Owner of UK's Most Expensive House Defaults on Mortgage. House Seized

PasturesNew

This one's often made an appearance over the years.... biggest house ever probably

It's been on with many agents over the past X years and now, finally, the owner's defaulted and the house has been seized by the bank.

£50million mortgage.

http://www.dailymail.co.uk/news/article-2013170/UKs-expensive-house-seized-bank-owner-defaults-50m-mortgage.html

When Updown Court in Windlesham, Surrey, was put on the market for £75 million six years ago, its owner, Leslie Allen-Vercoe, described it as the most expensive house in Britain.
However, with no buyer found for the mansion, Ireland's National Asset Management Agency was preparing to reappoint receivers to take control of the estate.

And today the Irish government was preparing to seize ownership of the massive, 103-room mansion in southeastern England after the Allen-Vercoe, 67, defaulted on a £50 million mortgage.

Set in 11 acres of gardens and 46 acres of woodland, it has 24 en-suite bedrooms, five swimming pools, stables, tennis and squash courts, a bowling alley, a helipad and garage space for eight cars.

Allen-Vercoe put the house on the market in 2005, hoping to sell it in six months. However, with no buyer found, the costs of maintaining the house grew to £1.5 million per year.

Speaking over the weekend, Allen-Vercoe said he had no knowledge that the house - in the Surrey village of Windlesham - was about to be taken into receivership.

'It's news to me. I don't see any reason why they would want to do that. We are talking to three possible buyers, and it would be a pointless exercise from NAMA's point of view,' he said.

It's on with 6 agents on RM right now: http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^1462&minPrice=3000000

It has its own website: http://www.updowncourt.com/

purch

Is it me, or does that place look decidedly "tacky" :eek:

PasturesNew

Yes, it's tacky. WAG stuff, no wonder nobody bought it.

Graham_Devon

I wondered who might own such a property.

Typical. Property developer!!!

First thing that would go through my mind when looking to buy that would be "corr blimey, how much is this gonna cost to heat - better not turn the driveway heating on".

Sad, I know

StevieJ

purch wrote: »

Is it me, or does that place look decidedly "tacky" :eek:

No more so than those old stately homes, like living in a hotel.

JanCee

It looks more like a hotel than a private residence.

Callie22

Just out of curiosity, what would be the rough monthly payments on a £50m mortgage?

ukcarper

Callie22 wrote: »

Just out of curiosity, what would be the rough monthly payments on a £50m mortgage?

£295,635.23p 5% over 25 years I'm sure you can afford it.

MRSTITTLEMOUSE

StevieJ wrote: »

No more so than those old stately homes, like living in a hotel.

Exactly,its nothing like a home.
It resembles a hotel,people wanting to buy a home just would'nt even look at such a (as has already been said by other posters)"tacky" prospect.

Doozergirl

Wow! How many times have I seen that house pop up in random conversation on here, and how many times have we dissected the interior design! That has got to be the most linked to house on on the housey forums.

Someone should tell them it's clearly not the most expensive house in Britain.

PasturesNew

Doozergirl wrote: »

Wow! How many times have I seen that house pop up in random conversation on here, and how many times have we dissected the interior design! That has got to be the most linked to house on on the housey forums.

Someone should tell them it's clearly not the most expensive house in Britain.

It might turn out to be the most delusionally over-priced one though