( CNN ) -- A third of the houses on Britain 's second most expensive street are lying vacant , many abandoned for decades and left to rot . Behind the padlocked gates and long driveways , up to 20 mansions stand empty on London 's The Bishops Avenue , despite a reported combined value of around £350 million ( $ 582 million ) . Dubbed `` Billionaires ' Row , '' the road 's average house costs over £6 million ( $ 9.98 million ) , but many have been deserted by their wealthy owners . Despite their dilapidated condition , the houses remain a safe place for wealthy foreigners to park their money because of London 's rocketing property prices , which rose 11 % last year , and because of the road 's reputation as a magnet for the rich and famous . Anil Varma , a property developer appointed by a hedge fund owner to manage six of the vacant homes , calls it one of `` the most expensive wastelands in Europe . '' He 's hoping to get permission to convert decaying mansion The Towers into luxury apartments . Bought 25 years ago by a prominent Middle Eastern family but never lived in because of planning permission complications , the once-magnificent mansion was abandoned and has fallen into disrepair . Varma showed CNN through the property , revealing animal skeletons lying on moss-covered floors , paint ripped off the damp-soaked ceilings and stairs which have partially collapsed . Jersey House , 200 meters up the road , is on sale for £40 million ( $ 67 million ) and estate agent Trevor Abrahmsohn says investors are n't put off by the numerous abandoned homes on the road because The Bishops Avenue `` is an iconic road , like Rodeo Drive or Wall Street . '' Buying a house here `` is a statement of wealth ... a statement that you 've arrived , '' he told CNN . The street has long been a landing pad for wealthy investors in developing countries undergoing geopolitical chaos : Iranians after the 1979 revolution , eastern Europeans after the collapse of the Berlin Wall and most recently , Chinese oligarchs , he said . But , as Britain faces a housing shortage and soaring property prices , The Bishops Avenue 's empty mansions are likely to add to debate over taxes payable by overseas property buyers -- particularly if they remain empty . However , Richard Cornelius , who heads the local government branch of Barnet Council , told CNN he `` would rather spend public money bringing family houses back into use than getting involved in battles with the lawyers of billionaires . ''
one of the houses on London 's second most expensive street are lying vacant . Dubbed `` Billionaires ' Row , '' the road 's average house costs $ 582 million . Many have been deserted by their wealthy foreign owners .