'London Is Over': Billionaire Reacts After His Rs 285 Crore Luxury Penthouse Goes Unsold In The UK Capital

?28 million is roughly Rs?285 crore -?This is the mammoth amount a billionaire living in Dubai wants to sell his luxury penthouse for. But he's been left disappointed because the property in London has not attracted a buyer yet. Here's how he reacted to the situation.?

"London Is Finished"

Sharing the billionaire's reaction to a lack of buyers for his luxurious Rs 285 crore penthouse, the realtor, who prefers to remain anonymous, told Bloomberg that his client declared over lunch one day at the exclusive private club in Mayfair: “London is over. “It’s not selling because London is finished."

One of the reasons for the lack of buyers, as his real estate agent stated, was that the flat was overpriced by about 30%. Ideally, the property price should have been slashed by about Rs?80 crore.

The billionaire lives in Dubai and was in London to meet with lawyers and discuss the sale of his luxurious penthouse in Belgravia, which is one of the hottest property markets in London.

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Why He is Living In Dubai & Not London

He used to live in London earlier before his "non-dom" status expired. Short form for "non-domiciled individual", the term is used for a UK resident whose permanent home, or domicile, is outside the UK. Those with this status may not have to pay UK tax on foreign income.So, when the billionaire's "non-dom" status expired, he "decamped to Dubai" because he "doesn’t like paying" taxes,as per a?Money Control report.

"I hear about the billionaire’s new life in Dubai. Surely one of the joys of money is that it affords choices. But if that choice is pre-empted by where you pay the least tax, is it worth it?" the realtor told Bloomberg.

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When the billionaire finally asked the realtor for an honest opinion on why he hasn't been able to sell the penthouse, the realtor said, "It’s overpriced. It’s a great flat, but ?20 million is already a lot of money and that’s what I think it’s worth with a fair wind and the right buyer. We’re not in Dubai.”

The billionaire responded to this with a long "Hmmmmmm” and then: “Let me think about that.”?Now, while this reaction made the realtor feel optimistic about the prospect of a sale, whether the penthouse really does get sold or not remains to be seen.

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