China's richest man, Wang Jianlin, has purchased a ten-bedroom mansion on London's exclusive 'billionaire's row' for £80 million. The property, located at 15A Kensington Palace Gardens, was acquired on a long lease from the Crown Estate.
Wang, who chairs the Dalian Wanda property group, is expected to spend tens of millions more on refurbishing the mid-Victorian home, with estimates as high as £50 million. The 20,000 sq ft property includes eight bathrooms and a basement swimming pool.
His neighbours on Europe's most exclusive street will include Chelsea owner Roman Abramovich, the Norwegian embassy, and other wealthy residents such as Tamara Ecclestone and Lakshmi Mittal. The road is considered one of London's most secure, with 24-hour armed police presence.
The purchase is Wang's latest major UK investment, following the £700 million One Nine Elms development in Vauxhall and the acquisition of Sunseeker yacht business. Wang also owns a 20% stake in Atletico Madrid and has plans to build a global sports business.
The sale could trigger one of the largest stamp duty bills in British history, exceeding £9.5 million. The property was previously occupied by Ukrainian-born businessman Leonid Blavatnik during renovations on his own home.
