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A billionaire behind B&M sold a terraced house in London for £23.5 million, £10.5 million less than he paid for the property a decade ago.
Bobby Arora, commercial director of the discount chain, bought the house in Belgravia, central London, for £34 million in 2013.
But it was sold at a 30 percent discount, according to Bloomberg.
It comes as lower demand for luxury homes forces some homeowners to cut prices.
High interest rates and the prospect of tougher taxes on the rich have hit valuations in London’s most exclusive neighbourhoods.
Loser: Bobby Arora, pictured, commercial director of the discount chain, bought the house in Belgravia, central London, for £34 million in 2013.
According to researcher LonRes, luxury property prices in the capital fell by 7.1 percent in January compared to the previous year. It was the biggest drop in five years.
But analysis by estate agent Savills showed overseas buyers still spent more than £100m on homes in London in 2023, with Belgravia accounting for 10 per cent of all transactions worth more than £5m.