LVMH owner buys two bedroom home in London for £20 million

Francois Henry Pinault’s Chelsea residenceFrancois Henry Pinault’s Chelsea residence for himself and his wife, Salma Hayek.

Even with the economy taking some major hits, the real estate market in areas like London, UK donât seem to be going easy on buyersâ pockets, especially with the high profile purchases taking place in the city. The latest to invest in the British capital is heir of the PPR umbrella (Gucci & other luxury chains), Francois Henry Pinault, who has picked up a 2-bedroom setup in Chelsea (south-east London), for £20 million ($32 million approx). Built in 1968, this house is known to be a creation of Philip Webb, who was one of the first to introduce triple height ceiling in his creations.

The surprising factor in the case of Henry Pinaultâs purchase is the houseâs capacity of just 2 bedrooms. For that kind of a setup, one would think of a lower price, but since the area of Chelsea is known to be a prime and posh one in London, it isnât a total surprise. Also, the designing of the house was done in the 60âs era by Philip Webb, who was one of the earliest to use extra high triple heighted ceilings in the place, also adds to the premium price tag which Mr. Pinault paid for. Coming with it, is the signature French architecture from that era, adding to the novelty value and style quotient of the residence. But from what sources reveal, Mr. Pinault plans to spend some more on this place to ensure it is redone perfectly according to his and his wifeâs tastes, who happens to be none other than Salma Hayek. That means the actual investment might be much higher in numbers.

This episode also brings in a lot of revelations about the industry in general. The previous owner, Professor Bernard Nevil had bought the house for £80,000 ($128,000) in 1970 and his resale after all these years, has earned him a profit in excess of £19 million ($30.4 million). Also, real estate experts reveal that almost 30% of the investment comes from buyers who are not British residents like Mr. Pinault, who is French in origin. Since his reputation comes along, such sizeable investments have actually resulted in the real estate prices to remain on the higher side, despite being lukewarm in other areas.

For those looking for other such real estate deals in the city, we do recommend checking out our coverage on the Glebe flat, which is now London premium most address, or the Belgrave Square mansion which also went for a sizeable price.

Via: Telegraph UK/ Daily Mail