The Irish Government Seized The Most Expensive House In England After Its Owner Defaulted On $80 Million Mortgage

Ireland’s National Asset Management Agency just seized the most expensive home on the UK real estate market after its owners were unable to make good on an $80 million mortgage, according to The Daily Mail.

The mega-mansion, named Updown Court, is located just 25 miles outside of London and was recently listed for $123 million.

Owner Leslie Allen-Vercoe put the house on the market six years ago but has been unable to find a buyer, according to The Daily Mail. When contacted by reporters, Allen-Vercoe said he had no knowledge of the bank’s plans to put the estate into receivership.

The mortgage was reportedly provided by Irish Nationwide, which transferred many of its loans to the Irish government after it collapsed during the financial crisis.

Set on 58 acres of land, with 50,000 square feet of space, Updown Court is larger in size than both Buckingham Palace and Hampton Court Palace.

The behemoth home has five swimming pools, a $6 million marble heated driveway, a squash court, home theater, bowling alley, panic room, and much more.

 http://www.businessinsider.com/most-expensive-house-in-england-mortgage-default-2011-7#ixzz1S0VCnh3m