Tycoon’s Pad Cost $290 Million – Now He’s Spending $276 Million To Fix It

A Chinese billionaire who paid the record price for a seven-storey mansion in Knightsbridge, west London, could end up spending the same amount again restoring and refurbishing his 45-bedroom property.

While most people asked to pay a nine-figure sum for a trophy home overlooking Hyde Park might expect to find it in pristine condition, the Chinese property tycoon who bought the mansion at 2-8 Rutland Gate last year has submitted detailed plans to Westminster council for a dramatic overhaul of the 62,000 sq ft home.

“It’s a very expensive business being rich,” noted Peter Wetherell, founder of a London estate agency catering to the ultra-wealthy.

While most people asked to pay a nine-figure sum for a trophy home overlooking Hyde Park might expect to find it in pristine condition, the Chinese property tycoon who bought the mansion at 2-8 Rutland Gate last year has submitted detailed plans to Westminster council for a dramatic overhaul of the 62,000 sq ft home.

Check out the full article on The Sunday Times, click here!