London Mansions Sold at 30% Discount Spell Gloom for Luxury Market
Wealthy home sellers are cutting prices to secure deals as a slump grips the city’s high-end postcodes.
Black taxi cabs pass shops and restaurants in London’s Mayfair neighborhood.
Photographer: Chris Ratcliffe/BloombergLate last year, celebrities packed a party thrown at Fatima and Eskandar Maleki’s luxury mansion in London’s Mayfair neighborhood. The occasion, in part, was meant to showcase the sprawling townhouse the hosts had been trying to sell for quite some time without much success.
A few months after the bash, the art collector-oil tycoon couple eventually found a buyer from the Middle East, but only after agreeing to a hefty discount: 33% below the property’s original asking price of £40 million ($50 million).