Being famous comes with benefits – not just for the individual but also for their property, according to a leading London agent.
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Peter Wetherell, founder and executive chairman of Wetherell, explains a property with a high-profile previous owner can attract 200 to 300 per cent more enquiries than a comparable address without the star power.
Wetherell and Chestertons are the sole joint agents for one such listing: 24 Farm Street, a five-bedroom Georgian-style manor in Mayfair which was once home to Raine Spencer, the second wife of Earl Spencer, 8th Earl Spencer, the father of Diana, Princess of Wales.
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The property, most recently owned by art collectors Alan and Mary Hobart, founders of Pyms Gallery, boasts almost 5,000 sq ft of living space across four storeys, including a sprawling primary suite with south-facing roof terrace, library and spacious reception rooms.
Listed for £10.95 million, Wetherell explains that it has benefited from its ties to its previous owner – and her link to Diana, Princess of Wales.
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‘What I have found over many years working in Mayfair, St James’s and Belgravia is that homes owned by famous people nearly always double or triple the so-called “interest value” of that property,’ he tells Spear’s. ‘A buyer will think “well, if that house or penthouse is good enough for that famous and admired person, it is certainly good enough for me”, so it adds to the cachet and allure of a property, which is hard to put an actual price on in my opinion.’
He continues: ‘With the house at 24 Farm Street, we only listed it for sale this week and started marketing it, and there has already been phenomenal interest and enquiries from people from around the world. That is the power that the history of the house, and the links to Countess Spencer and Diana, Princess of Wales provide.’
Despite the leads a celebrity connection generates, it does not guarantee that the property will secure a higher price, which is determined by factors including location, size, features and quality of the structure – regardless of previous occupants.
Wetherell adds: “For me the sale of 24 Farm Street is extremely personal since I knew both Countess Spencer and Alan Hobart personally and I helped Countess Spencer sell the house to Alan Hobart. She was an amazing, wonderful lady.’
