A Hong Kong billionaire paid $276 million for London’s most expensive home last year. Now, he plans to spend another $277 million renovating it.

rutland gate The 62,000 -square-foot mansion at 2-8A Rutland Gate neglects London’s Hyde Park.

A Hong Kong billionaire ceased $276 million on London’s most expensive home in January 2020. Now, he plans to spend millions on an extended restoration of the “heavily dilapidated, ” 45 -room mansion. The proposed renovation proposals could cost as much as $ 277 million , experts told the Sunday Times. See more tales on Insider’s business sheet.

Last year, Hong Kong billionaire Cheung Chung Kiu demolished London’s real-estate record by roughly $276 million for a 45 -room mansion overlook Hyde Park.

Now, he reportedly plans to spend approximately that same amount to renovate it.

Cheung has submitted plans to the Westminster City Council for an lengthy renovation of the 62,000 -square-foot mansion at 2-8A Rutland Gate in Knightsbridge. Per a website that shares information on the renovation, the house is “heavily dilapidated” and necessitates “extensive refurbishment prior to occupation.”

Experts told the Sunday Times that Cheung’s proposed restorations could cost as much as 200 million British pounds, or about $276 million – which is slightly higher than the rate he paid off the home last year via his private family office. A spokesperson for the renovation project declined to comment for this story.

Peter Wetherell, chairman of the Wetherell real-estate agency in Mayfair, told Insider that after its renovation, 2-8A Rutland Gate could be worth “anything from PS310 million to over PS500 million, either way the most valuable private home in London.”

london mansion rutland gate A judgment of 2-8 Rutland Gate in 2015.

Cheung, a Hong Kong real-estate investor whose net worth is estimated at more than$ 1 billion, bought the residence from the estate of Saudi Arabia’s late crown prince Nayef bin Abdulaziz. 2-8A Rutland Gate was originally four dwellings before being combined into one massive build with 45 rooms. The sprawling mansion neglects Hyde Park in Knightsbridge, an upscale neighborhood in central London. It was once rostered for PS300 million .

When Cheung bought the dimension in January 2020, he had not yet decided whether he would live in the mansion himself or turn the building into apartments, his spokesperson told The Wall Street Journal at the time. But in agreement with the Rutland Gate redevelopment website, the property is now intended to be the brand-new owneds’ category home in London.

london mansion rutland gate A reception room at 2-8 Rutland Gate.

The proposals for the home include altering, repairing, and shattering parts of the building’s facade, according to the website. The owned also wants to change the internal schemes, demolish and remodel the fourth and fifth degrees, trench the basement, and supplemented nearly 11 paws to the building’s overall height.

Pending approval from the city council, structure will start in the fourth quarter of 2021 and the family will move in in early 2025. A spokesman for Cheung’s firm did not immediately respond to Insider’s request for note for this story.

When it comes to Cheung’s personal and family life, he’s known for bide under-the-radar, according to Bloomberg. His real-estate acquires, on the other hand, often reach headlines.

In 2015, he spent $656 million on a piece of land in Hong Kong’s exclusive Peak neighborhood. And in 2017, his companionship, CC Land Holdings, bought the Leadenhall Building, a 740 -foot skyscraper in central London known as “the Cheesegrater.”

london mansion rutland gate A lavatory at 2-8 Rutland Gate.

Cheung isn’t the only Hong Konger who’s been snarling up asset in London lately. As Bill Bostock reported for Insider, Hong kong residents occupants have been rushing to snap up luxury real-estate in the UK capital since China imposed a new national-security constitution on Hong kong residents last summer.

Once a rarity, homes priced at PS100 million ($ 139 million) or higher are becoming more and more common in London, generate a brand-new “giga-prime market for billionaire purchasers, ” according to Wetherell. About 20 homes in central London that are built or in development are currently valued at around PS100 million, he said.

“Billionaires like owning accolade residences in London because it is good for their likenes, ” Wetherell said in a recent report from his agency. ” … And they likewise like London because each decade asset prices come near, so the value of their property assets increase.”

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