Billionaire Businessman Pays £46 Million For London Flat

Tycoon Telis Mistakidis, head of copper at mining giant Glencore, has paid more than £46 million for a flat in the capital.

The swiss- based businessman, 53, purchased the property at Chesham Place in Belgravia personally rather than via a business deal. On top of the asking price of £3.2 million, Mr Mistakidis paid £3.2 million in stamp duty. However the stamp duty bill could have been £2.2 million more: the mining mogul –  one of the top 50 richest men in Britain – bought the Belgravia bolthole before the stamp duty system was reformed by Chancellor George Osborne in his Autumn statement.

Telis Mistakidis

Designed by Candy & Candy, the 7,900sqft duplex boasts a master bedroom suite, four guest bedrooms, two underground car parking spaces, staff quarters, a spacious living area and a 24 hour concierge. Simon Barnes, a high end property consultant, declared the Chesham Place property to be “phenomenal.”

“You’re not just talking about a flat in Belgravia. Candy and Candy have done a fantastic job – the presentation and finish is very good. It ticks all boxes and you couldn’t replicate it.”

Holly Valance and husband, Nick Candy
Holly Valance and husband, Nick Candy

The Candy brothers Christian and Nick – who is married to pop star and former Strictly contestant Holly Valance – were responsible for the interior design of the block. The exterior of the former telephone exchange (which was bought by Christian Candy’s company for £13 million in 2005) has been redesigned by Lord Norman Foster.

At a price of £5,800 per sq/ft, the sale of the Chesham Place duplex is a record for Belgravia but a drop in the ocean when compared to mega deals in other parts of the capital. Case in point? A mansion – No 18 Carlton House Terrace – close to Buckingham Palace, was sold for £250 million in 2013.