Tax haven super-rich named in £1bn development

Tax haven super-rich named in £1bn development




After a six-month investigation, the identities of the secretive multimillionaire owners of a £1 billion development in London have been revealed.

After a six-month investigation, the identities of the secretive multimillionaire owners of a £1 billion development in London have been revealed.

A private investigator has trawled through tax haven records, on behalf of Vanity Fair magazine, and has now tracked down who the secretive super-rich buyers are of One Hyde Park development.

Because the residents are so wealthy, many have other homes and do not use their exclusive address as their permanent home, it has also been reported.

According to the investigation by tax haven expert Nicholas Shaxton, just 17 of the 76 sold apartments are used as primary residences.

Many of the owners use offshore companies to hide their identity.

According to The Sunday Times, five properties worth £81million are owned by companies under the name of Rose of Sharon on the Isle of Man.

The exclusive residential glass tower in Knightsbridge - developed in a joint venture involving property tycoons Christian and Nick Candy - is believed to be the most expensive apartment block in the world.

Christian Candy owns separate flats worth £31million and £26.2million on the tenth floor.

His brother Nick, who recently married Holly Valance, also owns a penthouse in the block on the 11th floor.

In total the Candy brothers and other members of the Project Grande consortium - the company that developed One Hyde Park - reportedly own eight apartments.

The recent list reveals a diverse selection of the world's richest people including several billionaires, the investigation by Vanity Fair has shown.

Naomi Campbell's property magnate boyfriend Vladislav Doronin is reported to own an apartment there, along with the Prime Minister of Qatar, Sheikh Hamad bin Jassim bin Jaber Al Thani, who has a £12million property there.

Shakhtar Donetsk's owner Rinat Akhmetov, who is worth an estimated £10 billion, is believed to own an apartment, as is Vladimir Kim, who chairs Kazakh copper giant Kazakhmys.

Oil baroness Folorunsho Alakija is thought to own five apartments in the block and Kazakh singer Anar Aitzhanova also has a property at One Hyde Park.

Other apartment owners are Rinat Akhmetov, Ukraine's richest man, and Sheikh Mohammed Saud Sultan al-Qasimi, a member of the ruling family of the Gulf emirate Sharjah.

Some of the other owners are Russian property and pharmaceuticals magnates, Taiwanese entrepreneurs, Malaysian property barons, and a British insurance broker.

The flats at One Hyde Park are sold for up to £5,000 per square foot.

The results are fairly predictable. To recap, many of the 76 apartments that have been sold in the development were bought through offshore companies to minimise tax liability and – supposedly – to gain a degree of privacy. Only 17 are registered as primary residences, with buyers representing a good cross-section of billionaires, brides, entrepreneurs, Sheikhs and celebrities.

The full article will be published in the next issue of Vanity Fair.

Leave a comment