The word ‘foreclosure’, to some people, seems to represent a property that is cheap, discounted, and a bargain. For most foreclosed properties, that description is accurate.
Not for one particular English country home – now the most expensive foreclosure in the world.
This month, Updown Court – a massive, 103-room mansion in Windlesham, Surrey – was placed on the auction block for sale through foreclosure. The asking price? A cool 75 million pounds, or roughly $123 million.
Whoever pays the hefty price tag for this estate will receive a nine-year-old California-style mansion complete with 24 bedrooms, 23 bathrooms, a movie theatre that seats 50, bowling alley, 3,000-bottle wine cellar, two luxury penthouse apartments, five swimming pools, and a helipad – all on 58 acres of prime British real estate.
Oh, and their neighbour will be Sir Elton John.
Updown Court was originally rebuilt in 2002 after a disastrous 1987 fire and has had an estimated 30 million pounds ($49.2 million) spent on renovations. The current owner, Ireland’s National Asset Management Agency, is seeking to recoup as much as possible, leading to the impressive asking price.
Those looking for a traditional foreclosure bargain may want to look elsewhere, as Updown Court definitely is not cheap. But, as with this stately mansion, there are many valuable properties up for grabs due to foreclosure, primed for a timely real estate investment.
Just make sure your check is backed by a few dozen million in the bank before you buy this particular foreclosure.
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