A London mansion in a posh, celebrity-strewn neighborhood called The Boltons has come back on the market with a £10 million price cut—offering another example of the city’s cooled luxury market.
The 18-bedroom home on a quiet, mansion-lined street in Chelsea, has returned to the market for £30 million (US$38.7 million), marking a major discount from the last time it hit the market nearly four years ago. It was last listed in 2013 for £39.5 million (US$50.956 million) with London brokerage Russell Simpson, according to British listing site Zoopla.
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This is one of London’s largest homes, spanning 10,000 square feet. The land underlying the mansion and its neighbors used to encompass the old Coleherne House, the estate of 19th century racehorse auctioneer Edmund Tattersall. In 1899, the Coleherne was demolished and replaced with the elegant row of white stucco-fronted houses that stand there today, according to the former listing agency.
The home is now selling with Knight Frank. The main house has over three floors with six-to-seven bedrooms, an impressive drawing room and two reception rooms, according to the listing. There are additional staff quarters on the ground level.
At the back of the property is a separate mews house, a British-style carriage house, which has another five bedrooms. The additional house requires a complete modernization in its current state, according to Knight Frank.
The 24% price cut offers an example of the cooled luxury market in prime central London since the British vote to exit the European Union, an increase in stamp duty and the fall in value of sterling. In the first quarter of 2017, prime central London, which includes The Boltons, saw prices for homes over £10 million fall 6.7% year-over-year, according to Frank Knight’s Prime Central London Sales Index.