Rundown Mayfair pub converted into a stunning £19m townhouse complete with a swimming pool and roof terrace is sold again at a knock-down price of £15m after being repossessed
- The Red Lion, in super-posh Mayfair, London, was closed in 2009 and sold
- After being made into a family home, It was put on the market in 2013 for £25m
- But the owner has had it repossessed by the bank, which has just sold it for £15m
A rundown pub converted into a stunning £19 million townhouse has been sold again at a multi-million pound loss following one of the biggest repossessions of the year.
The Red Lion, in super-posh Mayfair, London, was closed in 2009 and sold to upmarket developers.
It kicked off a huge 'Grand Designs' style project with all but the front facade of the watering hole demolished.
The Red Lion Pub on Waverton Street in London's plush Mayfair, it was eventually sold for £15m after being repossessed
The Red Lion before its renovation, everything except the original facade was replaced with a series of plush rooms
The site was transformed from a 4,200sq/ft old-fashioned British boozer to an exquisite 8,500sq/ft family home with six bedrooms, six bathrooms, two reception rooms, a gym, swimming pool and roof terrace.
It was put on the market in 2013 for £25 million and was sold the following year for £19.175 million.
But the owner has had it repossessed by the bank, which has just sold it for £15 million.
The sofa area of the house next to a coffee table and fireplace to keep warm during London's cold winters
The home cinema inside the Red Lion House, which would have cost 250 times the average British home
The steps which lead into the underground pool below the property. The house also boasts four reception areas
This is £10 million less than the original asking price in 2013 and a 21 per cent fall on the price paid four years ago.
Property buying agency Black Brick was behind the purchase, swooping on Red Lion House for a client looking for a family home in Mayfair.
They described the price as 'extremely attractive' and contracts on the home just seven days after viewing it.
Camilla Dell, managing partner at Black Brick, said: 'Through our contacts, we're aware of a number of attractive prime properties going through this process that are likely to come to the market soon.
'They are likely to offer significant value for buyers who can move quickly.
The in-house gym, equipped with high spec running machine, is another feature of the extra space built below ground
One of four reception rooms in the home; planning permission was granted by Westminster council despite estate agents' doubts
After being made into a family home, It was put on the market in 2013 for £25m
'There remains a huge amount of interest in London. It's a question of finding properties that are sufficiently attractive to outweigh the uncertainties hanging over the market.
'Such properties are coming up, but buyers need to be confident and be able to move fast.'
According to Land Registry figures, the £15 million price paid for Red Lion House makes it one of the most expensive residential properties sold in England and Wales in 2018.
It is also one of the most high-profile residential property repossessions.
House sales in Prime Central London are currently at a record low, according to recent figures from London Central Portfolio.
Annual transactions in Westminster and Kensington and Chelsea have fallen to 3,606 - fewer than 70 sales per week - representing a decline of 16.8 per cent over the year.
A desk and sofa dominate this office space in the home, which could prove a fruitful work environment for the millionaire who buys it
The kitchen and casual dining area in the home, located in an area beloved of the international super-rich
The owner who renovated had property repossessed by the bank, which sold it for just £15m
It is also 2.7 per cent less than the previous low of 3,704 seen during the Global Financial Crisis in June 2009.
Sales are down by a staggering 45 per cent on 2014, the year Red Lion House was sold for £19.125 million.
However, the surrounding area is 'interesting' from a future investment perspective, according to Black Brick.
On one side, billionaire entrepreneur John Caudwell is restoring his own 50,000 sq/ft private residence, and on the other he is developing a new luxury block of residential apartments, Audley Square.
The latter is due to be one of the most luxurious new build developments in Central London, with prices expected to be up to £10,000 per sq/ft.
Last week, Westminster Council announced plans to ban new homes and apartments which are more than 1,600sq/ft.
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15 million and no garden
by Iluvpancakes 167