John Griffin, founder of London taxi firm Addison Lee, has sold a luxury London home at a 44% discount to its purchase price.
The deal reflects ongoing pressure on the British capital’s luxury property market.
According to Bloomberg, the sale price came to £11.5 million, compared with the £20.7 million Griffin paid for the property in 2013.
The deal was completed in early October, after repeated attempts to sell the property over the past few years.
Successive price cuts
The house overlooks Regent’s Park and has six bedrooms.
It is also part of a set of historic Regency-era buildings designed by renowned architect John Nash.
Griffin first put the property on the market in 2021 for £32 million.
He then gradually lowered the asking price before pulling it from the market. He relisted it this year for £13.5 million, before the sale was eventually completed at the final price.
Taxes and market pressure
Meanwhile, London’s luxury property sector is grappling with the fallout from tax changes and economic and political shocks.
Savills expects a sustained return to nominal growth at the top end of the market to be delayed until 2028.
The sale coincided with Griffin losing a tax dispute with British authorities in September. However, the preliminary agreement with the buyer was reached before the court ruling.
It remains unclear whether there is a direct link between the outcome of the dispute and the acceptance of the reduced price. Griffin’s representative also declined to comment, as the deal highlights the scale of challenges facing the sector.
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