Daddy's Girls - Children of the rich and famous with millions to to spend on a starter home
Wed 22 Jan 2014
Among buyers scouring London for a starter home is a university student whose preferred location is Kensington, and whose budget is 4.5million.... in cash, of course. Welcome to the wonderful world of Porfs Pampered Offspring of the Rich and Famous.
From overseas heiresses to rock stars children, these teens and twentysomethings, bankrolled by their families, make up a surprising large proportion of prime central London buyers. Beth Hilson, of Marsh & Parsons estate agents, said: If you or your family have 4.5million in the bank you may as well put it into London Property. It is a safe investment and tax efficient. We think we will see a lot of this sort of buyer this year.
HEIRS AND GRACES
Tamara Ecclestone, 29, eldest daughter of motor racing magnate Bernie, owns a 55-room mansion in Kensington which cost 45 million. She added a nightclub, a bowling alley, a dog spa and a bath carved from Amazonian crystal. Her sister Petra, 25 chose a 32million house in Eaton Square, Belgravia, as her starter pad but is selling it to trade up to a 55 million LA estate.
EYE TO THE FURTURE
Ultra-wealthy fathers who buy homes for their children in prime areas often have security in mind, as well as an investment. Topshop boss Sir Phillip Greens daughter Chloe, 22, got a flat in Belgravia for her 18th. Chloe says: I was living with my Dad but when youre a girl you need your own space.
Not all heiresses enjoy palatial digs, though. The starter home of Anna Abramovich, 21, daughter of Chelsea Football Club boss Roman, was a mere mews cottage in Belgravia which already belonged to the family. However it was worth 4million.
Camilla Dell, managing partner of buying agent Black Brick, says about a quarter of her sales are to Profs. Her youngest client was aged four. The parents are doing this for their childrens future, knowing they will end up studying and living in London, We found a 2million Mayfair flat for a Middle Eastern university student bought by his father.
The parliamentary expenses scandal produced clear evidence that MPs had grabbed an obvious investment route, and at the same time secured a home for their children. In 2009 it emerged Morvah George, daughter of Lib-Dem MP Andrew and a part-time model/intern, was living in a 300,000 Thames- side flat in Rotherhithe. Her father was claiming 847 a month to pay the mortgage. David Chaytor (Labour) claimed almost 13,000 rent on a Westminster flat occupied by his daughter Sarah. Tony Bill Cash agreed to replay 15000 spent renting a room in his daughter Laetitias Notting Hill home. Meanwhile his son, Sam, was living in Dads Pimlico pad.
FAMILIES WITH PORTFOLIO
Tony and Cherie Blair bough each of their eldest three children homes close to the family townhouse in Connaught Square. Property consultant Charles McDowell said it is common for parents to keep their children close. Often they regard this as a way to keep an eye on them and at the same time create an attractive portfolio of property all in the same area.
Kelly Osbourne, 29, daughter of Ozzy and Sharon, got a 1 million London Flat for her 21st. By 19, Stings daughter Coco Sumner owned a house in Victoria and a cottage in Wiltshire. Bob Geldof provided daughters Pixie and Peaches with an apartment downstairs from his own Battersea mansion flat. Rock stars kids tend to opt for cool, rather than gold plated, postcodes. Buying agent Robert Bailey recently sourced a first time home for the son of a famous musician in the Hoxton District. This sort of buyer is not afraid to be in an area which is a bit more edgy and ground-breaking, says Bailey These kids want to be surrounded by their mates not their parents friends.