£20m Mayfair house repossessed

A property magnate's Mayfair home has become one of the largest house repossessions in the country.

The six-storey house, comprising an underground swimming pool, lift, and garden, is expected to sell at auction for £20m next month, reports EGI.

It was owned by Cevdet Caner, whose property business collapsed with £1bn of debt. He had a portfolio of 28,000-30,000 residential properties in Germany.

The mews house has planning consent for demolition and re-development, with permission for a garage, gym, and office space.

The sale will take place on 22 July. Sale agents are Hamptons International and Sotheby’s.

“Until now we have not experienced repossession sales of this caliber in the prime residential market," said Amanda Craig, director at Hamptons International.