A £20 million house, described as “a stunning property in one of the best sites in Mayfair” has been seized in what is thought to be Britain’s biggest-ever house repossession.
A £20 million house, described as “a stunning property in one of the best sites in Mayfair” has been seized in what is thought to be Britain’s biggest-ever house repossession.
Cevdet Caner, a 35-year-old property magnate whose business empire collapsed with debts of £1.2 billion, bought the seven-bedroom house in Mayfair, central London, for £16 million in July 2007 and subsequently spent £6 million refurbishing the 11,250 sq ft property.
His business, however, fell victim to the housing slump and went into administration in September. Last Thursday, bailiffs acting for Investec, the investment bank, repossessed the property.
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