Million dollar houses in France held no appeal for Francois Pinault as he purchased a house in Chelsea this week.
The French founder of PPR, the luxury goods company that owns Gucci and other fashion labels, bought the property in South-West London for ã20 million. Pinault plans to partially renovate the home, which featured in the 1987 film Withnail and I and has ââ¬Åone of the few triple-height ceilings in Londonââ¬Â, according to one local resident.
Two bedroom, but with room for improvement
Speaking to The Telegraph, the neighbour commented that the property, designed in 1868, only has two bedrooms, but is regarded as a stunning part of the Chelsea area. Indeed, it has added stature because it is the founding place of the Society for the Protection of Ancient Buildings.
The house was sold to Pinault by Professor Bernard Nevill, the design director of Liberty during the 1960s. He reportedly bought the house for ã80,000 and, after ââ¬Åperfecting the interiorsââ¬Â of the property, sold it to the Gucci owner at a profit of over ã19 million.
Pinault will seek to improve the interiors of the property further, reinstating the original staircase and redesigning the bathrooms and kitchen.
Wealthy investors in London
As one of Franceââ¬â¢s richest men, Pinault will be at home in London, long seen as a safe haven for wealthy overseas investors. He joins a long list of luxury foreign buyers, but is no stranger to large real estate purchases, already owning two art galleries in Venice and a share in Christieââ¬â¢s auction house, which deals in luxury property.
The latest investors to buy property in London are Italians, accounting for 16 per cent of all transactions in the year running to September. Russian and Chinese buyers tend to dominate the property market, but Pinault has proved that the UKââ¬â¢s capital holds appeal for even the more stable Eurozone countries.
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