Ex-Citigroup chairman Sanford Weill has sold his Manhattan apartment for $88 million last December, purchased by a Russian Billionaire for his 22-year-old daughter, a record for New York City. But that doesn’t even compare to the sale of a London penthouse that has recently come to light. An official statement has not been made, but apparently, the penthouse has sold for 100 million pounds — that’s roughly $157 million!
There are three neighbourhoods in London that are known for luxurious living conditions: Belgravia, Knightsbridge, and Mayfair. These three areas are central city points, and London’s wealthiest have been buying up land left and right, driving prices to absurd amounts. The 14,000-square-foot penthouse is that of a Bulgari Hotel and Residences, located in the heart of Knightsbridge. If accounts of the sale are true, the undisclosed buyer is paying about 7,000 pounds per square foot. According to Giles Hannah, a Christie’s International Real Estate director who is managing the sale, the connection to the Bulgari brand raises the price per square foot at least an extra 1,000 pounds.
The London location of Bulgari Hotel and Residences is under construction, but is scheduled for completion by this summer. The developer behind the project is Prime Knightsbridge Developments Ltd. The luxurious building will consist of 85 hotel suites and just eight apartments. The Bulgari brand is mostly known for its jewellery, which can be found for tens of thousands of dollars, and their hotels, residences, and resorts have become very popular amongst the elite. Bulgari’s vision states that each of their properties “will be located in the most prime luxury neighbourhood in the city.” They currently have locations in Milan, Bali, Tokyo, and now London. The design of their buildings reflects the local culture, but are mostly based around an Italian aesthetic. When it comes to lifestyle management, Bulgari’s main goal is “to become the city’s most coveted meeting point for the local high society.” Well, it seems they will achieve it.
