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The Preacherman

Abramovich Drops Price By 40% To Sell

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Billionaire Roman Abramovich sells his London mansion after dropping the price by £20MILLION...

to a mere £30million

  • Roman Abramovich quietly sold his huge Central London mansion
  • Dealt at £30 million, well below the £50 million he was seeking last summer
  • Appears to be in the process of dismantling his London property portfolio
  • Will also sell his £30 million riverside property in Cheyne Walk, Chelsea

Read more: http://www.dailymail...l#ixzz2ddKskkd4

With him selling abother London property is he getting out whilst he can? Is this an indication that London may be about to go into freefall?

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With him selling abother London property is he getting out whilst he can? Is this an indication that London may be about to go into freefall?

Sounds possible, there has been a period of fantasy-land asking prices and some people with too much money have been paying them, RA asking £50m and finding no takers until he nearly halved the price indicates to me that the top end has, um, topped and will no longer be seen as an investment. Now for the trickle-down effect and London bringing down the national HP indices :)

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Probably more of an indication that 20 million to him is small change.

Or that, as a businessman, he sold for what he could get for it (the market value) rather than wait in the hope of getting what he paid as he can make better use of the money.

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I assume it is prime real estate so why no other arab or russian billionaire to snap it up?

Or it could be like Real Madrid buying Bale - how many other clubs will they be able to sell him on to?

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I can't imagine what a 50 million ( or 5 crore, as they say in India ) looks like! It probably has a lot of toilets! Smashing for a party! :blink:

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He did still sell it for over 10% more than he paid.

It would have been a hard nosed business decision. I'm sure he would have sold it for less than he paid for it if that was all he could get and he could make better use of the money.

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Property and football club operations have made useful money laundering mechanisms for large denominations of money in the past, allegedly, but having said that I doubt that would include this chap

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So we are talking 40% price drops on London prime property? People on this site were called "nutters" for throwing out figures like 40% or 50% a few years ago?

I want and fully expect prices to fall, and fall a lot. However to claim a 10% rise as a 40% fall is quite difficult to justify.

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I want and fully expect prices to fall, and fall a lot. However to claim a 10% rise as a 40% fall is quite difficult to justify.

Even the idea that an asking price would have been cut by 40% would have been considered "out there" a few years ago?

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I want and fully expect prices to fall, and fall a lot. However to claim a 10% rise as a 40% fall is quite difficult to justify.

Yes it's an asking price fall, but the 10% rise (or 0% per the story, quote below) is over at least five years, RA priced the building at what he thought the market would stand, £50m, and has actually got £30m. There may have been a bit of kite-flying so £50m cannot be considered the realistic price, but if it was £40m then it has still dropped by 25%. There's your crash right there. Add in all the countries suddenly trying to flog their London embassies and you can see a bubble bursting right there. Nice.

bubble-burst-300x225.jpg

Abramovich paid £26.5 million for the separate apartments over a five-year period, and after legal and other costs are covered, he will be lucky to make any profit on the sale.

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Yes it's an asking price fall, but the 10% rise (or 0% per the story, quote below) is over at least five years, RA priced the building at what he thought the market would stand, £50m, and has actually got £30m. There may have been a bit of kite-flying so £50m cannot be considered the realistic price, but if it was £40m then it has still dropped by 25%. There's your crash right there. Add in all the countries suddenly trying to flog their London embassies and you can see a bubble bursting right there. Nice.

bubble-burst-300x225.jpg

And when this drags down the main house price indices, the bbc will have to stop doing any property stories ........ever :lol::lol: Really can`t wait.

Edited by dances with sheeple

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And when this drags down the main house price indices, the bbc will have to stop doing any property stories ........ever :lol::lol: Really can`t wait.

It'll probably be excluded from the Land Registry monthly report on the grounds that "the price achieved was not representative of the true market value" and will not feature in the lenders' reports as I doubt it was bought with a mortgage.

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It'll probably be excluded from the Land Registry monthly report on the grounds that "the price achieved was not representative of the true market value" and will not feature in the lenders' reports as I doubt it was bought with a mortgage.

It will be in the land registry reported as a price rise, which is what actually did happen.

I do not understand why people are struggling to grasp this.

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It will be in the land registry reported as a price rise, which is what actually did happen.

I do not understand why people are struggling to grasp this.

It was a 40% drop in asking price, the driving force of Rightmove and other indices. The 10% increase on purchase price is rather meaningless, on it's own, as he could have owned the house for any length of time. If he had bought it in 1980 a 10% nominal rise would constitute a considerable loss.

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That Abramovich guy hasn't got a clue, has he?

He could have have arranged to have his long time adversary, Berezovsky, shot in the front doorway. That would have a put a few historic value pounds on the place.

A famous bonking bedroom, where sex stars like Alsou and Dina Korzun were known to spend the night, would also have provided added value.

Even better, arranging for overpaid football celebs 'behaving badly' ( not difficult ) could have given the gardens much more character.

Every British property owner would like to say, 'Hey, you are sitting just where Wayne Rooney once threw up on the patio'.

Anyway, I decided not to act for Abramovich in this sale and I told him to pi$$ off.

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Abramvoich must have been the only person in the world who has bought flats in chelsea in the last 5 years and managed to not make a profit...

The top ten sales from the latest Land Reg dataset for which a previous sold price is available (all London):

Land registery isn't much use at the top end. Purchases of Cayman islands companies (sole asset a London property) don't show up.

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Land registery isn't much use at the top end. Purchases of Cayman islands companies (sole asset a London property) don't show up.

The intention of the post was merely to demonstrate the extraordinary increase in prices of many top-end central London properties.

Incidentally, the article linked to in the OP has now disappeared from the Daily Mail's website.

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The intention of the post was merely to demonstrate the extraordinary increase in prices of many top-end central London properties.

Incidentally, the article linked to in the OP has now disappeared from the Daily Mail's website.

Staggering price changes, agreed. If anyone is in any doubt about the richest benefitting from the current economic 'remedies', look no further.

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The top ten sales from the latest Land Reg dataset for which a previous sold price is available (all London):

LRTop10RepeatSales0813.gif

nice one; I hope it will end up like Dubai; I pray the God it starts to tank this year.

A few weeks ago there was an article that Central London prices going down:

http://www.bloomberg.com/news/2013-08-09/london-luxury-home-prices-fall-in-june.html

plus from Aug/Sep 2013 the house benefit cap is implemented across the whole London

perhaps it is a beginning of the perfect storm ???

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