Billionaire and chairman of Geregu Power, Femi Otedola, has reportedly acquired a luxury mansion in one of London’s most exclusive neighbourhoods in a deal valued at about £53 million.
The property is located in St John’s Wood, an affluent district in northwest London known for attracting high-net-worth individuals, diplomats, and international business elites, according to Bloomberg. The area sits close to Regent’s Park and is home to some of the city’s most expensive residential properties.
The mansion reportedly includes 10 bedrooms alongside high-end amenities such as a private cinema, spa facilities, and a dedicated cigar room, reflecting continued demand for ultra-luxury properties among global wealthy buyers despite softer conditions in the broader UK housing market.
The property was previously listed for sale at around £75 million in 2020, according to earlier reports connected to firms involved in the project’s development, suggesting the eventual purchase may have come at a significant discount from its original asking price.
Otedola’s reported acquisition comes at a challenging period for London’s luxury real estate market. Rising property taxes, higher borrowing costs, and changes to UK tax rules affecting wealthy foreign residents have contributed to slowing activity in the city’s high-end housing segment.
