London, England – When Viktor and Olena Pinchuk purchased this house in the posh Kensington district of London back in 2008, they paid a hefty $127 million USD. It was a different era back then as global events would later reveal much of the world was in a real estate bubble. At the time of purchase, Mr. Pinchuk explained that he viewed the acquisition as an investment. It turns out that he either has a real eye for investment or he is simply one lucky fellow. Either way, the home has appreciated despite the recession and subsequent collapse of real estate value in major cities worldwide.
How much is the home worth today? By some estimates, it is worth $1.58 billion USD which represents nearly a 12x increase in value from its initial purchase price. The home once operated as a Victorian prep-school. Among its features are a gym, cinema, sauna, underground pool, and a panic room. It also has 10 bedrooms. The residence is located at 17 Upper Phillimore Gardens. Mrs. Pinchuk is the daughter of former Ukrainian president Leonid Kuchma whose administration was marred by allegations of corruption. It certainly raises questions as to how his daughter was able to pay the home in an all-cash transaction.
At the time it was purchased, the five story Victorian villa was the most expensive home in the world, and that reputation has not changed. Naturally, the couple is pleased with their purchase. From the very outset, Mr. Pinchuk was certain he could flip the home for a quick 10-15% capital gain. He explained that London is the most expensive city in the world. This means that real estate in the city is a wise investment. Against the backdrop of the home’s $1.47 billion increase in value, who can argue with his logic?
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