Britain's biggest estate repossession sold

Jan. 28, 2012 at 12:45 PM
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WINDLESHAM, England, Jan. 28 (UPI) -- An anonymous buyer from the Middle East is the new owner of an opulent British estate that was part of a bank bailout, the receiver announced.

The 58-acre Updown Court in Surrey sold for 36 million pounds ($56.6 million), less than the reduced asking price of 40 million pounds ($63 million), the receiver of the home said.

The 27-bedroom home is considered a one-of-a-kind property. The Daily Telegraph said it was larger than Buckingham Palace and includes such amenities as a bedroom swimming pool, heated marble driveway and a panic room for use in the event of a peasant revolt.

The estate has been put to use recently for television shoots and as a location for the Matt Damon thriller "Green Zone" to help offset maintenance costs that run about 1 million pounds ($1.57 million) annually, the newspaper said.

Updown Court has the dubious honor of being the biggest repossession in British history. The Irish government took it over as part of the bailout of Irish International bank.

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