Britain’s wealthiest landowner, the Duke of Westminster, has died
Britain’s wealthiest landowner, the Duke of Westminster, has died
The Duke owned swathes of prime London real estate, as well as property overseas, including Asia
The Duke of Westminster, Britain’s wealthiest landowner has died at the age of 64.
Gerald Cavendish Grosvenor owned large parts of prime real estate in London, including 190 acres in Belgravia, an area adjacent to Buckingham Palace. He played a key role in the London property market.
He was taken ill suddenly at his Abbeystead estate and died on Tuesday afternoon.
This year’s Sunday Times rich list placed him in sixth place in the UK, with his wealth estimated at £9.35bn. He was the UK’s wealthiest native-born person.
He was reported to have increased his wealth last year by £37.7m as his property empire paid its first dividend since 2010.
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Following the UK’s decision to leave the European Union, Grosvenor suffered a loss of £727m, according to Bloomberg’s billionaire index. The UK’s richest individuals are said to have lost £4bn in total as a result of the Brexit vote.
His family company, Grosvenor Group, traces back to 1677 where his ancestors purchased 500 acres of “swamp, pasture and orchards,” in England.
The company has since acquired land all over the world, including in Asia, with Grosvenor Asia Pacific headquartered in Hong Kong.
Developments include The Westminster Terrace, an award-winning, 33-storey development comprising 59 four-bedroom duplex apartments in one of Hong Kong’s most unique locations.
The dukedom will now pass to his only son Hugh.
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Source: Property Report