A Multi-Million Pound Transformation in London's Elite Enclave
The wife of Chinese tech billionaire Jack Ma has acquired a spectacular London mansion for nearly £20 million, securing one of the capital's most significant property deals since Labour's election victory last year. Cathy Ying Zhang purchased the former Italian embassy in Belgravia's exclusive Lygon Place for £19.5 million last October, obtaining a £2 million discount from the original £21.5 million asking price according to Land Registry documents.
Inside the Opulent Six-Storey Residence
Photographs obtained by the Daily Mail reveal the extraordinary transformation of the historic property, which has undergone a multi-million pound renovation to become a six-bedroom mansion. The 7,692 sq ft residence now features:
- Six en-suite bedrooms including a 520 sq ft master suite
- A basement cinema room and fitness studio
- A lift connecting all six floors
- Secure underground parking for two vehicles
- Two vaults and separate staff accommodation
- Private courtyard garden
The interior showcases chequered marble flooring, a grand central staircase with an artistic chandelier, and multiple reception rooms with parquet flooring and wood panelling. The main bedroom occupies the entire second floor with two walk-in dressing rooms and a substantial marble bathroom featuring twin sinks.
Historical Significance and Local Impact
This sale marks the first time the property has been available on the open market since Benito Mussolini's fascist government purchased it in 1923. During its diplomatic tenure, Count Dino Grandi, Italy's wartime ambassador, entertained Prince Edward and Wallis Simpson among other notable figures.
Despite the property's prominence and the record-breaking transaction, local residents appeared largely unaware of their new high-profile neighbour. Adam Delmaestro, owner of the nearby Maestro cafe, noted that many Lygon Place residents have moved out 'thanks to taxation,' with only one or two remaining. 'It's affected my business,' he told the Daily Mail. 'The residents themselves wouldn't necessarily come in here but they would hire people who would use our services.'
The area maintains tight security with prominent CCTV monitors, sophisticated doorbell cameras, and intercoms. When visited by the Daily Mail, the property appeared completely deserted with only a sleek blue Land Rover and works van on its sweeping circular driveway.
London's Luxury Property Market Context
This substantial acquisition comes despite a recent slowdown in London's super premium property market following the abolition of non-dom tax status and concerns about potential wealth and mansion taxes. According to Knight Frank, mansion prices in the capital have fallen by four percent in the last year, representing the steepest decline since February 2021.
The transaction forms part of the Ma family's growing global property portfolio. Last year, Zhang purchased three adjoining properties in Singapore for £26 million and was listed as sole shareholder of a company that acquired a French château according to the Financial Times.
Located just minutes from Buckingham Palace and less than a mile from Sloane Square, the Grade II-listed property sits within a gated enclave in one of London's most prestigious neighbourhoods, maintaining its connection to historical espionage through neighbouring properties once owned by British admiral Sir Reginald Drax, whose name Ian Fleming used for a memorable villain in his 1955 James Bond novel Moonraker.
