- Crown Estate owned the home on U.K.'s most expensive street
- Kensington Palace Gardens is one of London's few private roads
The property company that generates income for Queen Elizabeth II agreed to sell a house on the London street known as “Billionaires Row,” two people with knowledge of the matter said.
The home on Kensington Palace Gardens, the U.K.’s most expensive street, is being sold by the Crown Estate for almost 85 million pounds ($132 million), said the people, who asked not to be identified because the process is private. The home has 10 bedrooms, according to real estate website Zoopla.
The Crown Estate, which owns the freehold to the west London street, offered to sell a 125-year lease for the home in January, according to its annual report. The street, west of Hyde Park, is one of the city’s few private roads where no passing traffic can enter.
The sale comes as the central London luxury-home market is slowing. The average price of a home the city’s best districts fell 4.4 percent in August from a year earlier to 1,426 pounds a square foot. Homes in Kensington declined 0.6 percent, according to broker Knight Frank LLP. The average Kensington home is valued at 3.4 million pounds, according to broker Foxtons Group Plc.
“Kensington Palace Gardens remains the ultimate address for ultra-high net worth individuals requiring security and discretion,” said Giles Hannah, senior vice president at Christie’s International Real Estate. “It’s the most sought after and most valuable street for homes in London.”
The Crown Estate oversees real estate surrendered in 1760 by the monarchy in exchange for annual payments. The U.K. Treasury collects its earnings and provides Queen Elizabeth with a percentage.