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Knight Frank
- David Sullivan, the British billionaire, has reduced the asking price of his London estate by approximately $13 million.
- The owner of West Ham United football club acknowledged that he is selling at a loss.
- Sullivan’s net worth is estimated to be around $1.6 billion.
British billionaire David Sullivan has lowered the price of his London mansion to £65 million (approximately $85 million), marking a reduction of about $13 million from its previous listing.
Sullivan, who owns the East London soccer team West Ham United, informed Bloomberg that despite incurring a loss on this sale, “one must be realistic.”
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“Interest rates are elevated—they’re decreasing but not significantly,” Sullivan remarked.
“Moreover, I believe that recent government actions regarding non-domiciled residents are quite unfavorable. Many affluent individuals are leaving the UK due to anticipated changes in fiscal policy. A few friends have already relocated to Monaco or Dubai,” he added.
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Sullivan, aged 75, was alluding to proposed alterations in tax regulations that would eliminate specific benefits for wealthy UK residents whose primary residence— for tax purposes—is outside Britain.
This uncertainty has impacted market dynamics; according to real estate agency Knight Frank, London’s “super-prime market” experienced a 22% decline in transactions over twelve months leading up to July compared with previous years.
This situation poses challenges for Sullivan as he disclosed to Bloomberg that he invested roughly £75 million (around $98 million) into his Marylebone residence—£27 million (about $35 million) for its purchase in 2015 and nearly £50 million (approximately $65 million) on renovations thereafter.
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The expansive 21,000-square-foot residence at 33 Portland Place was constructed in 1775 and boasts ten bedrooms and bathrooms each along with amenities such as a swimming pool, wine cellar, cinema room, sauna and an exclusive sky lounge according to Knight Frank’s report.
A notable past owner Edward Davenport faced conviction for multi-million-pound fraud back in 2011 but was released three years later due to health concerns as reported by The Guardian .
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Davenport’s tenure saw numerous high-profile guests frequenting his home which became notorious for extravagant parties. Supermodel Kate Moss once filmed an advertisement there while British music legend Amy Winehouse used it as a backdrop for her iconic “Rehab” music video; scenes from Oscar-winning film “The King’s Speech” were also shot on location here.
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Davenport’s website features images capturing moments with various celebrities including Paris Hilton alongside Daniel Radcliffe; one photo even includes him posing with Sullivan himself! Davenport acquired this prestigious house from Sierra Leone High Commission back in ’99 according to reports.
Who is David Sullivan?
Chris Brunskill/Fantasista/Getty Images
Sullivan holds an estimated fortune around £1.2 billion ($1.6 billion), per The Sunday Times Rich List data analysis findings published recently!
The septuagenarian initially amassed wealth via adult entertainment ventures before transitioning into media ownership including Daily Sport & Sunday Sport newspapers respectively! In conversation with‘The Times’, he expressed: “I always had an intense ambition towards achieving immense riches stemming from my impoverished upbringing.”
I take pride without shame regarding my past endeavors,” stated Sullivans further adding: “Unlike others who conceal their true professions under euphemisms—I embrace mine openly having met wonderful individuals throughout my journey while generating substantial profits without causing harm!”
