A billionaire behind B&M has sold a London townhouse for £23.5m – £10.5m less than he paid for the property a decade ago.
Bobby Arora, the trading director of the discount chain, bought the house in Belgravia, central London, for £34m in 2013.
But it has been sold at a 30 per cent discount, according to Bloomberg.
It comes as weaker demand for high-end homes forces some property owners to cut prices.
High interest rates and the prospect of tougher taxes on the rich have dented valuations in London’s most exclusive neighbourhoods.
Losing out: Bobby Arora, pictured, the trading director of the discount chain, bought the house in Belgravia, central London, for £34m in 2013
According to researcher LonRes, prime property prices in the capital fell 7.1 per cent in January compared to a year earlier. It was the biggest drop in five years.
But analysis by estate agent Savills showed foreign buyers still spent more than £100m on London homes in 2023 – and Belgravia made up 10 per cent of all deals worth more than £5m.
