London is poised to witness the sale of its most expensive house this year, a sprawling 25,000-square-foot Mayfair mansion and the buyer is Indian billionaire Adar Poonawalla. In a deal reported by the Financial Times, Poonawalla is set to shell out a staggering £138 million (approximately Rs 1446 crore) to acquire Aberconway House.

Purpose of the house

As the CEO of the Serum Institute of India (SII), Poonawalla intends to use the mansion as a base for the company and his family during their visits to the UK. It’s worth noting that there are no plans for Poonawalla to make a permanent move to London.

The 1920s-era mansion will be officially acquired by Serum Life Sciences, a UK-based subsidiary of SII. Along with the main residence, the purchase includes an adjoining guest house and access to one of Mayfair’s exclusive ‘Secret Gardens.’

Second most expensive house ever sold…

With a hefty price tag of £138 million, Aberconway House secures its place as the second most expensive house ever sold in London, trailing behind 2-8a Rutland Gate, which fetched £210 million in 2020.

Poonawalla’s acquisition involves striking a deal with Polish billionaire Dominika Kulczyk, marking a significant transaction in London’s real estate landscape.

Details of Adar Poonawalla’s Rs 750 crore Lincoln House

Source: reuters

Adar Poonawalla resides in the iconic Lincoln House, a prestigious mansion valued at Rs 750 crore. Originally designed by British architect Claude Batley in 1933, the Grade-III listed property holds a rich history. Initially constructed for the Maharaja of Wankaner, HH Sir Amarsinhji Banesinhji, and his son Pratapsinhji Jhala, the mansion’s ownership shifted to the US Government on a lease in 1957.

The Maharaja leased the palace for a nominal amount of 18 lakh, with a unique ‘lease of perpetuity for 999 years’ condition. Serving as the Consulate General of the United States in Mumbai, the mansion played a diplomatic role until 2011 when the US consulate decided to relocate. The lease rights were auctioned that same year.

In September 2015, Cyrus Poonawalla, Chairman of the Poonawalla Group, successfully bid and acquired the property for US$ 113 million (approximately Rs 934 crores). With a vision to transform the mansion into a family residence in Mumbai, this acquisition marked a significant chapter in the history of the Lincoln House.