Monday, April 19, 2021

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.»

london mansion rutland gate
A view of 2-8 Rutland Gate in 2015.
LEON NEAL/AFP via Getty Image

Cheung, a Hong Kong real-estate investor whose net worth is estimated at more than $1 billion, bought the home from the estate of Saudi Arabia’s late crown prince Nayef bin Abdulaziz. 2-8A Rutland Gate was originally four homes before being combined into one massive building with 45 rooms. The sprawling residence overlooks Hyde Park in Knightsbridge, an upscale neighborhood in central London. It was once listed for £300 million.....


It rather makes one wonder what St. John's Lodge might fetch on the market, being plunked down inside The Regent's Park and all: