eric pebble Posted July 29, 2009 Share Posted July 29, 2009 Britain's richest man Lakshmi Mittal rents out the £10,000-a-week palace he can't sell Even this guy, like MANY, MANY others is renting out his gaff --- so as to "wait 'til prices go back up"!! Read more: http://www.dailymail.co.uk/property/articl...F#ixzz0MgK2Bq1t Quote Link to comment Share on other sites More sharing options...
Y-QUERK Posted July 29, 2009 Share Posted July 29, 2009 I wouldn't mind renting the downstairs loo for £50/hour. Quote Link to comment Share on other sites More sharing options...
sbn Posted July 29, 2009 Share Posted July 29, 2009 LOVELY INNIT!!!! He bought for something like 7M anf just because ha cant sell it for its 2007 peak of 40M he's thrown a strop and is trying to rent it for 10k a week! ! Good luck with that M8!!!!!!! TW@ Quote Link to comment Share on other sites More sharing options...
thod Posted July 29, 2009 Share Posted July 29, 2009 Is he British now? How about those Russian, erm I mean British, billionaires. Quote Link to comment Share on other sites More sharing options...
porca misèria Posted July 29, 2009 Share Posted July 29, 2009 So, a venue for an HPC party! Quote Link to comment Share on other sites More sharing options...
wealthy Posted July 29, 2009 Share Posted July 29, 2009 10K a week on a 40 million pound place, that's a yield of what? 1.3%? Quote Link to comment Share on other sites More sharing options...
shedfish Posted July 29, 2009 Share Posted July 29, 2009 This guy is smarter than the average Bear. maybe the smart thing to do would be to drop the price - then he'd be able to sell it Quote Link to comment Share on other sites More sharing options...
Bearback Posted July 29, 2009 Share Posted July 29, 2009 This guy is smarter than the average Bear. I bet he'd only be just above average though. Quote Link to comment Share on other sites More sharing options...
LuckyOne Posted July 29, 2009 Share Posted July 29, 2009 10K a week on a 40 million pound place, that's a yield of what? 1.3%? And if he can only get 8k a week, my rule of thumb of price = 1,000 x weekly rent in "desirable" London means that it is only "worth" 8 m. This seems to summarise the chasm between buyers and sellers that people keep talking about. Quote Link to comment Share on other sites More sharing options...
redwing Posted July 29, 2009 Share Posted July 29, 2009 And if he can only get 8k a week, my rule of thumb of price = 1,000 x weekly rent in "desirable" London means that it is only "worth" 8 m. This seems to summarise the chasm between buyers and sellers that people keep talking about. Yes, sounds about right, if a bit pessamistic. He bought in 1996 for £6.75m. It should be worth £8m - £16m by now allowing for a bit of inflation. Remember that we have had the lowest inflation for decades under Labour (1997 - 2010). I'm still figuring on prices dropping to around 40% of peak (that's 40% of peak meaning 60% off peak for the English illiterates). Quote Link to comment Share on other sites More sharing options...
Perishabull Posted July 29, 2009 Share Posted July 29, 2009 (edited) Since he's worth a few billion I'm sure he doesn't give a sh1t. £40 mill is probably akin to a few hundred quid to him. Edited July 29, 2009 by Perishabull Quote Link to comment Share on other sites More sharing options...
_w_ Posted July 29, 2009 Share Posted July 29, 2009 Since he's worth a few billion I'm sure he doesn't give a sh1t. �40 mill is probably akin to a few hundred quid to him. You'd think that but if that was the case he wouldn't be renting his home now would he. Quote Link to comment Share on other sites More sharing options...
wealthy Posted July 29, 2009 Share Posted July 29, 2009 (edited) You'd think that but if that was the case he wouldn't be renting his home now would he. Obviously read some of the posts here and is protecting against a global hyperinflation holocaust by keeping hold of his assets Edited July 29, 2009 by wealthy Quote Link to comment Share on other sites More sharing options...
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