A billionaire behind B&M has sold a London townhouse for £23.5m – £10.5m less than he paid for the property a decade ago.
Bobby Arora, the trading director of the discount chain, bought the house in Belgravia, central London, for £34m in 2013.
But it has been sold at a 30 per cent discount, according to Bloomberg.
It comes as weaker demand for high-end homes forces some property owners to cut prices.
High interest rates and the prospect of tougher taxes on the rich have dented valuations in London’s most exclusive neighbourhoods.
![Losing out: Bobby Arora, pictured, the trading director of the discount chain, bought the house in Belgravia, central London, for £34m in 2013](https://www.businesstelegraph.co.uk/wp-content/uploads/2024/03/Billionaire-behind-BampM-sells-London-townhouse-for-105m-less-than.jpg)
Losing out: Bobby Arora, pictured, the trading director of the discount chain, bought the house in Belgravia, central London, for £34m in 2013
According to researcher LonRes, prime property prices in the capital fell 7.1 per cent in January compared to a year earlier. It was the biggest drop in five years.
But analysis by estate agent Savills showed foreign buyers still spent more than £100m on London homes in 2023 – and Belgravia made up 10 per cent of all deals worth more than £5m.