Whenever the real estate market takes a hit, luxe pundits sing a familiar tune: that the luxury market is insulated or that the best of the best is recession-proof. It seems however that no one is thoroughly immune, perhaps that the dropping tide pulls down all boats-even those in Her Majesty’s service.
Zoopla, a UK property website that assesses and releases estimates of the value of residential property both on the market and off to casual browsers and serious buyers alike, announced that Buckingham Palace dropped in value by $100 million over the past year. The Queen’s weekend retreat Windsor Castle, too, dropped by about $15 million dollars, in the same time frame.
Valued at $1.8 billion last year, Buckingham Palace is the sine qua non of the British Monarchy. The 52 bedroom home to the Royals in central London has been the official royal residence since Queen Victoria lived there full time in 1837. King George III purchased the 40-acre parcel in 1761 for 1/45,000th of its current estimated value of $1.7 billion.
The tourist destination has its own cinema, swimming pool, and Post Office and is most certainly not on for sale at any price. Though if it were, realtors would be eager to highlight the possibilities for entertaining-each year 50,000 guests attend soirees from garden parties to banquets.
The Palace which has seen the Royals through empire and defeat, through coronations and revolutions, through World War and private scandal, is surely a national treasure whose value resides in symbolism and sentiment far beyond its Zoopla price-but it’s nice to know that Her Majesty is feeling the credit crunch, too.
Via Luxist
Related Articles
Patrick Dempsey Is Shipping A New Sexiest Man Alive While Promoting His New Project, “Dexter: Original S...
Patrick Dempsey, reigning Sexiest Man Alive, takes on a surprising new role with his latest project, “Dexter: Original Sin.”
Haute Collab: Jimmy Choo Drops Latest Installment of Sailor Moon Collaboration
Jimmy Choo has unveiled the latest drop from their collaboration collection with Pretty Guardian Sailor Moon.
Aerin Opens A Fresh New Boutique On The West Coast
The new Aerin store offers a curated selection of the brand’s best-selling products alongside exclusive pieces from talented artisans.
Fendi Unveils Its First-Ever Boutique in Madrid’s Salamanca District
Fendi has officially made its mark in Madrid with the grand opening of its first boutique, in prestigious Salamanca.
FLIBS 2024: Celebrating 65 Years Of Boating Excellence And Community Impact In Fort Lauderdale
The 2024 Fort Lauderdale International Boat Show (FLIBS) is gearing up to mark its 65th anniversary with an array of fresh features.
AET REMOULD: Redefining Luxury With Precision And Innovation In Jewelry Design
Innovation and cross-industry integration have often driven remarkable transformations in the luxury sector.
Latest Stories
Trending Articles
Related Articles
Patrick Dempsey Is Shipping A New Sexiest Man Alive While Promoting His New Project, “Dexter: Original S...
Patrick Dempsey, reigning Sexiest Man Alive, takes on a surprising new role with his latest project, “Dexter: Original Sin.”
Haute Collab: Jimmy Choo Drops Latest Installment of Sailor Moon Collaboration
Jimmy Choo has unveiled the latest drop from their collaboration collection with Pretty Guardian Sailor Moon.
Aerin Opens A Fresh New Boutique On The West Coast
The new Aerin store offers a curated selection of the brand’s best-selling products alongside exclusive pieces from talented artisans.
Fendi Unveils Its First-Ever Boutique in Madrid’s Salamanca District
Fendi has officially made its mark in Madrid with the grand opening of its first boutique, in prestigious Salamanca.
FLIBS 2024: Celebrating 65 Years Of Boating Excellence And Community Impact In Fort Lauderdale
The 2024 Fort Lauderdale International Boat Show (FLIBS) is gearing up to mark its 65th anniversary with an array of fresh features.
AET REMOULD: Redefining Luxury With Precision And Innovation In Jewelry Design
Innovation and cross-industry integration have often driven remarkable transformations in the luxury sector.
Subscribe to Haute Living
Receive Our Magazine Directly at Your Doorstep
Embark on a journey of luxury and elegance with Haute Living magazine. Subscribe now and have every issue conveniently delivered to your home. Experience the pinnacle of lifestyle, culture, and sophistication through our pages.
Haute Black Membership
Your Gateway to Extraordinary Experiences
Join Haute Black and unlock access to the world's most prestigious luxury events