An 11-bedroom Georgian mansion in the heart of Marylebone has come to market for £75 million, offering ultra-high-net-worth buyers an opportunity to own what experts describe as a ‘one-of-a-kind trophy home’.
[See also: The seven most expensive houses in the US]
The Grade II-listed property on Portland Place is expected to attract interest from international billionaires, according to James Gubbins, director – sales at UK Sotheby’s International Realty.
It comes against the backdrop of optimism at the upper end of the real estate market, with insiders hopeful that 2024 will see growth despite the political uncertainty of the general election.
Gubbins tells Spear’s: ‘With over a decade’s experience in prime central London real estate, I’ve had the privilege of representing many impressive properties over the years. Few, if any, have been as exciting to bring to market as Portland Place. This exceptional residence simply checks every box. The recent renovations showcase our client’s discerning vision at its finest.’
Originally built in 1775 by renowned British architect Robert Adam, the property was first owned by Colonel John Montresor, a military engineer and cartographer in America. Notable residents, aristocrats, and celebrities have walked the mansion’s grand rooms, from gin tycoon Baron James Blyth, who built a Victorian extension and installed a drainage system, to the 4th Earl of Abergavenny.
Content from our partners
Former owner, self-styled lord, Edward ‘Fast Eddie’ Davenport, who was convicted in 2011 for masterminding a £4 million fraud, was forced to sell 33 Portland Place to settle £13 million of confiscation and compensation orders. Davenport had controversially acquired the mansion from the Sierra Leone high commission at below-market sum in 1999, while a civil war waged in the West African country.
The slice of London property history is being sold by current owner and West Ham United chairman David Sullivan, who bought it in 2015 for £25 million.
The 20,987 sq.ft mansion has many of the hallmarks of classic Georgian architecture, including signature sash windows and high ceilings.
[See also: The best property agents for high net worth individuals in 2023]
While still retaining its 18th-century charm, the property has been newly renovated by interior design studio 1508, who reimagined the grand spaces with marble-finishings, hand-painted wallpapers, and artisanal chandeliers that complement the original period details.
There are also modern amenities like a cinema room, pool, gym, wine cellar and private garden and terrace.
The property is poised to attract discerning buyers who appreciate ‘seamless quality, underscored by rich heritage’, says Gubbins. ‘We expect this unique offering to appeal to connoisseurs of truly exceptional properties.’
Interest from international UHNWs in the London super-prime property market remains resilient despite uncertainty on the horizon.
‘Demand is expected to further intensify for turnkey listings that can deliver immediate, luxury living experiences without requiring lengthy refurbishment projects,’ Gubbins explains. ‘Fewer buyers have appetite for major stamp duty tax bills, planning risks and construction costs that come with renovations on period houses of this grandeur and scale. A process we know to take up to four years before occupancy is possible.
He continues: ‘Quality super prime properties that ‘tick all the boxes’ for prestige and functionality remain in severely constrained supply. This mismatch between rising global wealth and the limited pipeline of truly turnkey ultra-luxury homes is expected to drive competition through 2024 and beyond.’
