A monumental £110 million 'giga mansion' located in the prestigious Belgrave Square has been launched onto the market, positioning itself to become one of the most expensive residential properties ever sold in London. The property is expected to attract interest from international billionaires seeking a foothold in the capital's most exclusive neighbourhood.
A Property Steeped in History and Luxury
Property 17 Belgrave Square boasts a rich and illustrious history stretching back centuries and holds the distinguished status of being Grade I listed. Nestled between the Austrian Embassy and the Country Land and Business Association in the heart of Belgravia, the mansion is just a stone's throw from Buckingham Palace.
After standing vacant for several years, the property is now undergoing an extensive redevelopment by luxury developers Fenton Whelan, who purchased it for £35 million. The firm has taken out a £29.5 million loan to finance the transformation, with works due for completion in the summer of 2026. The property will then be marketed, with an asking price set upwards of £110 million—almost triple its purchase price.
Opulent Features for a Global Elite
The 22,000 sq ft residence is being outfitted with a suite of ultra-luxurious amenities designed for the world's wealthiest individuals. The final product will include:
- A state-of-the-art gym, pool, and spa complex
- A private home cinema
- An elegant orangery and an attached mews house
- A three-car garage and dedicated staff accommodation
Sanjay Sharma, co-founder of Fenton Whelan, emphasised the rarity of such an opportunity, stating, 'It's the square for royalty and world leaders and [properties] come to market only very rarely.' He described the project as a 'speculative development' reflecting his firm's conviction that London remains a top destination for the global elite, with the most likely buyer being a billionaire who 'lives globally'.
From Oligarchs to Aristocrats: The Mansion's Colourful Past
The mansion's recent history is as dramatic as its architecture. Until recently, it was owned by Russian oligarch Georgy Bedzhamov, who has been photographed with Vladimir Putin. In 2022, the High Court approved the sale of the property so Bedzhamov could pay £10 million in fees to his legal team. This followed a worldwide freezing order obtained against him in 2018 by a collapsed Russian bank, Vneshprombank, over claims he stole billions before its bankruptcy.
Its historical lineage is equally notable. Completed in 1840, the property has had only five owners. Its first resident was Sir Ralph Howard, MP for Wicklow, who entertained neighbours like Princess Victoria of Saxe-Coburg-Saalfeld, the mother of Queen Victoria. It later passed to politician Pandelli Ralli, MP for Bridport, who lived there for about 60 years until his death in 1928.
In the 20th century, Lady Leontine Sassoon held the tenancy and is said to have hosted parties for soldiers during the Second World War, while part of the house served as a Red Cross supply depot. More recently, The Royal College of Psychiatrists was based there from 1974 until 2013.
The sale of 17 Belgrave Square places it firmly within London's 'giga-prime' market—properties valued in excess of £100 million. It is thought there are only around 20 such residences in London, located in areas like Belgravia, Mayfair, Knightsbridge, and Kensington. The eventual owner will join a rarefied community of the world's richest individuals and numerous embassies, including those of Portugal, Spain, and Norway.
As Peter Wetherell, executive chairman of Wetherell, noted, buyers in this market are typically 'billionaires and many are heads of state or royals from the Middle East.' He added that these ultra-exclusive deals are 'nearly always on a strictly off-market basis, with the deals cloaked in secrecy and legal non-disclosure agreements,' underscoring the private nature of this pinnacle of the property world.
