Kate Moss set to lose £1m in UK property crash

It seems that Kate Moss may become the latest victim of the UK property crash; the thirty seven year old model is franticly trying to sell her five bedroom, Victorian home in Melina Place, London - even if it means she makes a £1 million (US$1.6 million) loss.

Moss bought the property in 2007, when prices in London were approaching their peak, for £8 million (US$ 13 million). According to reports, she has had little interest from buyers since putting it on the market for the same price, so the asking price has been slashed to £7 million (US$11.2 million).

Since she bought the London property, the UK model has redesigned the interior in her own distinctive style, including a neon-lit party area and a jungle themed living room; features which may deter the more conservative buyer.

However Marcus Parfitt, an up-market London estate agent, thinks that the problem "might simply be that the Victorian house is not in a fashionable postcode. There have been no offers as yet. The problem with this one is that you’re not in one of the chosen roads in the area."

"It’s a little bit on the periphery and from a snobbery point of view some people have not gone for it because it’s in the wrong district. As a house goes, though, it’s lovely. If it were a few streets away, it would be much more expensive," he added.

Moss bought the home after splitting with partner and Baby Shambles singer Pete Doherty, but has not had much luck with the property since moving in. In fact, she’s even gone so far as suggesting her house is "jinxed".

Last year the model’s home was flooded with sewage which caused £100,000 worth of damage to furniture, her shoe collection and photographs by Mario Testino.

However, Kate’s long suffering neighbours will be keen for her to make a quick sale, having frequently complained about her party lifestyle.

In 2007 the police and local council were called in due to alleged anti-social behaviour and there have been frequent complaints ever since.

If Kate does manage to sell her “jinxed” London property she is hoping to move into a new house in Highgate, North London which has nine bedrooms, two wine cellars and staff quarters. This new property is currently on the market for £8 million (US$ 13 million) and is the former home of well-known romantic poet Samuel Taylor Coleridge whose works include the famous poem Kubla Khan.

When she does finally sell, Kate will be near to her close friends Jude Law and Sienna Miller who have both been encouraging her to move to the area.

Article source: http://blog.oceanvillasgroup.com/kate-moss-set-to-lose-1m-in-uk-property-crash/

Rebecca Smith
Ocean Villas Group - http://www.oceanvillasgroup.com

Rebecca Smith is a real estate journalist with more than 15 years experience. She is currently the sales director for Ocean Villas Group (http://www.oceanvillasgroup.com) who specialise in luxury ocean view property investments worldwide.

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