Addison Lee taxi founder takes near 50% hit on London mansion sale
The founder of London taxi company Addison Lee has sold a mansion overlooking London’s Regent’s Park for little more than half the price he paid 13 years ago, as prime London property sales dry up. John Griffin, who sold his business to the Carlyle Group for about £300 million ($464 million) in 2013, offloaded the property on the park’s western perimeter for £11.5 million at the beginning of…
John Griffin, the founder of Addison Lee, has experienced a significant financial setback after selling his London mansion for just over half of its original purchase price 13 years ago. The property, located on the western edge of Regent's Park, was sold for £11.5 million at the start of October, according to sources. Griffin acquired the six-bedroom Regency-era home, designed by architect John Nash and featuring 13 bedrooms in total, for £20.7 million in 2013.
The property had previously been listed for sale at various price points, with a 2021 listing proposing a price of £32 million. Despite numerous reductions, the mansion remained unsold until its recent re-listing for £13.5 million. The sale of Griffin's property is emblematic of the struggles plaguing prime London real estate, with recent trends indicating declining values and reduced activity.
Between July and September, sales of properties worth over £5 million in central London decreased by 11%, while the overall market saw a 7.2% decline in prices over the past 12 months. Experts predict that the recovery of nominal price growth for London's most expensive properties is not expected until 2028. The cut-price sale of Griffin's mansion is the latest sign of the malaise gripping prime London real estate, which has been impacted by tax changes, economic and political shocks.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Addison Lee taxi founder takes near 50% hit on London mansion sale thenationalnews.com
