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Saturday, July 16, 2011

Most expensive property woes

I only posted the other day the importance of making realistic projected valuations on property developments. I was citing the grotesque, pointless and moronic looking Updown Court in Windlesham, Surrey as a fine example of how wrong a developer can get things.

I mean 5 swimming pools and a reported 1.5 million a year running costs.... uh!

£75 million seemed a nonsense figure for the place and six years on from originally going on the market the property sits unsold.

Well it seems that things have got even worse for the property developer as the property has now been seized by the banks following defaults on his £50 million loan.

Any guesses on how much it finally goes for? Will it even recover the £50 million debt, I doubt it.

They should of employed Prince Andrew as their estate agent, he seems to be the only person who is able to get over the top prices for these kind of monstrous property carbuncles, how does he do it....?

Read more on the saga here in the Daily Mail

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