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Uk's Most Expensive House Seized By Bank After Owner Defaults On £50M Mortgage

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UK's most expensive house seized by bank after owner defaults on £50m mortgage

Read more: http://www.dailymail.co.uk/news/article-2013170/UKs-expensive-house-seized-bank-owner-defaults-50m-mortgage.html#ixzz1RisSfeOM

When Updown Court in Windlesham, Surrey, was put on the market for £75 million six years ago, its owner, Leslie Allen-Vercoe, described it as the most expensive house in Britain.

However, with no buyer found for the mansion, Ireland's National Asset Management Agency was preparing to reappoint receivers to take control of the estate.

And today the Irish government was preparing to seize ownership of the massive, 103-room mansion in southeastern England after the Allen-Vercoe, 67, defaulted on a £50 million mortgage.

The loan is understood to have been extended by the bank Irish Nationwide, which collapsed during the financial crisis and saw many of its loans transferred to the Irish government.

Set in 11 acres of gardens and 46 acres of woodland, it has 24 en-suite bedrooms, five swimming pools, stables, tennis and squash courts, a bowling alley, a helipad and garage space for eight cars.

Allen-Vercoe put the house on the market in 2005, hoping to sell it in six months. However, with no buyer found, the costs of maintaining the house grew to £1.5 million per year.

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However, with no buyer found

Q: Leslie, why didn't you reduce the price?

A: I'm not giving it away.

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Place like that has got to be put to commercial use. Fancy resort hotel hosting events for the seriously rich, or summat.

Wonder if planning permission is getting in the way of it paying its way?

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Place like that has got to be put to commercial use. Fancy resort hotel hosting events for the seriously rich, or summat.

Wonder if planning permission is getting in the way of it paying its way?

i doubt it, would be a travesty, it needs a proper family. Wife quite likes it and i have to say i could handle living their myself for up to 3 months a year, great staircase, dont know the area that well but its got the sort of Kerb appeal wed look for, do you think theyd take an offer?

Edited by georgia o'keeffe

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There is an answer.....

..... debtors prisons ;).

im almost 100% confident that if/when Ireland actually defaults at some point in the future debtors prison will not be the method of retribution

Edited by georgia o'keeffe

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im almost 100% confident that when Ireland actually defaults at some point in the future debtors prison will not be the method of retribution

They should be though....

Excellent deterrent.

Debts would be miraculously discharged if deterrent fails.

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Never saw this coming :lol:

That bloody place has been in rightmove for as long as i can remember. (since at least 2003). Every 12 months or so the Daily mail does an 'article' on it. No one buys it.

IIRC it was even reduced from £70 million to £15million for a while, still no takers.

http://www.thisislondon.co.uk/home/article-363414-cut-price-palace.do

This week estate agents handling the sale have been forced to slash the asking price - by an astonishing £60 million. Now, for the first time, we can reveal what you will get for the new bargain basement price. Overnight, the value of Updown Court has come down to a mere £15 million.

The super rich spending that kind of money want to live in central London, not sitting ducks in the middle of nowhere, where KGB agents can emerge from the woods and make your inpenetrable 'compound' look like the last 10 minutes of scarface. I dont care how big it is, in that location no one in their right mind would pay much over £5million. Maybe the fittings have some scrap value, but other than that...

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Never saw this coming :lol:

That bloody place has been in rightmove for as long as i can remember. (since at least 2003). Every 12 months or so the Daily mail does an 'article' on it. No one buys it.

IIRC it was even reduced from £70 million to £15million for a while, still no takers.

http://www.thisislondon.co.uk/home/article-363414-cut-price-palace.do

This week estate agents handling the sale have been forced to slash the asking price - by an astonishing £60 million. Now, for the first time, we can reveal what you will get for the new bargain basement price. Overnight, the value of Updown Court has come down to a mere £15 million.

The super rich spending that kind of money want to live in central London, not sitting ducks in the middle of nowhere, where KGB agents can emerge from the woods and make your inpenetrable 'compound' look like the last 10 minutes of scarface. I dont care how big it is, in that location no one in their right mind would pay much over £5million. Maybe the fittings have some scrap value, but other than that...

thanks for the heads up, we were going to go in higher but at 15m its a steal, particularly as i dont think weve ever pissed off Putin (at least not intentionally)

With a 125% together mortgage from the new Northern Rock wed even have some left over to pay for the heating for a couple of weeks

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There is an answer.....

..... debtors prisons ;).

Doesn't it tell you something........ that debt is not the crime it once was??

Are you a bad person if you fail to repay 'money' that never existed?

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Has been for sale for over 2 years

Les, as he likes to be called, has been trying to sell it since 2005.

£2.5m a year interest bill

The reason Les is now emerging into the glare of publicity soon becomes obvious. He has borrowed £40m from an Irish bank to fund the development of Updown Court, which saddles him with an interest debt of £2.5m a year. I ask him: aren't you sweating that a property that only 600 people in the world can afford may take time to sell?

http://www.thisismoney.co.uk/money/news/article-1588295/Bricklayers-son-and-his-70m-des-res.html

and http://www.telegraph.co.uk/property/3355039/Not-for-love-nor-money.html

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UK's most expensive house seized by bank after owner defaults on £50m mortgage

But...

The owner behind Updown Court is property developer Leslie Allen-Vercoe. His company Rhymer Investments purchased it in 2002 out of receivership for £20m

That is quite a MEW.

I bet a lot of it is actually in some discrete off-shore, tax haven.

.

Edited by Tired of Waiting

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Interesting. I used to live next door to this place.

Ok. Not right next door, but a few doors down, in the same street. Ours was a victorian 2 up 2 down. It has been the country's most expensive house for a number of years, I remember it being given that title 10 years ago. Heard it was some sultan that bought it and proceeded to do major renovations, including a marble drive way. A mad idea in our frost stricken country. Also afaik, it was never completed before it was sold on again. Get the feeling that house is the countries most expensive money pit!

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They should be though....

Excellent deterrent.

Debts would be miraculously discharged if deterrent fails.

I don't know if you still can be jailed for non payment of a debt in Ireland but you could be about 25 years ago. I happened to be with my solicitor there at that time when he took a call from another client. From what I heard of the conversation I gathered that he was able to have someone jailed for the non payment of a debt. Being curious I asked him if that were the case. After all, I tended to think of debtors being imprisoned in Western society as something that only happened in Charles Dickens novels. He said 'Of course you can, how the phuck esle do you get your money when everything else has failed'.

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I don't know if you still can be jailed for non payment of a debt in Ireland but you could be about 25 years ago.

Interesting, but Les is now saying it was a joint venture, and that he has no personal liability for the debts.

That his deal was a 50:50 split on profits after sale with the boom times building society.

A building society who for some reason also decided to hold a board meeting at Updown Court. A full on luxury trip over from Ireland I'd bet, in a vulgar mansion they were probably proud of.

And I don't know how this works but they're saying NAMA could turn a profit if they can find a buyer willing to pay £20m, "after it imposed a severe discount on the original loan."

So it wrote off a lot of debt that it extended for its build, or that plus upkeep costs over last few years and interest owed.

http://www.independent.ie/business/irish/nama-takes-control-of-britains-most-expensive-house-2817986.html

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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