Repossessed mansion on the market for £2.5m

Repossessed mansion on the market for £2.5m



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A stately home in Fife has been branded one of Britain’s most expensive repossessed homes by the BBC. It is now back on the market for a neat bargain of £2.5 million. 

Melville House was first put on the market in 2003 for £4.5 million, but it never sold and when the owner – a private investor who had bought the home for £1 million in the late nineties and had almost completely restored it – ran out of money, the property was repossessed by the lender, a South African bank.

 

The 17th-century mansion boasts eleven bedrooms, seven reception rooms, a tennis court, a cricket pitch and stables.

 

Knight Frank, the property group managing the sale, said the 40% fall in price reflects tumbling property prices in the UK. John Coleman from the firm added: “Some houses, particularly bigger houses, will see further falls in order to get them sold within a specific period of time.”

 

The most expensive repossession is thought to be the £11 million London home of infamous City financier, Robert Bonnier, which was repossessed in September last year.

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