Here is a repossession with a difference ! Although the owner denies the house is being repossessed.

The Daily Mail shows an  incredible house  for £75 million which has a mortgage of £50miilion (which apparently has been Defaulted on.

The house has 103 rooms, five swimming pools, two penthouse apartments and a helipad.

This is of coures an overkill product since its 46 acres of woodlands and its 5 swimming pools are ridiculous for any type of tycoon .

Buckingham Palace is smaller ! .
One estate agent regards this as a "Footballers home on steroids"

 

I cannot imagine why the banks in Ireland (the bank is now defunct) in their right mind would lend 75% of a perceived value on such a monstrosity.
If the property had been near Hyde Park it would be understandable. Its again an example that the banks are getting what they deserve.

The house by the way is in Surrey

Anyway its not being sold off cheaply at the moment but I am sure unless some hotel chain get its teeth into it the price of such a ridculous and unwieldy property will come down.

 

It makes you wonder what basis the banks will lend money when you consider the limited market and the fact that the owner bought it for £22million .

Still, whats £50 million between bonuses

 

 

 

 

 

Posted via email from barrydanser's posterous