Chelsea mansion price slashed by £10m as top-end market cools

A 16-bedroom mansion on one of London’s most exclusive streets where Madonna and Jeffrey Archer have owned homes has had £10 million slashed off its asking price.

The huge stucco-fronted villa on The Boltons in Chelsea is back on the market for £30 million, just over a year after “for sale” signs were removed when it failed to sell for almost £40 million.

Property experts said the 25 per cent price cut showed how far the top end of the once red-hot London “super prime” market has cooled since it peaked in 2014.

The 12,250 sq ft property is made up of a semi-detached main house with 11 bedrooms - nine with en-suite facilities - and a mews house behind with five further bedrooms.

Other features include a 58ft drawing room, air conditioning, an internal lift and off-street parking for up to five cars.

However, pictures on the website of agents Knight Frank show that its dated internal decor — including Nineties-style heavy draped curtains and gilt architraves and covings — will indeed require “modernisation throughout”.

The street is regarded as one of the half dozen best addresses in London but, like many other expensive areas, has seen demand hit by stamp duty rises and uncertainty triggered by the Brexit referendum.

A buyer will pay £3.5 million in stamp duty if it is bought as a sole residence, or £4.4 million if purchased as a second home or a buy-to-let investment.

Matthew Steeples, editor-in-chief of online magazine The Steeples Times, said: “The price reduction is plainly indicative of the new post-Brexit world we’re living in.

“The mansions of The Boltons just aren’t as desirable as they were 10 or even three years ago. And in spite of the fall of the pound, the French and Italian markets are worried about our attitudes towards the EU and immigration.”

However, James Pace, head of Knight Frank’s Chelsea office, said: “After just one week, we have four or five very interested parties.

It’s surprising it didn’t sell before, it needs a lot of work doing, but it’s a wonderful potential home for someone who wants a residence of ambassadorial proportions.”

He added that selling in the current market was “all about getting the price right”.

Thomas van Straubenzee, managing director of agents VanHan, said: “There remain a number of extremely wealthy buyers that want to own in London. We have properties for sale from £4 million to £65 million and there is good interest in all of them.”