£11m mansion repossessed

A six-bedroom house valued at around £11 million has been repossessed.

The mansion, in Holland Park in West London has been reclaimed by a bank in what is thought to be one of the most expensive repossessions in history.

It was owned by Robert Bonnier, an internet entrepreneur who became wealthy after setting up Scoot.com in the 90s.

However, the company collapsed a few years later and Mr Bonnier was also fined £290,000 by the Financial Services Authority in 2004 for misleading the stock market.

The development has prompted analysts to note that the well-off can just as easily be affected by the uncertainty in the property market.

Lomdon-based estate agent Tim Blenkin told the Times: “There are five potential repossessions in Mayfair this year, which is unheard of.”

Recently, the Association of Mortgage Intermediaries called for a system in which struggling homeowners could sell back a share of the property to lenders as a form of debt solution.

By Jamie Price