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Duke of Westminster Sells Expensive Houses to Build Cheap Houses

The Duke of Westminster arrives at the wedding of his daughter Lady Tamara Grosvenor to Edward van Cutsem at Chester Cathedral. Prince William will act as usher at the lavish service attended by 650 guests, including the Queen and the Duke of Edinburgh. The wedding brings together two of Britain's wealthiest families. Lady Tamara Grosvenor, 24, is the eldest daughter of the Duke of Westminster, Britain's richest man, whose land holdings, including swathes of Mayfair and Belgravia, give him a personal fortune estimated at 4 billion.  Ref #: PA.2126788  Date: 06/11/2004

The Duke of Westminster arrives at the wedding of his daughter Lady Tamara Grosvenor to Edward van Cutsem at Chester Cathedral. Prince William will act as usher at the lavish service attended by 650 guests, including the Queen and the Duke of Edinburgh. The wedding brings together two of Britain’s wealthiest families. Lady Tamara Grosvenor, 24, is the eldest daughter of the Duke of Westminster, Britain’s richest man, whose land holdings, including swathes of Mayfair and Belgravia, give him a personal fortune estimated at 4 billion. Date: 06/11/2004

WE all know that the London high end property market is out of control as all those rich bastards from other countries pile in to buy themselves a Mayfair mansion. And we all also know that there’s a terrible shortage of housing in London that normal people can actually afford to live in. Which makes it interesting what the Duke of Westminster is doing: flogging off some of those expensive Mayfair houses to rich foreign sods and then using the cash to build affordable housing that normal Londoners can actually afford to live in:

The property company owned by the Duke of Westminster has sold off £240million of luxury homes in central London amid fears the capital’s house price bubble may be about the burst.

Grosvenor Group said it was cutting its exposure to high-end residential properties after growing concerned that the rate of growth in the London luxury house price market was unsustainable.

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Posted: 1st, May 2014 | In: Money | Comment