Deutsche Bank has repossessed one of London’s most exclusive mansions after its owner, a Pakistani minister, ran into default on a £50 million loan secured on the property.
Adding to the substantial debts, Deutsche Bank also sought possession of a portfolio of six flats in Knightsbridge worth a total of £40 million.
The news marks a resolution to a lengthy court case, which began after Deutsche Bank claimed the loan had fallen into default, as a result of the property value falling below the outstanding value of the loan.
The minister, Senator Wayqar Ahmed Khan, took out a £50 million loan with Deutsche Bank against the value of the ‘Billionaire’s Row’ house, with plans to use the money to redevelop the house, named Dryades.
The receivers, Eddisons, has placed the property on the market with Knight Frank, with planning permission already granted for a 46,000 square-foot replacement - which could more than triple the present value of the property.
The prospective new build on the site will boast an underground level containing a car park, swimming pool, sauna, gym, steam room, billiards room, cinema, bar and bowling alley.
According to an intiail report by the Daily Mail, its value could approach £100 million mark when completed – potentially making it the country’s most valuable new property.
Khan bought the property back in 2005 for £12,000,000 as they looked to invest in the lucrative London property market.
The property on ‘The Bishops Avenue’ in North London is currently up for sale with Knight Frank, and has been boarded up for the time being.
[Picture: BSEUK Properties]
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