Record price for London Luxury Flat

In spite of the doom and gloom surrounding the financial markets these days, luxury property in London seems to be excluded from the damage. I mean – let’s face it, Merrill Lynch and Bear Sterns’ executives  still got their year-end bonuses even if the investors lost their shirts.

A flat in St. James’ square, London this week sold for the record price of (more than) $230 million, twelve milliseconds after planning permission was approved. The flat is to be one of only six in a 1930’s office block. Each floor of the building will be used to create one single flat.

The main reason for the price seems to be the fact that this is an extremely unusual opportunity. The last time a new flat was available in the square, which lies within walking distance of Buckingham Palace was eight years ago.

Apparently, the company has now sold four of the six flats, so interested buyers need to get a move on. The local council was paid off with a payment of nearly $8 million towards affordable housing in the borough. Despite opposition due to the fact that a private bar is planned for the ground floor. What is the world coming to? A bar in St. James’ square. What next – a discothèque?