Meanwhile in London: Hong Kong Gentleman Buys Fixer-Upper Home For $276 Million, Plans To Spend Up To $277 Million For Renovation
It's quite a large home (62,000 ft²/5760m²) so you know how it goes when you get started on a remodeling project and there's just "one more thing" you want to add and then "one more thing" and then before you know it you've gone and spent $277 million on the upgrade.
From Business Insider, April 19:
A Hong Kong billionaire paid $276 million for London’s most expensive home last year. Now, he plans to spend another $277 million renovating it.
Last year, Hong Kong billionaire Cheung Chung Kiu obliterated London’s real-estate record by paying roughly $276 million for a 45-room mansion overlooking Hyde Park.
Now, he reportedly plans to spend roughly that same amount to renovate it.
Cheung
has submitted plans to the Westminster City Council for an extensive
renovation of the 62,000-square-foot mansion at 2-8A Rutland Gate in
Knightsbridge. Per a website
that shares information on the renovation, the house is «heavily
dilapidated» and requires «extensive refurbishment prior to occupation.»
Experts told the Sunday Times that Cheung’s proposed renovations could cost as much as 200 [sic] British pounds,
or about $276 million – which is slightly higher than the price he paid
for the home last year via his private family office. A spokesperson
for the renovation project declined to comment for this story.
Peter
Wetherell, chairman of the Wetherell real-estate agency in Mayfair,
told Insider that after its renovation, 2-8A Rutland Gate could be worth
«anything from £310 million to over £500 million, either way the most
valuable private home in London.»
A view of 2-8 Rutland Gate in 2015. LEON NEAL/AFP via Getty Image
