IT IS the news that no one trying to sell their home ever wants to hear: the estate agent sighs, fiddles with his tie, and finally suggests, “We may have to think about dropping the asking price a bit.”
Spare a thought then, for the owner of the 14-bedroom Heath Hall which has been on the market since 2011.
Now the stunning Edwardian mansion, which had a price tag in the region of £100-million (R1.4-billion) and boasts a library, cinema, gym and wine cellar, is available for what the estate agent calls a “more realistic” £65-million (about R913-million).
It’s still fantasy money to most of us. But in the world of the mega-rich, Heath Hall is now apparently something of a bargain. So, what do you get for your money?
There is the benefit of £40-million (about R562-million) in renovations, completed by owner Andreas Panayiotou, the property magnate who bought Heath Hall in 2006.
The mansion has 14 bedrooms, each with its own bathroom, while the master bedroom has a steel-lined panic room attached in case the owner is targeted by burglars or kidnappers.
Its six reception rooms are decorated in Italian marble and seven different types of wood, while the hall and library are lined with oak.
When it comes to relaxation, Heath Hall boasts a “leisure complex” featuring a swimming pool, gymnasium, sauna, steam room and jacuzzi. For the sporty-minded resident, the house has a snooker room and outdoor tennis courts.
And the more sedentary variety of billionaire would doubtless appreciate the private cinema and climate-controlled cellar with space for more than 600 bottles of vintage wine.
Although the home was built in 1910, it features some distinctively modern touches.
Instead of light switches rooms are equipped with touch screens, and it is possible to control the building’s electrical systems using an iPad. The grounds of Heath Hall occupy 2.5 acres, which apparently makes the garden one of the largest in North London.
The makeover has left the house, on The Bishops Avenue in Hampstead, North London, as one of the capital’s finest homes.
Heath Hall is currently the most expensive property for sale on the open market. It’s the least you could expect for a house in The Bishops Avenue, known as Billionaires’ Row.