London’s Most Expensive Home To Get a $359M Facelift

Hong Kong billionaire Cheung Chung Kiu last year broke London’s real-estate record when he paid $335 million for a 45-room mansion overlooking Hyde Park – and now he is paying even more to renovate.

A reception room at the property in 2015. Image: Pro Auction Ltd.

Cheung, whose net worth is reported to be $1.9 billion, purchased 2-8A Rutland Gate, Knightsbridge from the estate of Saudi Arabia’s late crown prince Nayef bin Abdulaziz, and is now planing on an extensive renovation that will cost more than his original record-breaking purchase.

According to a website detailing the renovation, the home is currently “severely dilapidated, and the new owner wishes to restore, refurbish, and change it in order to put it back into useful use as their London family home”.

Cheung has submitted proposals for a major overhaul of the 62,000-square-foot mansion to Westminster City Council, with experts telling the Sunday Times renovations could cost about £200 million (roughly A$359 million) to give the enormous 45-room mansion a facelift.

The property overlooks Hyde Park and was originally multiple apartments before being turned into one massive abode spread across seven floors and reportedly comes with 116 bulletproof windows.

Sections of the façade will be changed, restored, and demolished pending approval. The internal architecture, on the other hand, would undergo a major transformation, with the fourth and fifth floors being demolished and rebuilt, the basement being excavated, and the total height of the building being increased by nearly 3.4 metres.

Existing v proposed. Image: Rutland Gate.

Chairman of the Wetherell real estate agency in Mayfair, Peter Wetherell told Business Insider that after its renovation, the property could be worth anything between £310 million (A$556 million) to over £500 million (A$897 million), the most valuable private home in London.

According to Wetherell, homes priced at £100 million (roughly A$179 million), so-called ‘giga-prime’ properties are a new market for billionaires, with about 20 homes in central London fitting the bill.

“Billionaires like owning trophy homes in London because it is good for their image,” Wetherell said in a recent report from his agency. “They also like London because each decade property prices go up, so the value of their property assets increase.”

Just recently, Nick Candy’s extravagant penthouse at the One Hyde Park building hit the market for A$312m, which has all the luxury touches to match the eye-watering price tag.

In 2015 the contents of the home were sold at auction. Image: Pro Auction Ltd.

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