Andrew Heathcote Rich Lists editor

Andrew is BRW's Rich lists editor and is responsible for the Rich 200 and Young Rich flagship issues. He also reports on matters relating to wealth and investment for BRW and The Australian Financial Review.

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Hot property? House on market for $370 million

Published 24 April 2013 12:39, Updated 26 April 2013 07:29

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Hot property? House on market for $370 million

A seriously spacious – 4600 square metre – home in London’s Carlton House Terrace is on the block for $370 million, and features the Queen as a neighbour.

A house in central London is set to become the most expensive home ever sold after being put on the market for $370 million.

The stand-alone building is believed to be owned by a member of a Middle Eastern royal family and described by the selling agent as “probably the finest residence in London”.

It has a massive 4600 square metres of internal living space and is believed to have undergone opulent renovations, although new pictures of the interior are unavailable, for privacy reasons.

Such a hefty price tag puts the property beyond reach of all but a few of the world’s richest people.

Likely buyers are tipped to have made their fortunes in countries other than the UK.

Just one UK-born person made the top 10 of the recently released Sunday Times Rich List – the Duke of Westminster has an estimated net wealth of $11.6 billion.

The richest on the list was Russian businessman Alisher Usmanov. The iron ore investor has a 30 per cent stake in the London-based Arsenal football club and may want to consider putting some of his $19.7 billion fortune towards the newly listed property.

He is already believed to own several houses in the UK, including a $71 million mansion in north London.

And in Sydney...

In recent days, a waterfront property in Sydney was sold for $33 million, making it one of the priciest homes to be sold in Australia in recent years.

The most expensive home ever sold is Rich 200 member Chris Ellison’s Perth mansion, which he bought for $57.5 million in 2009.

The Sydney property, nicknamed the ‘Bang and Olufsen house’ because it looks like giant speakers, is in ultra-exclusive Wolseley Crescent, Point Piper.

The identity of the buyer has not been revealed but it is believed to have been sold by commercial director of the Seven Network, Bruce McWilliam.

The sale price seems modest compared to the London property; the Bang and Olufsen house is worth just nine per cent of the newly listed London home.