£30 Million Mansion Will Be One Of Most Expensive Homes On Island Once A Buyer Is Found

29th June 2015

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A £30 million property which could become one of the island’s most expensive homes, will only be built once a buyer has been found.

That is the message from Richmond Square Group, the developer behind the spectacular Ballamona mansion close to Port Soderick.

Lisa Sheridan, group director, told the Financial Times that doing it that way ‘the buyer can decide on the final design and put his own stamp on it.’

The FT says the asking price of £30m will buy an incredible 20,600 sq ft, new-build residence with five en suite bedrooms, a projection room, a wine cellar with a capacity for more than 1,000 bottles, and a spa and indoor pool room with a retractable floor covering that doubles up as a nightclub .

Isle of Man Newspapers reported a year ago that planning permission had been granted for the project.

Billed as ‘the ultimate destination for a country retreat’, when completed it will rank as one of the most prestigious new homes to be built outside of London and the Home Counties.

A company spokesman told Isle of Man Newspapers: ‘ ‘Our team has designed a legacy home that highlights and exploits the site’s potential.

‘Our proposal was deliberately expansive, working on the basis that every conceivable facility for a modern estate should be included, but allow for adaptability to suit the purchaser’s personal requirements.

‘It is obviously much easier to market a site if planning permission is already in place. We are highly confident this site with its scenic coastal position will appeal to a prospective buyer.’

The Financial Times reported at the weekend how the island wants to lure a new wave of buyers here.

It says prices of homes in the island have fallen and produces a graph that purportedly shows the island’s house prices have fallen to a greater extent than England and Wales since 2010.

Generally prices have gone down by about 15 to 20 per cent between 2010 and 2013.

But at the upper end of the market, which starts at about £1 m, price falls over the same period were slightly bigger.

Mark Canty of estate agent Cowley Groves is quoted by the FT as saying that as a result ‘you can get a lot of property for your money in the £1m to £2m price band.’

Nick Preskey, tasked with managing the Isle of Man Government’s High Net Worth Individuals strategy, confirms the island wants to attract a new wave of entrepreneurs to diversify the economy.

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