London sale sets new “most expensive home sold” record
Purchase price close to buy-out price for Bear Stearns!
Just as the financial news is buzzing with reports of the $236 million Federal Reserve-backed bail-out of Bear Stearns by JP Morgan Chase, The Times of London reports that a yet to be completed flat in central London has sold for a record-setting price of between £115 million and £120 million ($230 million to $240 million). By comparison, former financial giant Bear Stearns changed hands at about the same time for about the same price.
The flat is one of six apartments yet to be carved out of a seven story office building located at 8 St. James’s Square, which the Times reports is “equidistant between 10 Downing Street and Buckingham Palace." Who will be the new resident sharing the neighborhood with the Queen and the Prime Minister? The buyer’s name is unreported, but you can bet your $2 Bear Stearns’ stock that it is one of the world’s billionaires who wants bragging rights for the most expensive residence.
This sale is one more indication that in the rarified air of the very, very top of the housing market, the search for trophy properties continues, despite the growing housing and financial market troubles.
What do you think? Which is the better investment - The London residence or Bear Stearns?