David Sullivan Cuts Price of London Mansion

David Sullivan, chairman of West Ham United, has reduced the asking price of his Marylebone mansion by £10 million, now listed at £65 million, citing the current economic climate and government policies on non-doms as key factors. Sullivan purchased the property for £27 million in 2015 and spent nearly £50 million on renovations, now facing a loss despite its historical significance and luxurious features. He expressed concerns over high interest rates and potential tax hikes that may drive wealthy individuals out of the UK, mentioning that several friends have already relocated abroad. The government is tightening restrictions on non-doms, who currently avoid local taxes on overseas income, which has led to fears of an exodus among the wealthy. Sullivan's decision reflects a broader trend where high-end properties in London are struggling to sell, with a noticeable decline in transactions above £30 million. Industry experts suggest that the luxury market has shifted, necessitating more realistic pricing strategies like Sullivan's.