UK’s most luxury home finally sells for £35 million

An opulent Surrey mansion which
has been on the market since 2005 has finally sold for less than half its
original asking price.  Updown
Court was once expected to fetch £75 million but has now sold after six years
on the market for just £35 million.

Repossessed property sold to foreign businessman

Earlier this year, owner Leslie
Allen-Vercoe defaulted on the debt he had taken on to finance the property back
in 2002 and the Irish government took over ownership of the huge mansion.  The ex-estate agent bought the 58 acre
estate nine years ago for £20 million before spending a £30 million developing
it into arguably the UK’s most luxury home.

Since the Irish bank had recently
passed into the hands of the Irish National Asset Management Agency, the Irish
government sold the property to a foreign businessman, according to the Sunday Times.

The Daily Mail reports that ‘the agents involved with the sale declined
to identify the buyer or to comment on the deal.’

The ‘Elton John’ of luxury homes

The property is set in 58 acres
and includes a cinema, bowling alley, five swimming pools – including one
attached to the master bedroom – and a helipad.  Mr Allen-Vercoe, once said: “If Elton John were a house,
he’d be Updown Court.”

However, the house has failed to
attract any interest over the last few years meaning the price has regularly
been slashed.  As well as the high
value, buyers were also put off by the cost of maintenance on the house which is
thought to cost £1million a year. 
Updown Court is also close to the M3 motorway which provides constant
background noise.

The notoriety of the unsold house
became so great that one observer told the Sunday
Times it was ‘one of the most undesirable properties that has ever been on
sale’.

Author: Nick Marr

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