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Estates

NRI sells London mansion for $188 million

Andrea Divirgilio / November 21, 2011

Regents Park mansion

With recent sale of properties like the Pinault Chelsea residence, and the Glebe, both of which are record breaking events in the real estate segment of the UK, the city of London seems on the radar of every high profile individual around the world. Adding to that list of high profiles sales is the mansion of NRI Raj Bagri which was sold for $188 million (£120 million). Located in the northern locality of Regent Park in London, this property has indeed been a profitable deal for the multi-millionaire who secured a 150-year lease for this property, for $9.22 million (£5.90 million) in 1994.

Beginning his career as metal trader in the Indian port city of Kolkata, Rag Bagri came of a company assignment to London, where he eventually set up his own company. Later, during the zenith of his career, he became the Chairman of the London Metal Exchange, one of the most prestigious positions in the European country. Continuing his good fortunes, Mr. Bagri has now decided to sell off his London mansion that he had acquired in 1994, for a record breaking price, making the highest amount paid for a single residential property in the UK. The buyer has been undisclosed, but its known to be a Ukrainian business tycoon.

Amongst the mansion specialties, is the special underground swimming pool which can be converted into a ball room through electronic controls. Using the services of Prince Charles’s favorite architect Quilan Terry, the John Nash style mansion was given several additions like gold leaf covered wall plastering and rare marble flooring, apart from regal interiors for the family quarters. The other factor driving the price for the mansion is the location in one of most posh parts of London, Regent Park. This was the area, which last year saw the reconstruction of the largest home in the city for $156 million (£100 million) by combing numerous row houses into a single 50,000 sq ft mansion.

While the richest seem to be talking in the millions range for every acquisition, one begins to doubt the authenticity of the floated news about recession. But such a high profile sale might signal otherwise, as the seller might be in need of the cash.

Via: The London

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