The second-most-visited second-home in Britain has been sold for £15m to an investor who hopes to redevelop it into a luxury resort.
The property, which sits near the River Thames, has been bought by Michael Gorman who plans to convert the property into a ‘luxury boutique hotel’ with a swimming pool, spa and restaurants.
The hotel, which is to be owned by Gorman and his family, has just five rooms on the ground floor and two on the upper level.
The £15million sale price is £4.2m less than the asking price of the property which was worth £50m when the property was sold to Gorman.
The deal was first reported by The Independent and was approved by G Norman’s trustees, the Gorman Trust.
Mr Gorman, who was born in the United Kingdom, said: “We’ve been able to buy the property in a much better condition than we thought we would.”
He added: “It’s a lovely location, but it’s been a bit of a challenge.”
The location is a great asset but we had to build up a lot of new foundations and it’s a bit rough around the edges.
“We were hoping that with a good investment we could get it up and running quickly.”
The Gorman family has invested in the property, and hopes to sell it in the next couple of years.
Mr Hofer, who bought the property for £4m in 2015, said the property’s renovation was “quite exciting”.
He said: ‘This is a good example of how to build a business from scratch.
“There’s a lot that has to be done, but we’re just now starting to see the results.”
He said the building would allow the family to “expand the whole of the building”.
Mr Holfer said: “‘I think we’re going to have a fantastic property.
I think this is going to be the ideal building for us.”
He continued: “The whole building is a really nice building.
It’s got some beautiful architecture and the design is very, very, modern.”
A spokeswoman for the Trust said the family had bought the site in May 2015 and had worked hard to renovate it.
The spokeswoman said: ”It’s not a particularly big deal for us.
It is an asset that we’re building on and we are very excited about that.
“She added: ‘The fact that the property is a property that was acquired with a view to redevelopment has given us a great opportunity to get it running on a much more rapid basis.’