There was a time when being a multi-millionaire meant something. Now with a million millionaires in the world, the sky is the limit for many. Their houses or lavish purchases alone cost more than what pretty well-off people make in a lifetime. That’s the kind of money Chinese property magnate Cheung Chung-Kiu spends on his latest buy; a mansion in London’s upscale Knightsbridge neighborhood. No doubt the property is palatial as it’s going to cost him nothing less than $275 million to buy, making it the U.K.’s most expensive house sale and term the property as one of the most expensive homes in the world. The chairman and founder of Hong Kong-listed CC Land Holdings are purchasing the property from the heirs of a late Saudi prince. News is if he chose to subdivide this property into apartments, he could easily rake in some £700 million. The 62,000 square-foot mansion is a thing of beauty; what was originally a row of terraced four-story houses was later converted into a single mansion in the mid-1980s. It’s lavishly spread with 45 bedrooms that include sumptuous dining rooms and decadent bedrooms.
A spokesperson confirmed ‘2-8a Rutland Gate is in the process of being acquired by funds advised by the family office of Mr. Cheung Chung-Kiu. He recently completed a deal to buy The Cheesegrater in London.
[Via – FT]