Home bought at £34 million in 2013 is sold at £23.5 million
• Weaker demand forcing some luxury home sellers into price cuts

A British billionaire has sold his London mansion at a loss of about 30%, the latest example of weak demand forcing steep discounts in the city’s property market.

Bobby Arora, trading director of budget retailer B&M European Value Retail SA, sold a townhouse in the exclusive Belgravia district for £23.5 million ($30 million) in November, according to a government database. The property — nestled between Hyde Park and Buckingham Palace — was bought by Arora for £34 million about a decade ago, another filing showed.

A representative for Arora declined to comment.

London’s richest home sellers have been resorting to price reductions to secure deals as real estate valuations in high-end postcodes have tumbled from their peak reached about a decade ago. They have also faced weaker sentiment driven partly by higher interest rates and the prospect of tougher taxes on the rich.

Read more: End of UK’s Non-Dom Tax Break Unsettles Wealthiest Residents

A South African developer sold a housing site in Kensington — a neighboring district — for about £80 million at the end of last year, a discount of roughly £30 million from the price paid in 2017. In the city’s most affluent areas, sales fell about a third in November from the same period a year earlier, according to researcher LonRes....

....MUCH MORE

Ditto for Chicago, though with added inducements to sell. Also Bloomberg, March 19:

Ultra-Wealthy Are Souring on Chicago’s Most Elite Neighborhood

• Billionaires were already selling Gold Coast homes at a loss
• New measure seeks to raise tax on $1 million plus sales