Billionaire's Luxury London Homes Are Coming to Market. The Timing Is Awkward
John Caudwell’s 1 Mayfair apartments are getting ready for sale when valuations are tumbling and discounts are deepening.
Source: Caudwell
British billionaire John Caudwell placed a big wager on London’s property boom in 2011 when he stumped up about £150 million ($191 million) for a car park in the exclusive Mayfair district to build some of the UK’s priciest homes.
The 1 Mayfair project — with a gross development value of £2 billion and each of the 29 stately home-inspired apartments averaging about £70 million — is now nearing completion and is set to hit the market soon. But the timing couldn’t be more awkward.