Thu, 22 Sep 2011 | COMMERCIAL PROPERTY
Kinmel Hall, a North Wales mansion dubbed the 'Welsh Versailles' has been radically reduced in price, in the hope that a buyer can be found to take advantage of the planning consent it currently has to be turned into a hotel.
The 122-room stately home is now priced at £1.5 million - having just had £2 million slashed off its price, and just a fraction of the £15 million it was listed at at the height of the property boom.
Simon Riggal, who is in charge of selling the property for agents Lambert Smith Hampton said that the property can now be bought for the price of a semi-detached house in London.
"[The drop in value is] to do with the fall in projected values from the height of the property market to today's reality," he said. "The property market is exactly the same as the rest of the economy - it has been very badly hit. At the moment, Kinmel Hall is a huge liability: a very large, empty building that needs security and maintenance."
He explained that the receiver, who is acting for the mortgagee, is looking to defray its outgoings and get as much as possible back for the house to put against the losses that have built up.
The property was built in 1848 and has 5,000 acres of parkland, 18 of which are walled Venetian gardens.
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