Credit crunch hits the rich, as £11.6m property is repossessed

If you think that the credit crunch only hits the lower-paid and the sub-prime, then the news of a £11.6 million home being repossessed in London’s swanky Holland Park will show how it is also affecting the mega-rich.

The property on Ilchester Place, Holland Park was owned by Robert Bonnier, 38, who’s success with Scoot.com shot him to the top, Scoot.com was valued at £3 billion and at one time his stake in the company was worth £130 million before the company folded, although the demise of Scoot.com was sped up by an alleged dirty-tricks campaign. The property has been put on the market for £10 million.
It has been said that this could be the first in a long line of high-end repossessions.

A Mayfair-based estate reported that there were five potential repossessions in Mayfair this year, which is unheard of.

There were 39,078 claims for repossessions from mortgage lenders from June to August this year; this figure was up 17 percent on the same period last year. Not all repossessions result in the borrower losing their homes and not all repossession claims are successful.

Read the full story in the timesonline