London home sells for record £80 million

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by Kay Murchie

A large detached five-storey house in Kensington has sold for £80 million - a record price for a London home. The previous highest sale in London was for £67 million, also in Kensington.

The house is situated in Upper Phillimore Gardens and it is understood contracts have been exchanged. It is believed the buyer is a Ukrainian businesswoman, Elena Franchuk, the daughter of a former Ukrainian president.

The record sale price indicates that the worldwide credit squeeze is yet to affect the housing market.

However, a six-storey Victorian villa in Belgrave Square is due to go up for sale next month with the price tag of £90 million.

The Upper Phillimore Gardens property has been a building site over the last 18 months, builders have been installing an underground swimming pool, gym, sauna and cinema. The house has at least 10 bedrooms and a secure ‘panic room’.

It is believed that the construction work has upset neighbours, who include the Mayor of Moscow and his wife. The complaints concern noise and disturbance from the cranes and lorries which have been driving over the pavements, breaking flagstones and damaging public areas.