Seven-story mansion to be converted into luxury flats to rival One Hyde ParkComments Off on Seven-story mansion to be converted into luxury flats to rival One Hyde Park
The imposing seven-storey mansion at 2-8a Rutland Gate has 45 bedrooms, including 68 bulletproof windows facing out over the park in Knightsbridge.
But, after having failed to sell the property for a hoped-for £300 million, its Saudi owners have decided to turn it into a luxury development.
Sources said flats in the property will rival those in the prestigious One Hyde Park luxury development a few hundred yards down the road. The penthouse there sold for £136 million.
An auction this week sees 1252 items of luxury furniture and fittings go under the hammer including 41 Murano glass chandeliers, a French Louis XV Pompadour antique fireplace and a number of marble bathtubs, sinks and bidets.
Documents seen by the Evening Standard show that the owners have taken out a loan of £55 million simply to cover the cost of stripping out the building’s interior.
The preparation work is expected to take until the end of the year, when the redevelopment will commence, tearing up the redecoration done by the celebrity Parisian designer Alberto Pinto, who died three years ago.
The loan to strip the property was made by Omni Capital, the financing arm of Christian Candy, who with his brother Nick developed One Hyde Park.
The Candy Brothers, Nick, left, and Christian, developed One Hyde Park (Picture: Alex Lentati)
Omni had the Rutland Gate property professionally valued at £140 million six months ago, indicating how outlandishly high the £300 million asking price for the property was.
That cast considerable doubt on claims by a London agent that he was close to securing a sale at £280 million.
The house was originally built as four grand family homes before being knocked into one, and was formerly the London home of Lebanese prime minister Rafik Hariri before he was assassinated in a car bomb in 2005.
The house was then passed to his associate Sultan bin Abdulaziz, the crown prince of Saudi Arabia, who died in 2011.