Britain’s first £200m home revealed
The number of people who can afford it will be very small, but nevertheless one of London’s most venerable landmarks is to be converted into a home and sold for £200m making it Britain’s most expensive home.
The property, which was built in 1750 for the Second Earl of Egremont, was until 1999 the ‘In and Out’ club on one of London’s most famous thoroughfares, Piccadilly, overlooking St James’s Park and Buckingham Palace.
The club, which takes its unofficial name from the prominent entry and exit signs on the property’s street-facing boundary walls, was originally named the Naval and Military. In 1999 it moved to new premises at No.4 St James’s Square after failing to negotiate terms for a new lease at its now former address.
No. 94 Piccadilly was originally known as Cambridge House, a name that its current owners, publicity-shy billionaire property developer siblings David and Simon Reuben may wish to resurrect.
They bought the Grade I listed property and its neighbour, the American Club, for £130m in 2011 after they had stood unused for a decade while the previous owner tried unsuccessfully to get planning permission and funding to convert them into a hotel.
Instead, this week it was revealed that the Reuben brothers are to convert No.94 into a 48-bedroom mansion with a 35,000 bottle wine cellar, underground swimming pool and gym.
Until that work is completed and a £200 million price tag achieved Britain’s most expensive property is Park Place, a Berkshire mansion that Russian billionaire Andrey Borodin paid £140 million for in 2011 followed by an apartment at One Hyde Park in Knightsbridge sold – also in 2011- for £136 million.
See Zoopla’s list of London’s most expensive streets.