London's One Cornwall Terrace, a 21,500-square-foot manse near London's Regent's Park, is officially England's priciest row house, having just sold to British property developer Marcus Cooper for £80M (about $120M). The purchase, ringing in at £20M (about $30M) below its November 2012 ask, is 492 times the cost of the average UK home; additionally, the property will garner some $18M in taxes.
Number One, as the address is known in developer-babble, is the largest property in Cornwall Terrace, a huge building that's worth around $625M in its entirety, though it has recently been partitioned into eight separate residences. This particular manse, located at one end, boasts seven bedrooms; nine bathrooms; 11 reception rooms; marble and limestone floors, walls, and fireplaces; iPad-controlled lighting, audio, and security; and a 130-foot-long garden. (Interior photos right this way.) Anyway, it's now all in the hands of Cooper, a property tycoon who has spent decades buying and selling extravagant London real estate, including the city's largest single-family residence (besides Buckingham Palace), which he turned around and sold at a £18M ($26.8M) profit in just one year. This latest purchase was so large, even for Cooper, that he spun out a separate legal entity, appropriately named 1 Cornwall Terrace Limited, to deal with its affairs.
A bit of history, now: in the early 1800s, King George IV, Duke of Cornwall, commissioned English architect Decimus Burton to build the estate; John Nash, the mastermind behind Regent's Park, oversaw the project. In the years since, the estate has been home to the New Zealand High Commissioner as well as "members of the nobility, admirals, generals and adventurers, public figures and other persons of distinction," per the brokerbabble. Equally intriguing, however, is the fact that the place was home to a gaggle of squatting hippies in (when else?!) the 1970s.
So what's next? Think Cooper's purchase will convince any other moguls or oligarchs to snatch up London's most balls-to-the-wall-expensive property, the freestanding mansion listed for close to £300M ($446M)?
· Cornwall Terrace, London [Savills]
· End-of-terrace home in central London sells for a record-breaking £80 million [SWNS via Rat and Mouse]
· Former squat sells for £80 million [The Telegraph]
· Inside London's Cornwall Terrace, Now Asking $160M [Curbed National]
· All Blockbusters coverage [Curbed National]