£20million Mayfair Home Repossessed

A Mayfair house worth £20million has been repossessed by the lender, in what is possibly one of the biggest reposessions evers recorded.

The seven bedoom property in Charles Street, complete with adjoining Mews, was owned by Austrian tycoon, Cevdet Caner, who had built up a huge property porfolio through his company, Level One. Cener Caner today tells the Evening Standard that he had offered a payment plan to the lenders but this was rejected.

Also see coverage in The Times and Financial Times.

Mayfair Property Market Stalls

It wasn’t that long ago we were quoting Knight Frank research which showed Mayfair bucking the house price collapse. It seems things are no longer looking so rosey, with new Knight Frank research (via The Times) suggesting that the number of homes on the market for over £10million has slumped by 34%.

It is thought that the fall in house prices has many owners of super-prime property off of trying to sell them at the current time. With it being a terrible time for The City, many of the cash-laden investment bankers etc that would make up a lot of the buyers pool are just no longer there.

For Sale: Aberconway House – £46m

Aberconway House in South Street has been put up for sale. This impressive 7 bedroom property was built in the 1920s for the industrialist Henry McLaren (who became Baron Aberconway) and offers nearly 23,000 sq ft of space, neo-georgian styling and access to “secret gardens”.

The property is available through Portman Heritage and offers are asked for in excess of £46million.