The sale of a residential building in London at a new record price has attracted widespread media attention. According to media reports, more than 275 million pounds, the equivalent of around 320 million euros, were paid for the “Providence House” villa. This is the highest price ever for a private house in the UK.
This is also a top price internationally. American hedge fund founder Ken Griffin paid $238 million for his New York penthouse in 2019, which was considered the highest price for a US residential property. A previous world record was set in Hong Kong; In 2017, a billionaire purchased the villa “The Peak” for $360 million.
The previous record value in London was 210 million pounds. The sum was to be paid at the beginning of 2020, shortly before the start of the corona pandemic, for a large, historic house with 45 rooms on the southern edge of Hyde Park. It later became known that the founder of the now collapsed Chinese real estate group Evergrande was behind this acquisition, who is now on trial and facing a long prison sentence.
Cinema hall, swimming pool, orangery
The new, most expensive private house in the British capital, “Providence House,” is located in the Chelsea district in a larger park with a small lake near the Thames. The listed building was previously called Gordon House. The three-storey brick building with classic shapes from the early 19th century is located on the edge of the Royal Hospital Chelsea area.
It was once part of the traditional “hospital,” which to this day serves as a kind of retirement home for retired soldiers. The £275 million villa’s amenities include a cinema, a swimming pool, an orangery and a panic room.
Real estate developer Candy donates to right-wing populist party
Who is behind the current change of ownership also caused a stir. The previous owner was real estate entrepreneur Nick Candy, a 53-year-old billionaire. He used to be a major Tory donor and has recently served as treasurer of Nigel Farage’s right-wing populist Reform UK party.
With spectacular deals – such as the development of the modern luxury complex “One Hyde Park” near the Harrods department store – Candy and his brother have become billionaires. “One Hyde Park” is a preferred address for the super-rich, oligarchs and celebrities.
His brother bought the Providence House, which was in need of renovation, fourteen years ago for £75 million. Since then, the value has more than tripled. Nick Candy lived there with his now-estranged wife Holly Valance, an Australian-British actress and singer. Both have made a name for themselves with their closeness to right-wing politicians. Candy donated more than £1 million to the Farage party.
Buyer Suneil Setiya is a major Labor donor
The purchase of the villa in Chelsea made headlines not only because of the record price, but also because the seller and buyer have different political views. A major Labor supporter became known as the buyer in mid-April: Suneil Setiya. He is co-founder of Quadrature Capital, a financial firm that has made a lot of money trading securities based on AI models.
Before the 2024 general election, the rather publicity-shy billionaire donated a good five million pounds to Keir Starmer’s Labor Party, making him one of its most important donors. Through his Quadrature Climate Foundation, Setiya has donated hundreds of millions to climate protection and poverty reduction projects.
Property developer Candy owns other top properties in London. He wants to sell his penthouse in the “One Hyde Park” complex. It has long been said to be for sale for £175 million.
However, the market for luxury real estate in London is currently considered rather difficult. Some sales only succeed well below the top prices demanded. A debt-ridden member of the Saudi ruling family failed in his attempt to sell the villa “The Holme” in Regent’s Park for £250 million. The asking price was far too high. The house changed hands a year ago for a still impressive £139 million.
Prices in posh districts have recently fallen significantly
In general, the London market for real estate in the most expensive districts has recently weakened significantly. Prices in Kensington and Chelsea fell by 11.2 percent in the year to February, according to ONS data.
Quite a few houses in these neighborhoods serve as investments for the super-rich and are rarely actually used. What was once the most expensive house in the city in Hyde Park has been vacant for years. Evergrande founder Hui Ka Yan (also known as Xu Jiayin) bought the property there six years ago for £210 million through an intermediary. However, it is no longer uninhabited: The Times reported this week that a homeless man from Sweden has set up shop in the entrance area with a bicycle, all kinds of blankets, suitcases and flower pots.
Evergrande founder Hui himself has other worries. He pleaded guilty in a Shenzhen court to several economic crimes, including embezzlement and financial fraud. It is unclear what will become of his house in London.
