Last year we collectively reeled on hearing that an £11 million prime property in central London had been seized by banks in what was thought to be Britain’s biggest repossession.
Last week however, the dubious title was challenged as a home worth more than £20 million was repossessed in Mayfair.
Belonging to a multi-millionaire failed businessman, the house was seized last Thursday by bailiffs acting for investment bank, Investec.
The seven-bedroom, 11,250 sq ft property was bought in July 2007 by 35 year-old Austrian property tycoon, Cevdet Caner, who has been described as the “enfant terrible” of Austrian’s financial markets.
Mr Caner’s business empire, Level One, folded in September, owing banks £1.2 billion. The group owned almost 28,000 residential and 403 commercial properties in Germany.
However Mr Caner has hit back at banks, telling newspapers that the repossession could have been avoided and claiming that he had offered to pay off the money owed but his lenders refused.
The house, which includes a mews house and swimming pool, was put on the market in December 2008, but following a dispute with Mr Caner, the receiver was granted a repossession order in May of this year.
Mr Caner has said: “The house was bought with a £16million mortgage. I have offered to repay this amount back — most recently, through my lawyers, three weeks ago, but the lenders refused. Instead they put the company into receivership, sent in bailiffs to repossess it and have now instructed agents to find a buyer. I can't understand why they are doing this, other than to humiliate me and damage my reputation.”
The property tycoon also said that any price achieved from the sale above the £16 million loan will have to be refunded to him, “If they try to undersell it, my lawyers and I will be keeping a very close eye.” He added.
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