London’s Most Expensive Home Lands Back on the Market

China Evergrande Group's Hui Ka Yan and 2–8a Rutland Gate (Getty, Twitter, Rutland Gate)

China Evergrande Group’s Hui Ka Yan and 2–8a Rutland Gate (Getty, Twitter, Rutland Gate)

The most expensive home in London just landed back on the market and its price tag could have buyers saying, “What’s all this, then?”

The Knightsbridge mansion, a miniature private palace at 2-8a Rutland Gate overlooking Hyde Park, will be marketed by Beauchamp Estates, Bloomberg reported. The 45-bedroom property is owned by the family of Hui Ka Yan, the chairman of the struggling real estate giant China Evergrande Group.

Sources familiar with the sale could not confirm an asking price. The property was last sold in April, 2020 for £210 million ($232 million) when British Virgin Islands-based Vision Perfect Global Limited purchased the property.

The mansion was originally built from 1985-1987 as four individual flats, according to a website dedicated to refurbishing the property. It was reconfigured as a single-family home in 1998.

Spokespeople for Beauchamp Estates and Evergrande didn’t respond to the outlet’s requests for comments.

The Financial Times previously reported that Hui Ka Yan bought the property in a deal that was fronted by another Chinese billionaire, Cheung Chung Kiu, the founder of CC Land Holdings property company.

Hui, formerly the richest man in China, has been selling off assets after a real estate market crash sent Evergrande and other developers into default. His net worth is now estimated to be about $6 billion, a massive drop from a reported $30 billion at the end of 2019.

About a year ago, Chinese authorities had to issue a directive for Hui to use his personal wealth to help pay off some of the company’s debt. The order came after Evergrande missed a coupon payment for a dollar bond last September. Fitch Ratings officially cut the Chinese developer’s rating to “restricted default” last December.

Also in the Mayfair area, a home that once belonged to London Underground founder Lord Ashfield is asking $20.8 million. The 6,477-square-foot house, less than a mile east of Hyde Park, has a blue plaque on the front exterior that notes the building’s famed previous owner.

— Victoria Pruitt

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