{"id":16484,"date":"2023-04-19T11:31:43","date_gmt":"2023-04-19T11:31:43","guid":{"rendered":"https:\/\/culturetodaymag.com\/j-p-morgans-12-bedroom-mansion-for-sale-for-93-5-million\/"},"modified":"2023-04-19T11:31:43","modified_gmt":"2023-04-19T11:31:43","slug":"j-p-morgans-12-bedroom-mansion-for-sale-for-93-5-million","status":"publish","type":"post","link":"https:\/\/culturetodaymag.com\/j-p-morgans-12-bedroom-mansion-for-sale-for-93-5-million\/","title":{"rendered":"J.P. Morgan\u2019s 12-bedroom mansion for sale for $93.5 million"},"content":{"rendered":"

Business tycoon Mike Jatania is looking to sell a 12-bedroom mansion<\/a> just west of London, in what would be one of the UK\u2019s biggest ever country house deals.<\/p>\n

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The Grade I-listed stately home in Denham, Buckinghamshire \u2014 a 30-minute drive from central London \u2014 will go on sale next week for \u00a375 million ($93.2 million) through Knight Frank, Savills and Beauchamp Estates. The ultimate owner of the property is the family of Jatania, who built a fortune in cosmetics and\u00a0sold<\/a>\u00a0personal-care brand Lornamead to rival Li & Fung Ltd. for almost $200 million a decade ago.<\/p>\n

\u201cIt\u2019s very unusual to get a stately home of those palatial proportions that\u2019s on par with a royal residence,\u201d said\u00a0James Crawford<\/a>, a partner in Knight Frank\u2019s country department. \u201cSince Anglo-Saxon times, up to the current vendors, there have only been seven owners of Denham Place.\u201d<\/p>\n

The planned sale comes 23 years after Jatania bought the property from British American Tobacco<\/a> Plc, which acquired the building as office space after a \u00a35.1 billion takeover of rival cigarette maker Rothmans. The home \u2014 which has a James Bond-themed cinema room and cocktail bar \u2014 was rented by American banker J. P. Morgan and James Bond co-producer\u00a0Harry Saltzman<\/a>.<\/p>\n

Jatania is expecting an international buyer to purchase Denham Place, as the weakness in the pound against the dollar lures more global investors to London\u2019s luxury properties \u2014 notably from\u00a0North America<\/a>\u00a0and the\u00a0Middle East<\/a>.\u00a0<\/p>\n

\u201cIn central London, the likes of Ken Griffin and other hedge fund managers have bought properties, so I\u2019m sure the Americans will look at it,\u201d said Jatania, who now resides in Monaco and invests in real estate projects such as\u00a0Regent\u2019s Crescent<\/a>\u00a0in London. \u201cThere\u2019s also been a lot of wealth created in the Middle East recently, and we know families there have a tradition of owning London homes.\u201d\u00a0<\/p>\n

Wealthy buyers who are less reliant on debt have helped London\u2019s most expensive homes\u00a0defy a slowdown<\/a>\u00a0in Britain\u2019s housing market, which is facing disruption as it adapts to higher borrowing costs. New sales instructions for homes priced at \u00a35 million or more were 74% higher in the final quarter of 2022 compared with the pre-Covid average, according to data compiled earlier this year by researcher\u00a0LonRes<\/a>.<\/p>\n

What\u2019s more, 17% of ultra-high-net-worth individuals bought at least one home last year, according to a\u00a0report<\/a>\u00a0by Knight Frank. Residential property is seen as the safest asset class for rich investors, the research shows, ranking above gold and bonds, respectively. \u00a0<\/p>\n

\u201cDemand for properties of this kind is stronger than it has been for decades,\u201d said\u00a0Crispin Holborow<\/a>, joint-head of Savills\u2019 private office. \u201cThere has been a widening interest from the world\u2019s wealthiest families for period property in the UK.\u201d<\/p>\n

Still, the gap between buyer and seller demands in London is widening. Over half of prospective purchasers looking for a prime property in the capital expected at least a\u00a05% discount<\/a>\u00a0in the first three months of the year, compared with 6% in the same quarter of 2022, according to a Savills report published earlier this month.<\/p>\n

Property developer Christian Candy sold a luxury estate 20 miles west of London for about \u00a3125 million last year, which was reportedly \u00a315 million less than he originally wanted.\u00a0<\/p>\n

Regardless, Jatania is hoping Denham Place\u2019s history and close proximity to central London will push the price higher than \u00a375 million.<\/p>\n

\u201cIt wasn\u2019t an easy number to settle on,\u201d Jatania said. \u201cWe hope that it\u2019ll have competitive tension and go for more.\u201d<\/p>\n<\/div>\n

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Business tycoon Mike Jatania is looking to sell a 12-bedroom mansion just west of London, in what would be one of the UK\u2019s biggest ever country house deals. The Grade I-listed stately home in Denham, Buckinghamshire \u2014 a 30-minute drive from central London \u2014 will go on sale next week for \u00a375 million ($93.2 million) […]<\/p>\n","protected":false},"author":12,"featured_media":16485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[298],"tags":[],"_links":{"self":[{"href":"https:\/\/culturetodaymag.com\/wp-json\/wp\/v2\/posts\/16484"}],"collection":[{"href":"https:\/\/culturetodaymag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/culturetodaymag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/culturetodaymag.com\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/culturetodaymag.com\/wp-json\/wp\/v2\/comments?post=16484"}],"version-history":[{"count":0,"href":"https:\/\/culturetodaymag.com\/wp-json\/wp\/v2\/posts\/16484\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/culturetodaymag.com\/wp-json\/wp\/v2\/media\/16485"}],"wp:attachment":[{"href":"https:\/\/culturetodaymag.com\/wp-json\/wp\/v2\/media?parent=16484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/culturetodaymag.com\/wp-json\/wp\/v2\/categories?post=16484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/culturetodaymag.com\/wp-json\/wp\/v2\/tags?post=16484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}