Monday, Jun 15, 2009
Bought for £17m in 2007, repossessed and put on the market for £20m 2009! LOL!
Telegraph: Property magnate's £20m home on market after 'UK's biggest repossession'
A £20 million London property has been seized in what is understood to be Britain's largest house repossession.
Posted by flintster1994 @ 12:24 PM (1419 views) Add Comment
14 Comments
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1. flintster1994 said...
£16m 2007
2. andrew said...
"It shows that there are some people out there that have been spending money that they don't have"
No sh@t sherlock.
3. icarus said...
It will be a £20m house if it's SOLD for £20m.
4. paul said...
£17m in 2007, £20m in 2009?
Good luck with that one, Hampton's.
5. will said...
Clearly the Bank is having it's cake. But which bank will lend against it now?
6. Little Professor said...
Strange - it had a guide price of just £15million in December, and presumably failed to attract any interest then:
http://www.telegraph.co.uk/finance/economics/houseprices/3545690/Property-tycoon-forced-to-sell-20-million-home-after-going-bust.html
7. little professor said...
Strange - it had a guide price of just £15m back in December, and presumably failed to attract any interest then.
http://www.telegraph.co.uk/finance/economics/houseprices/3545690/Property-tycoon-forced-to-sell-20-million-home-after-going-bust.html
(sorry for dupe post, forgot to enter password)
8. little professor said...
Anyway, the guy won't lost out personally over this. He bought the house using a private limited company, which has now gone into liquidation, so he won't be personally liable for repaying any shortfall/negative equity after the house is eventually sold. The rich live by different rules to us plebs.
9. jonb said...
Banks usually require a personal guarantee for loans such as these, so I think he will still be liable.
10. Ulfar said...
A lot of bulls have been saying that repossessions and price falls won't affect quality properties, does this one count ?
11. mander said...
The banks have lended to property in 10 years as much as for 100 years. Property miracle. The idea behind was to buy the existing stock up so they can manipulate easy the market. That would be the case of trying to create a monopoly cause in property competitioon is unfunctional really.
12. Paulos said...
Interesting. He was 36 in December 2008, now he's apparently 35.
Looks like he's in his 40s to me...
13. vindicated said...
PUts me in mind of a chap living round our way. He tried (and failed) to sell his house in 2006 at £210k and has just put it on the market again at £240k!...... seriously..... McFly!!!!!!!!!!!
What is it with folk? Are they just plain stupid?
14. Mmm281664 said...
Same by me, a set of new house have gone up in price by 10K since xmas! WTF. Guess they are trying to offset the discount people are going to ask for!