London Mansion Seized From Saudi Royals Sold at Steep Discount After Two Years on Market
A sprawling mansion in London’s prestigious Regent’s Park, once owned by members of the Saudi Royal family, has been sold for £139 million ($172 million), a significant 44% discount from its initial asking price, Bloomberg reports.
The sale, which closed on December 13, marks the end of a nearly two-year saga since the property was first put up for sale by creditors.
“The Holme,” a 40-room white stucco villa with neighbors including the US Ambassador, was acquired by Zedra Trust Company (UK) Limited. While the sale price remains one of the highest ever paid for a UK residence, it underscores the current pressures faced by London’s high-end property market.
The mansion was previously held by Quendon Ltd., a Guernsey-based company whose beneficial owners were listed as children of Prince Khaled bin Sultan al-Saud. Creditors appointed brokers to handle the sale in early 2023, initially seeking £250 million.
The drastic reduction in price reflects a wider trend in the London luxury housing market. A combination of tax increases and government initiatives aimed at increasing transparency have dampened demand at the top end. The UK introduced a register of beneficial ownership in 2022 to expose the true owners of properties held by offshore companies. However, loopholes in the system, such as the use of trusts, continue to make it difficult to identify the ultimate beneficial owners. The identity of the buyer of The Holme remains obscured as the documents filed don’t reveal the ultimate owner behind Zedra Trust Company (UK) Limited.
The sale was first reported by the Financial Times.
