Chelsea Football Club owner Roman Abramovich has put his Lowndes Square uber-project (pictured) up for sale for £70 million, despite it needing an estimated additional £15 million to finish it off.
He began the project in 1998 by buying one of nine maisonettes in a Lowndes Square building. Over the next 14 years, Abramovich purchased the other flats in that and an adjoining building, spending a rumoured £35 million in the process. He then, according to reports in U.K. daily newspaper the Daily Mail, snapped up the freeholds for both buildings for £1.8 million.
The plan, it seems, was to create one magnificent 30,000 sq ft mansion, but planning permission appears to have expired causing a rethink. The proposed property would retain the original facade, but be entirely remodelled inside to offer eight bedrooms over eight-storeys.
When finished – which Oliver Hooper of Huntly Hooper property search estimates would cost an extra £15-16 million – the property will be one of the largest and most prestigious in London with a rough value of £125 million.
Iles Property are understood to be marketing the property.
Source: www.primeresi.com
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