François Pinault buys a $32 Million London house
November 17, 2011 - London
François Pinault, who founded PPR, the luxury goods company, has paid £20 million for a house in Chelsea, south-west London.
The house was designed in 1868 by Philip Webb, the "Father of Arts and Crafts architecture", for the watercolour painter George Price Boyce.
It was previously owned by Professor Bernard Nevill, the eminent aesthete, who has spent more than 30 years "perfecting the interiors" of the property.
Pinault plans a renovation to reinstate some of the home's original features such as the main staircase, and to remodel the bedrooms, kitchen and bathrooms.
The sale is further evidence of the strength of the London property market, which is being especially fuelled at the top end by foreign buyers.
Last year they were responsible for an estimated £3.7 billion of property transactions, many of them well into double digit millions of pounds.
Upmarket estate agent Savills estimates that 40 per cent of the value of the London housing market's transactions now comes from abroad.
Areas including Belgravia and Chelsea are now dominated by foreign buyers, many of whom live in their properties for only small parts of the year.
Source: The Telegraph
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