Wealthy people don't really have to worry about taking care of their belongings. Either their staff handles such busy work or they just let things go. Tomorrow is another shopping day and anything is replaceable.
Recently, we heard about some of the world's most expensive properties in the north-west part of London, near the Hampstead area, on one of the most exclusive streets in the world - Bishops Avenue. Evidently, many of the mansions on the street are not being taken care of and falling into conditions that are beyond repair.
What's a billionaire to do? Don't waste anytime feeling sorry for them, as they know exactly what they are doing. While these estates have remained vacant for decades, the owners have done nothing to save them from their fate. In the meantime the property values of these moldy, crumbling mansions continues to increase. So they really can't lose.
The other property owners on London's most expensive real estate street might not feel so happy about this neglect, as their property's values are somewhat tied to the grungy parts of the street, yet no one is worried. However, Londoners do care as over 100,000 people remain without homes.
That is the privilege of being a billionaire, right? In reality there are only 16 of the 66 homes on this street that are in a shambles, from inattentive owners, but that is nearly one-third, which is a pretty high ratio.
Today, we want to show you what looks like "mansion ruins" on Bishops Avenue in London, which is aptly dubbed, Billionaire Row. Believe us when we say, you would not get caught living in any of these billionaire disasters - but it's like watching a train wreck - you can't help but look.
An investigation conducted by the Guardian found that these 16 vacancies add up to about $590 million worth of properties that are simply rotting away. To put that in different terms - that's around 120-130 empty bedrooms.
What is interesting is that in a normal real estate neighborhood, unkempt properties would definitely bring down the values of all of the other homes in the area. But evidently prices on Bishop's Avenue keep going up - after all it used to be called Millionaire's Row, but now most millionaires can't afford a home on this coveted plot of land.
Rumor has it that Bishops Avenue will, in time, be turned into high-end gated apartment building complexes for the rich. With at least eight of the 66 properties on the market, it seems only a matter of time before the next mogul capitalizes on the avenue's iconic name and subdivides. Take a peek and see the billionaire's homes where no one would or could live.
11 Bishop of London Owned All The Land
10 16 Empty Mansions out of 66
9 Property Values Increase 11%
8 Current Market Price: $109.1 Million
7 10 Owned by House of Saud
6 The Towers
4 The Georgians
3 Refurbished Heath Hall on the Market: $168 Million
2 International Owners
1 Bishops Avenue's Other Properties
Well, even though this property is gorgeous, you still can't live in it. Why? Because property mogul Hourieh Peramaa does. Now this is the way a mansion should look. Gorgeous. Sophisticated. Elegant. This is the former Royal Mansion transformed into a contemporary palace. Now that's what we expect in a billionaire's mansion.
Leave A Comment
Looking for an AD FREE EXPERIENCE on TheRichest?Get Your Free Access Now!