TIME real estate

London Apartment Sells for Record $236 Million

The development of One Hyde Park is seen in London
One Hyde Park is seen London, May 2, 2014. Paul Hackett—Reuters

The sale makes the 16,000-square foot, two-story penthouse one of, if not the, priciest pieces of real estate on the planet. London has seen a surge in demand from super-rich eastern Europeans as tensions in the region flare

A London penthouse in the city’s famed One Hyde Park housing development for the super rich has traded hands for a cool $236 million, making it the most expensive apartment in London and possibly the world.

The new owner of the 16,000-square foot, two-story penthouse has not been revealed, but London has seen a surge in demand from the Russian and Ukrainian super-wealthy looking for safe places to stash cash amid smoldering tensions and an uncertain future in the region.

The penthouse sold as an empty shell and when fully furnished its value could exceed $270 million, the Financial Times reports. The property is one of four at the One Hyde Park luxury development built in 2011 in Knightsbridge. Previously, the highest-priced apartment at One Hyde Park went to Ukrainian oligarch Rinat Akhmetov for $229 million.

[FT]

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