UK

Ray Grehan, Bankrupt Developer, Revealed As Ex-Owner Of London's Most Expensive Repossessed Flat

11/09/2013 14:16 BST | Updated 11/09/2013 14:35 BST

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.

ray grehan

Ray Grehan, a property developer, had to give back the one-bedroomed flat

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."

one hyde park

A one bedroom flat is back on the market at Knightsbridge's One Hyde Park

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.