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Just By Existing, This House Is Earning £130 An Hour.

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£13m Kensington house earns owners £130 an hour House in Ilchester Place, west London was bought for £3.32m eight years ago

Ilchester-Place_3300111b.jpg

A Kensington house has earned the government of Quebec almost £130 an hour over eight years.

The eight-bedroom property in Ilchester Place, west London, is on the market for £13 million, almost £10 million more than it was bought for eight years ago - a growth rate equivalent to £21,727 a week or £1.1 million a year.

The government of Quebec bought the house eight years, six months and 16 days ago for £3.32 million, and its value has since increased by £9.68 million.

telegraph article here....

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Being one of the last of the HPC-believers, I already had that house saved into my Rightmove favs, on hpc lookout duty, for I remember the Bonnier repo, before the QE reflation saved the innocents to lock in and reflate back to natural hpi.

Seller wants to cash in.. (Gov of QEbec) have to see what the market offers for it.

No.8 was a repo in 2008. (LR open data has it sold at £321,000 in 16 Aug 1999, but any company purchases don't get logged into the open data, as I understand it).

City millionaire is latest victim of housing slump as his £11m home is repossessed by banks
By Daily Mail Reporter
21 September 2008

article-0-02BDE08C00000578-584_468x346.j

The Dutch-born financier obtained planning permission to double the living space of the house in Ilchester Place by building a swimming pool, cinema and wine cellar in its basement and intended to put the house back on the market for £15m. But falls in the housing market have made it impossible for him to recover the money spent and repay loans. As a result, the banks have now repossessed the house and put it back on the market for £10m. 'The market is 20 per cent off what it was last year and sadly it has been repossessed,' a source is quoted as saying.

http://www.dailymail.co.uk/news/article-1058866/City-millionaire-latest-victim-housing-slump-11m-home-repossessed-banks.html

Times (2008) He set up a Jersey-registered company called Cristal Holdings, which paid £11,678,000, £3m more than the original asking price. [..]He intended to put it back on the market for £15m.

Edited by Venger

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Dig deeper, and go to the source. It looks like the government of Quebec might need the cash?

May Day protests held against Quebec government cuts

1/05/2015

http://www.cbc.ca/news/canada/montreal/may-day-protests-held-against-quebec-government-cuts-1.3056851

Quebec weighs asset sales in long-term program review

11/05/2015

Quebec, the second-biggest provincial economy in Canada, has one of the highest public debt loads of any province.

http://ca.reuters.com/article/topNews/idCAKBN0NW1WS20150511

Hundreds of doctors from across Quebec opposed to the government's Bill 20 attended a weekend summit in Montreal to outline alternatives to the controversial bill.

1/05/2015

http://www.cbc.ca/news/canada/montreal/quebec-doctors-try-to-sell-gaétan-barrette-on-bill-20-alternatives-1.3068500

Quebec Economy is Turning the Corner, Leitao Says

11/05/2015

http://blogs.wsj.com/canadarealtime/2015/05/11/quebec-economy-is-turning-the-corner-leitao-says/

Edited by 200p

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Just some questions. How does the Telegraph know it is being sold by the Quebec Government? Who approached the paper, and did they get a payoff for the news ( I have a guess but I won't say who). How many properties in London are owned by governments? If many western governments are in deficit, what happens if they all sell to raise cash? How many UK councils own London property?

Far East governments presumably are in surplus, and may become the new owners of London property.

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Hard working houses creating growth for Britain.

All adds to the GDP figure!

That's as much as a good whore.

Find me one that can work 24/7/365 like that house.

And any money spend on her would add to GDP too! That Osborne doesn't miss a trick! :P

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It looks like Bonnier's old place has also come to market.

POA http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=10724367&sale=40254422&country=england

Blinged out inside now, swimming pool and the rest, maybe the owner made some the the improvements Bonny intended to do for his planned flip, before he got crunched.

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