CC Land chairman’s family office to buy London mansion

Funds advised by the family office of CC Land chairman Cheung Chung-kiu are buying a 62,000 sq ft mansion in Knightsbridge for more than £200m. The 45-bedroom stucco building at 2-8a Rutland Gate, overlooking Hyde Park, has previously had planning permission to turn it into apartments. It is estimated that the GDV if it is turned into apartments could be between £500m and £700m. However, no decision has been made on whether the property will become a single house for private client use or a luxury apartment development. Currently, the mansion features state rooms, a swimming pool, a private health spa and a gymnasium, complete with underground parking. The property was once owned by former Lebanese prime minister Rafiq Hariri, who was assassinated in 2005. The house was then reportedly given as a gift to the late crown prince of Saudi Arabia, Sultan bin Abdulaziz Al Saud. It was subsequently put up for sale for £300m but failed to find a buyer, and its contents – including Murano glass chandeliers and marble bathrooms – were sold at auction in 2015. Beauchamp Estates is brokering the deal. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette Photo: Georgie Gillard/ANL/Shutterstock