Real Estate

‘One Cornwall Terrace’ Sell for $120 Million in Britain

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After writing that title, I feel a little better about the rent I pay…

Cornwall Terrace is home to some of the most expensive homes in the world. Don’t believe me? Re-read that title again, because $120 million is quite a large sum.

Here is a quick breakdown of the property thanks to LuxuryLaunches:

  • The economic implications of owning this high profile property is more in monetary terms. There would be a $17.88 million (£12 million) stamp duty, apart from $2,040 (£1,369) charge per year in Council Taxes.
  • The strange thing however, is that the property stands at approx 412 times the price of an average property within UK.
  • In order for the purchase to go through, Cooper has created a separate legal entity called ‘1 Cornwall Terrace Limited’.
  • The Cornwall Terrace apartment in question is placed directly opposite Regent Park and was once the residence of the High Commissioner from 1950s to the 1970s, before being converted into a squatting place by a group of hippies. After that it went subsequent refurbishing to come up as one of the top pieces of real estate to own from the world over.
  • History shows that the place was actually named after King George IV as he was the Dutch of Cornwall.
  • The building block was originally created by Decimus Burton with the supervision of John Nash.
  • 21,000 sq ft, 11 bathrooms, 7 bedrooms, 9 reception rooms, and a catering kitchen.

 

(Source: LuxuryLaunches)