At £80 million, it is the most expensive property in the country to be publicly listed on the mainstream portals. Covering 9,400 square feet of prime Knightsbridge real estate, with a 2,500 sq ft roof terrace featuring a 10-metre glass-sided swimming pool and overlooking London’s biggest landmarks, a jaw-dropping price tag hardly comes as a surprise.
This billionaire’s eyrie is featured in the first episode of Channel 4’s new series of Britain’s Most Expensive Houses — and is by far the priciest in this year’s line-up.
“This property is like nothing I’ve ever seen before,” says Joshua Marks, founder of estate agency Park Lord. “When you’re up there, you really get a glimpse of that billionaire lifestyle: you come out of the hustle and bustle of Knightsbridge into this private oasis. It’s surreal. You’re in another world.”
The property’s kitchen can be concealed with the touch of a button
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Arranged over the 10th floor of the Knightsbridge Apartments, the penthouse has views over the capital on both sides: Big Ben, the London Eye and Harrods on one side, Hyde Park from the primary bedroom and reception room on the other. There are five bedrooms — four with ensuite bathrooms — a huge open-plan kitchen and living space and a cinema room.
The décor is minimalist: wooden floors, white walls, floor-to-ceiling windows and dark fittings. Those working parts of the kitchen that the owner might deem unsightly, such as the sink (urgh), hob (urgh) and worktop (urgh) can be concealed with the touch of the button. What appears to be a glass panel is actually a fireplace, through which you can see the swimming pool. The sauna comes with a built-in TV.
And yet. There are other super-homes on the market which cost a lot less than £80 million: there’s a 13,000 sq ft townhouse at Chelsea Barracks at £55 million, while The Whiteley’s penthouse is £39.5 million. What do the extra millions buy you? To Marks, it is all about scarcity value. “If you want a trophy asset like this, you can’t simply go out and buy one,” he says. “It’s rare for a penthouse of the Knightsbridge Apartments, which is one of the best — if not the best — developments in London, to be available.”
Paradise for billionaires
Bordering Hyde Park, the development, also known as “199”, was developed by Hong Kong property billionaire Samuel Tak Lee and completed in 2005. There are three penthouses inside, two of which belong to Global Media founder Ashley Tabor-King. His application to turn the two properties into a single 10-bedroom mega-flat was rejected by Westminster council in 2017.
As well as its spa and leisure facilities, the building has two round-the-clock doormen who vet all newcomers. “It was one of the first buildings that introduced the kind of first-class hotel-style amenities for a residential building,” says Marks. “It set a new standard for residential luxury living and attracted billionaires and other high-net-worth individuals from all over the world.”
The sauna has a built-in TV
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Marks tells me that, in common with so many of London’s multi-million-pound properties, this penthouse has been owned by a trust for about a decade. It means the individual who has use of it can remain anonymous on public documents such as the Land Registry. It was completely refurbished to its owner’s tastes and has been used as a pied-à-terre. Now, with the property in less frequent use, it has been put on the market. The seller is “serious about selling” but as with other homes at this price point, “they don’t need to sell — it’s not really a financial incentive, more a practical one”.
Marks listed the penthouse six months ago. Although it is relatively unusual for a property of this value to be advertised on the open market, including on the same portals where the rest of us find our homes, Marks felt the exposure would be beneficial: “By having this property listed on the open market, it’s getting thousands of views every day.” This, too, is why Channel 4 approached him about featuring the penthouse in Britain’s Most Expensive Houses. He agreed to take part in the show for the simple reason: “We thought that it would be good publicity.”
“When you’re up there, you really get a glimpse of that billionaire lifestyle. It’s surreal. You’re in another world”
But although the property is being marketed through more typical channels, Marks says that at a super prime level, selling is all about contacts. If he succeeds in selling the property, Marks stands to earn £1.44 million in commission — although Park Lord is offering 0.5 per cent (£400,000) to anyone who introduces a successful purchaser.
Who might that £80 million buyer be? In short: a billionaire. Despite the price tag, Marks believes the property is likely to be snapped up by an international purchaser as a “trophy asset” to add to their portfolio, rather than as a permanent home. Like other mega-homes around the capital, this penthouse is likely to lie empty.
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Joshua Marks (right) with Jeremy Fine of Godfrey & Barr in the programme
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So far, as well as different property professionals every week, Marks has shown the property to six potential buyers (known as “principals”), four of whom are “well-known billionaires”. All potential leads and buyers are carefully vetted before they are permitted access. “We want to know that they are credible and have the finances,” says Marks. “But at this level, you should be able to Google them.”
Luckily, arranging viewings in an empty property is relatively straightforward. The apartment’s only occupant is a housekeeper, who keeps the vacant home spotless. Before a viewing, the beds are made and the table laid, ready for a meal that will never take place. The lights are turned on, the terrace furniture uncovered and the parasols erected. “It’s always like a show home, because it’s not being used,” says Marks.
But despite the apartment’s immaculate appearance and new interiors, a buyer is likely to rip everything out and refurbish it from scratch. “At this level, people usually aren’t willing to compromise,” says Marks. “They’ll have their own way of living or their own style, and they’ll definitely want to put that onto the property.”
The penthouse’s interiors are new – but will likely be ripped out by the buyer
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As well as the penthouse, this series of Britain’s Most Expensive Houses features a 20-acre country estate in Norfolk, a Scottish baronial castle and a £20 million mansion on The Bishops Avenue with a nightclub-style party room. But for Marks, whose listing is worth almost three times as much as all three of these properties put together, the search for a buyer continues. It could take days; it could take months. In some cases, like Highgate’s Heathfield House, which featured on the programme in 2021 and remains unsold, even after an £8 million price cut, it could take years.
“It’s like asking: how long is a piece of string?” says Marks. He is encouraged by some of the viewings he has had and says the second principal to view the property came close to buying, before deciding not to proceed. “A buyer could call me today or tomorrow,” he says. “I think that’s what’s exciting about this job: the biggest deal you’ve ever done could be today. It could be tomorrow.”
Britain’s Most Expensive Houses is on Channel 4 on May 21 at 9pm