The owner of the first apartment to be repossessed in London's most expensive property development has been revealed to be a bankrupt Irish property developer.
The one-bedroomed flat is back on the market for a mere £5.25m, having been taken away from Ray Grehan following a long-running dispute between the Irishman and the National Asset Management Agency, the Financial Times reported.
Grehan bought the flat in 2007 but was subsequently forced to sell it to a trust benefiting his family, the Irish Independent reported.
The fourth floor apartment was considered to be one of the development's more affordable "entry-level" homes, where prices for bigger apartments have fetched up to £140 million.
However, after he wracked up debts of €300m, Grehan was forced to reverse the sale in July.
High-end estate agents Strutt & Parker have boasted that the property, just down the road from Harrods and Harvey Nichols, has "unrivalled facilities."
Luxury facilities at the block include a private spa, squash court, cinema, 21-metre swimming pool, gym, a golf simulator and a temperature controlled wine cellar, while residents are protected high-security features including iris recognition, panic rooms and bomb-proof windows.
The one-bedroom apartment comes with a service charge of nearly £14,000 a year, and ground rent of £2,000 a year.Suggest a correction