Morning:
8°c
Elle Macpherson cuts £2 million from price of her Notting Hill home
Jonathan Prynn, Consumer Business Editor9 Jun 2009
The property downturn has forced supermodel turned lingerie designer Elle Macpherson to slash £2million from the price tag of her Notting Hill town house.
The 45-year-old Australian - who is reported to want to return to the land of her birth with her two children - has been trying to sell the seven-storey stucco property for a year.
However, she was unable to attract interest when she put the Grade-II listed home on the market for £9.5million last summer as buyers started to dry up in the credit crunch.
The price was cut to £8.95million on the advice of estate agency Bective Leslie Marsh in January. The house still failed to sell, although it is believed to have been under offer for several months.
Now Ms Macpherson has switched to rival agency Savills and lowered the price again to £7.5million, a 21 per cent reduction on the original valuation.
However, the Sydney-raised model is sinking close - after costs and refurbishment - to the £6.25million she paid for it in November 2006. The previous owners paid £2.3million in June 2001.
She bought the property close to the top of the market following the break-up of her relationship with hedge-fund multi-millionaire and philanthropist Arpad "Arki" Busson, the father of her two children Arpad Flynn, 11, and Aurelius Cy, six. He now lives with actress Uma Thurman.
Two years ago Ms Macpherson - born Eleanor Nancy Gow - ordered a major interior redesign to create more bathrooms and living space and restored many original features.
She also commissioned celebrity interior designer Jonathan Reed - who has worked for David Bowie and model Claudia Schiffer - to give the six-bedroom house a contemporary minimalist feel.
The property also has five bathrooms, a large drawing room, TV room, playroom, 36ft-long kitchen and dining area and a basement with an office and another sitting room.
It was built in the late 1850s as part of the mid-Victorian development of the area and backs on to huge communal gardens.
Residents in the area, including Ms Macpherson and near neighbour former newsreader Angela Rippon, have launched a campaign against the rerouting of the Number 23 bus down their street.
One local estate agent said: "The market for houses in that middle to upper bracket is fairly healthy now but you know when you've got the right price because people start biting."
A spokeswoman for Savills said: "I'm sorry we cannot comment. This is a property where confidentiality for the client is absolutely key."
Ms Macpherson, who is said to have decided that London is "too busy", was not available for comment.
Reader views (16)
I would pay the full asking price if she would kindly lend me £8.5M, after all she seems to be an regular woman. I feel it is the least that I could do, as my stepfather is named Sydney and I feel a family connection.
- William, Red Hill UK, 10/06/2009 01:31
Report abuse
All very interesting about the house, but I'm more interested in how Arki Busson did what he did:
- Multi-multi-MULTI-millionaire.
- First wife Elle 'The Body' Macpherson.
- Next relationship Uma 'Oh my God' Thurman.
Exactly how does one go about becoming Arki?
Anyone?
- John Jealous, London, 09/06/2009 22:49
Report abuse
Oh dear, my heart bleeds for these poor people. Such trying times.
- Miles, London, 09/06/2009 16:25
Report abuse
I feel sorry for poor Elle. Many Brits have no roof over them, times must be really hard for this shelia. I note she still wants more than she bought it her a few months ago. Any buyers should hold out for 6 million tops.
- Gary, Brentwood 2, 09/06/2009 16:19
Report abuse
No home is worth millions and no one should be conned in to buying at that price. I could buy a whole estate in Spain complete with everything I wanted, including the swimming pools, for a lot less. Why are people prepared to pay such ridiculous prices just because it is London.
T H Leeds
- Thomas Hayes, Leeds UK, 09/06/2009 16:17
Report abuse
The decor is not minimal but more institutional. The price is ludicrous in the current market..try £4m max.
BTW where do these people get off having a campaign against a bus route down their street? Is it a private road or do we now need permission from celebraties to use the public highways for public transport?
That said I would love to live in Austrailia if I had a couple of million
- Sam, London, 09/06/2009 15:49
Report abuse
a house is only worth the people in it...and what about all the property standing empty around town? here here mickyinlondon
- Mel, london, 09/06/2009 15:34
Report abuse
But the market is booming again, I know because a spotty youth in a flash mini told me.
- Undercover Elephant, Dole Farm, Crays Hill, Essex, 09/06/2009 14:39
Report abuse
To Ali in London: Maybe because the asking price was far too high in the first place?She bought the property for 6.25m only three years ago. Even if she invested another million it is ridiculous to expect someone to pay 9m in the middle of a world wide crisis. Perhaps she hoped that someone would be prepared to pay up for the privilege to live in the ex house of a supermodel.
- Caterine, Germany, 09/06/2009 14:38
Report abuse
No house is worth a million; let alone multi-millions.
No wonder we still have homeless people in the UK.
What about building prefabs again; we could house everyone that way; and very cheaply.
- Mickyinlondon, london, 09/06/2009 14:07
Report abuse
She bought close to the top of the market and with refurbishment paid £6.25m. Doesn't that make it worth about £4.5m now? How did she think since the top of the market it had gone up to £9.5m? Perhaps being famous add's millions to the value, or perhaps when you are rich, normal economics doesn't apply.
- Stephen, London, 09/06/2009 13:45
Report abuse
that wipes out this months bogus" house prices rise "headline in one foul swoop.
- Steve, northamptonshire england, 09/06/2009 13:34
Report abuse
Thats because the so called recovering housingmarket is PR and spin, nothing more
You just need to look that every day, businesses go under and hundreds/thousands are losing their jobs.
- Mario Kempe, london, 09/06/2009 13:28
Report abuse
Can someone please explain to me why we're getting bulletins (just today even) on the news that the property market is nearly almost recovered and then people such as Ms Macpherson are having to slash £2 million off their asking price? Are chartered surveyors merely giving a false picture of the reality of the recovery in order to stimulate the market perhaps?
- Ali Sichilongo, London, 09/06/2009 12:50
Report abuse
Sounds like a bargain buy now right?!
- Mortgage Broker N3, London, England, 09/06/2009 12:05
Report abuse
Heartbreaking stuff. I hope she's going to be alright.
- Ted, London, 09/06/2009 11:26
Report abuse
