Real Estate
Two of London’s Most Expensive Mansions Are Struggling to Sell
- Rutland Gate, The Holme have failed to sell so far this year
- Rates, taxes deterring some ultra-rich buyers away from London
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Two of London’s priciest mansions, on the market for a combined £475 million ($602 million), are struggling to sell as high interest rates and a tough tax environment curb investment.
Hui Ka Yan, founder of embattled real estate firm China Evergrande Group, almost sold his Rutland Gate mansion this year for about £200 million — £25 million below asking price, according to a person familiar with the matter. The Knightsbridge property, which holds the distinction of being London’s priciest home, was under offer from a Middle Eastern buyer before negotiations broke down.