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The founder of London taxi company Addison Lee has sold a luxury home overlooking London’s Regent Park with a sharp discount of 44 percent compared to more than a decade ago, the latest sign of the pressures facing the luxury real estate market in the British capital.
Addison Lee founder John Griffin, who exited his company for the Carlyle Group for about 300 million pounds ($464 million) in 2013, sold the property on the western side of Regent Park for £11.5 million in early October, Bloomberg reported, citing sources familiar with the deal.
Records showed Griffin bought the same property in 2013 for £20.7 million, weeks before he lost a years-long tax dispute with British authorities last month.
The house has 6 bedrooms and is located in a row of historic buildings dating back to the "Rigsian" era designed by the famous architect John Nash. The property has been put up for sale several times in recent years, offering it in 2021 at a price of £32 million, with it being described as one of the most luxurious and distinctive houses in London.
The owner gradually lowered the price before withdrawing the property from the market, and then re-launched it this year for £13.5 million.
The reduced deal reflected the continuing weakness of London’s luxury real estate market, after the city’s most expensive home was affected by a series of tax adjustments and economic and political shocks over the past years.
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