Knock down price! Rundown mansion on London's 'Billionaire's Row' has £3m slashed off price to £12m - and new owner will have 'right to demolish' so they can build 'something grander'
A dilapidated house on London's 'Billionaire Row' has had £3m slashed off its asking price - although the buyer will have permission to raze the £12m property to the ground to build 'something grander'.
Estate agents trying to garner interest in the property hope the 'permission to demolish' will attract a buyer seeking a house with convenient links to Britain's longest road, the A1.
The property, known as The Fountains, was on the market three years ago for £15million but the price has dropped to reflect its current condition. The sales brochure describes the home as a 'detached Palladian-style mansion, set in more than half an acre behind a gated carriage drive with large private gardens to the rear and off-street parking.
'It has accommodation extending to 12,602 sq ft and seven bedroom suites, a series of grand reception rooms, a ballroom and a leisure annexe to the rear with swimming pool, sauna and spa.'
A dilapidated house on London's 'Billionaire Row' has had £3m slashed off its asking price - although the buyer will have permission to raze the £12m property to the ground to build 'something grander'
The property, known as The Fountains, was on the market three years ago for £15million but the price has dropped to reflect its current condition
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The sales brochure describes the home as a 'detached Palladian-style mansion, set in more than half an acre behind a gated carriage drive with large private gardens to the rear and off-street parking
Among the mansion's notable characteristics are the size and scale of the reception rooms - which include a dining room that can sit 24 people - and the Majlis to the rear of the property
They admit : 'The property is in need of comprehensive renovation and benefits from a valuable planning permission to demolish the existing house and re-build a larger residence with a full complement of leisure amenities and secure parking.'
'The proposed residence comprises six-bedroom suites and a new lower ground floor with staff quarters and a range of additional amenity and leisure facilities including swimming pool, gym, cinema, catering kitchen and secure car parking.
'With plans for the private rear gardens includes a sensitive restoration of the historic water feature and pavilion in the private rear garden.'
Pictured: Floor plans of the property and the estate
Among the mansion's notable characteristics are the size and scale of the reception rooms - which include a dining room that can sit 24 people - and the Majlis to the rear of the property.
A majlis is a sitting space traditional in Gulf cultures where people gather to discuss issues and socialise as well as to receive guests.
The property is set behind a large carriage driveway and backs directly onto the Highgate Golf Course.
The 12,602 sq ft home has seven bedroom suites, a series of grand reception rooms and a swimming pool, sauna and spa
Estate agents trying to garner interest in the property hope the 'permission to demolish' will attract a buyer seeking a house with convenient links to Britain's longest road, the A1
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