Luxury London mansion is repossessed
A luxury West London home has been repossessed by the bank, losing its wealthy owner over £10 million.
Robert Bonnier, a city financier who became a millionaire through the dotcom boom of the mid-1990s, bought the Holland Park house last year and had planned to refurbish it before selling it on for £15 million.
However, since the effects of last year's credit crunch have gripped the nation, the businessman has been unable to pay-off around £7 million worth of loans, leading to a costly repossession.
An unnamed source told The Telegraph: "The market is 20 per cent off what it was last year and sadly it has been repossessed."
The repossession is thought to be one of the costliest of the credit crunch so far, although the six-bedroom house in Ilchester Place has now been put back on the market for £10 million.
According to Estate Agent Tim Blenkin, five properties in Mayfair face possible repossession this year.
The development is a stark reminder of sweeping vulnerabilities to the ongoing economic turmoil in the UK.
Published 23rd September, 2008
© 2008 Estates IT Limited
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A luxury west London home has been repossessed by the bank, losing its wealthy owner over £10 million.