LONDON - A mansion in Regent’s Park that was seized by creditors to members of the Saudi Royal family has been sold at a 44% discount to the asking price almost two years after it was put up for sale.
The Holme, a 40-room house whose neighbours include the US ambassador, was bought for £139 million (US$172 million) by Zedra Trust Company (UK) Ltd on Dec 13, UK property records show.
Even after the hefty discount, the price is still one of the highest ever paid for a UK residence. The documents did not reveal the ultimate beneficial owner.
The white stucco villa was previously owned by a Guernsey-based company Quendon Ltd, which listed children of Prince Khaled bin Sultan al-Saud as its beneficial owners.
Brokers were appointed to sell the property on behalf of creditors to the company in early 2023, with an asking price of £250 million, Green Street News reported at the time.
The steep discount reflects the pressure on the top end of London’s housing market, which has been grappling with a dip in demand because of a series of tax increases and transparency initiatives by the government.
The UK introduced a register of beneficial ownership in 2022 intended to reveal who owned properties held by offshore companies but there are loopholes that help hide real ownership by using trusts.
