A Polish billionaire paid £ 57.5 million for a home near Harrods in the latest sign that London’s depressed luxury real estate market is reviving.
Dominika Kulczyk purchased a property in a Knightsbridge garden from Mike Spink, a residential developer known to have sold a historic home near Buckingham Palace last year to cover billionaire Ken Griffin.
Ms Kulczyk made the purchase by taking control of the Farringdon Property Trust.
A spokeswoman for Ms Kulczyk declined to comment. Spink was not available for comment.
There have been some high-value deals at the top of London’s residential real estate market in recent months, when the world’s richest hurried to take advantage of the weak pound and seal their purchases before a potential new property tax came into effect. purchases by foreign investors.
Chinese property magnate Cheung Chung Kiu agreed last month to buy a sumptuous home in Knightsbridge for over £ 200 million, setting a new record for London.
However, the sale also makes it clear that as business is picking up, prices are still lagging behind. The amount that Ms. Kulczyk paid for the residence – a complete redevelopment of two Georgian houses with a stucco facade – was below the £ 65 million valuation of Savills, according to another document.
Prices for luxury homes in the most expensive areas of London remained unchanged last month, stopping a 12-month drop of 2.1%, according to Knight Frank.
A Savills spokesman declined to comment.
Ms. Kulczyk and her brother Sebastian inherited a fortune from their father Jan Kulczyk, who was Poland’s richest man after making a series of timely investments in infrastructure, beer, oil and the automotive sector after the fall of communism . He died in 2015, leaving behind a fortune therefore estimated at $ 3.5 billion (£ 2.7 billion).
Sebastian Kulczyk is the owner and CEO of Kulczyk Investments, which manages portfolios in numerous sectors, including energy, infrastructure and real estate.