A third of the mansions on the most expensive stretch of London's "Billionaires Row" are standing empty, including several huge houses that have fallen into ruin after standing almost completely vacant for a quarter of a century.
A Guardian investigation has revealed there are an estimated £350m worth of vacant properties on the most prestigious stretch of The Bishops Avenue in north London, which last year was ranked as the second most expensive street in Britain.
One property owner, the developer Anil Varma, has complained that the address has become "one of the most expensive wastelands in the world". At least 120 bedrooms are empty in the vacant properties.
The empty buildings include a row of 10 mansions worth £73m which have stood largely unused since they were bought between 1989 and 1993, it is believed on behalf of members of the Saudi royal family.
Exclusive access to now derelict properties has revealed that their condition is so poor in some cases that water streams down ballroom walls, ferns grow out of floors strewn with rubble from collapsed ceilings, and pigeon and owl skeletons lie scattered across rotting carpets.
Yet, despite the properties falling into serious disrepair, it is likely that the Saudi owners of the portfolio made a significant profit from the £73m sale. The records available show that one of the mansions was worth only £1.125m in 1988.
The avenue, close to exclusive Highgate and Hampstead, is home to Richard Desmond, owner of Express Newspapers and Channel 5, members of the Saudi royal family, and Poju Zabludowicz, a billionaire art collector and philanthropist. » | Robert Booth | Friday, January 31, 2014
