Billionaire behind B&M sells London mansion for £10.5 million less than he paid
A billionaire behind B&M has sold a London mansion for £23.5 million – £10.5 million less than he paid for the property a decade ago.
Bobby Arora, the discount chain’s trading director, bought the house in Belgravia, central London, in 2013 for £34 million.
But according to Bloomberg, it sold at a 30 percent discount.
It comes as weaker demand for luxury homes is forcing some property owners to cut prices.
High interest rates and the prospect of heavier taxes on the wealthy have hurt valuations in London’s most exclusive neighborhoods.
Losses: Bobby Arora, pictured, the discount chain’s trading director, bought the house in Belgravia, central London, for £34 million in 2013
According to researcher LonRes, real estate prices in the capital fell by 7.1 percent in January compared to a year earlier. It was the biggest drop in five years.
But analysis from estate agent Savills found that foreign buyers were still spending more than £100m on homes in London in 2023 – with Belgravia accounting for 10 per cent of all deals worth more than £5m.