Photo: Courtesy of Updown Court
An Indian businessman is the new owner of Britain’s most expensive home, which Ireland’s National Asset Management Agency seized in July after its owners were unable to make good on an $80 million mortgage, according to Independent.ie.The mega-mansion, named Updown Court, is located just 25 miles outside of London and was initially listed for $123 million.
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NAMA reportedly made a profit on the property, despite several price cuts intended to attract buyers. The current listing price was $54.7 million.
The Indian businessman, whose name was not disclosed, beat out potential buyers from Russia and Britain, according to Independent.ie.
Owner Leslie Allen-Vercoe put the house on the market six years ago but has been unable to find a buyer, the The Daily Mail reported in July. When contacted by reporters, Allen-Vercoe said he had no knowledge of the bank’s plans to put the estate into receivership.
The mortgage was reportedly provided by Irish Nationwide, which transferred many of its loans to the Irish government after it collapsed during the financial crisis.
Set on 58 acres of land, with 50,000 square feet of space, Updown Court is larger in size than both Buckingham Palace and Hampton Court Palace.
The behemoth home has five swimming pools, a $6 million marble heated driveway, a squash court, home theatre, bowling alley, panic room, and much more.
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