Tycoon's derelict Mayfair property put on market for £30m

00:00 Monday 23rd November 2009

As a testament to the unwavering optimism of estate agents, a derelict house in need of a “complete modernisation” has been slapped with a £30.5 million price tag, with Savills agents assuring that the asking price would be reached.

The property in question is located in Charles Street, Mayfair and is part of the battered property empire of magnate Simon Halabi.

After slumping commercial property prices caused the value of his portfolio to fall lower than the £1.5 billion loan secured against it, the High Court put all the properties into administration.

The four-storey Georgian building, which is boarded up and needs extensive work, has 10 bedrooms, 10 bathrooms and 10 reception rooms, and comes with an adjacent mews house.

It is believed that Westminster council urged Mr Halabi to put the empty house on the market after fearing that it would be targeted by squatters. Many high-profile, prime London properties have been taken over in this way since the onset of the recession.

Jonathan Hewlett, from Savills, spoke to the Times newspaper, saying: “This is a very special house with masses of potential. I am very confident we can sell it for the asking price.”

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Tycoon's derelict Mayfair property put on market for £30m

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