A Regent’s Park mansion formerly owned by Saudi royals that fell into receivership nearly two years ago has sold for £139mn to a mystery buyer in one of London’s largest ever property sales.
The Holme, which sits in a four-acre private garden within Regent’s Park in central London, has been sold to a UK subsidiary of Zedra, a corporate service and wealth management firm that runs trusts on behalf of various clients, according to UK land records.
The £138.9mn sale vies with billionaire Adar Poonawalla’s roughly £138mn purchase of Aberconway House in Mayfair in 2023 as the second most expensive house ever sold in London.
“This is a once-a-decade kind of property . . . a mini stately home in the middle of London, in its own parkland,” said Roarie Scarisbrick, a buying agent at Property Vision. “This is not a house for the shy and retiring type.”
UK companies have to publicly register their beneficial owners. This requirement was extended to overseas companies that own property in the UK in order to increase transparency after Russia’s full-scale invasion of Ukraine.
But there are still gaps in the regime, which have drawn criticism from transparency advocates and some lawmakers. The individuals behind some properties can still be obscured through trusts, where information about the ultimate beneficiaries is disclosed to the government but not made public.
Proposing transparency measures in 2023, then-housing secretary Michael Gove said: “Trusts can be used for wholly legitimate reasons. But they can, and are, created with deliberately labyrinthine structures to obscure the ownership of assets and make it easier for corrupt individuals to operate.”
The company registered as the new owner of the Holme is controlled by a Luxembourg-based Zedra entity, according to corporate records.
The UK government has published new draft regulations that will allow anyone to apply for information about trusts held in the register of overseas property owners — with certain limits, for example, to protect information about minors. If approved, the regulations are expected to take effect in August.
The Holme came on the market in early 2023 seeking a price as high as £250mn after debts secured against the property expired. It was previously bought on behalf of Prince Khaled bin Sultan al-Saud of Saudi Arabia and his family in 1991 via a Guernsey-registered company called Quendon Ltd, which later listed five of Prince Khaled’s children as beneficial owners.
The 207-year-old villa, which is owned on a long lease from the Crown Estate, would probably require complex and costly renovations given its heritage status, people familiar with the property said. One of a handful of private residences located inside the central London park, the Holme’s neighbours include the US ambassador’s residence at Winfield House.
Public records show the property was sold in mid-December by Trinity Investments, an Irish company managed by London-based hedge fund Attestor. The fund is known for its debt strategies, and made a multimillion-pound loan to Quendon secured on the property.
Attestor and Zedra declined to comment. Agents Knight Frank and Beauchamp Estates, who were appointed to sell the house, declined to comment.
London’s most expensive house sale, the 45-room mansion at 2-8a Rutland Gate, was secretly agreed just before the Covid-19 pandemic and involved a British Virgin Islands company buying the property for £210mn from a Curaçao-registered entity. The Financial Times revealed in 2022 that the buyer was Evergrande founder Hui Ka Yan, once China’s richest man.
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