A one-bedroom apartment in London’s most expensive apartment complex One Hyde Park, developed by Christian Candy’s CPC Group, has been repossessed and is back on the market for £5.25 million, after the owner fell into a host of financial difficulties.
Ray Grehan, the former owner of the flat, was on the run from the National Asset Management Agency (NAMA), after running up debts of well over £250 million.
Mr Grehan, now bankrupt, bought the flat in London’s most expensive development back in 2007; however he later sold it to a Trust called Postlake in a bid to benefit his family.
Postlake was linked to another company called Montan Trust. Montan was set up on April 1st 2010, with the beneficiaries listed as Mr Grehan and his family.
NAMA alleged that the change of ownership had subsequently undervalued the asset, and that this constituted an act of fraud against creditors.
NAMA and Mr Grehan’s bankruptcy trustees then took legal action against the failed property developer, seeking to reverse the change of ownership.
Under the terms of the settlement, NAMA is to receive 85 per cent of the net proceeds of the sale of Mr Grehan’s property, with his wife Geraldine Grehan receiving 15 per cent.
NAMA and Ms Grehan will share the balance of the sale price after the senior debt, the mortgage on the property, has been paid off to Barclays Bank.
The Knightsbridge apartment was originally bought by Mr Grehan for £3.7 million back in 2007.
One Hyde Park in Mayfair is one of the most desirable places to live in London, primarily inhabited by rich Arab oil tycoons and Russian oligarchs.
Luxury facilities at the block include a private spa, squash court, cinema, 21-metre swimming pool, gym, a golf simulator and a temperature controlled wine cellar, while residents are protected high-security features including iris recognition, panic rooms and bomb-proof windows.
The one-bedroom apartment comes with a service charge of nearly £14,000 a year, and ground rent of £2,000 a year.
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