A mansion on London 's Billionaire 's Row which was built by the owner of the Tate and Lyle sugar empire has sold for £25million - just a quarter of its original asking price . Heath Hall on The Bishops Avenue in Hampstead , north London , a 24,000 sq/ft trophy home set in a plot of around 2.5-acres , was put on the market three years ago for £100 million . Property tycoon Andreas Panayiotou bought it as a rundown wreck for £5 million in 2006 and then set about transforming the property into his dream home . Scroll down for video . Bargain : Heath Hall , on The Bishops Avenue in Hampstead , north London has sold for £25million around a quarter of its original asking price . After spending a fortune on a lavish refurbishment , the businessman put it on the market in 2011 for a staggering £100 million - making it the most expensive home for sale on the open market in the UK . However , a year later the price was dropped to £65 million . It was then thought the home , which is more than 25 times the size of the average new build , would be quickly snapped up . But a buyer could not be found and Heath Hall , which was originally built in 1910 for sugar magnate William Park Lyle , has languished on a stagnating market - until this week . A deal has now been struck but not for anywhere near £65 million . Instead , the new buyer is thought to have paid just £25 million for one of London 's grandest private homes . Palatial : The property was built for sugar magnate William Park Lyle in 1910 , but fell into disrepair in the 1950s while under the ownership of the Bank of China . Eat your heart out : The magnificent three-story house was brought back to its glorious best thanks to a massive renovation by property tycoon Andreas Panayiotou . The developer employed a team of 120 tradesmen for the renovation , adding a further 8,000sq/ft to the already substantial 19,000sq/ft . Mark Pollack , director of Aston Chase , whose agency acquired the mansion would n't reveal the identity of the purchaser or the price paid but confirmed the new owner is now set to carry out a major fresh refurbishment and re-landscaping of the grounds . Mr Pollack said : 'This is a truly magnificent property . There is 24,000 sq/ft of space on a 2.4-acre plot , with an exceptional frontage and thus , the property has huge kerb appeal for an ultra-high net worth purchaser . 'The original £100 million asking price was over-ambitious for a property in Kenwood as this equates to £3,700 per sq/ft which is only really achievable in the golden postcodes . 'Our objective was to acquire it for our client who recognised the immense potential of Heath Hall . They are naturally very excited about buying it and intend to spend many millions upgrading the property . 'The accommodation is arranged over three floors only which is very unusual as most trophy homes in London with similar square footage invariably have 30 - 40 per cent of the accommodation below ground . ' I firmly believe that , in the right hands , the property has the credentials to command a figure in the region of £50 million as in many respects , it is the ultimate trophy home . 'Needless to say , we are thrilled to have successfully acquired the property for our client . ' The pool and gym area inside the mansion which was bought it as a rundown wreck for £5 million in 2006 and originally put on the market for £100million . High-class finish : Twelve types of Italian marble and seven types of wood , all prepared in Italy , were used for the bathrooms , according to the estate agents . Entertainment hub : There is also a library , home cinema , steam room with sauna , fully fitted home gym and wine cellar with climate-controlled temperature . Tranquil : The home , set in 2.5 acres of manicured gardens , is one of the largest private properties in the capital , . Cheap at the price : The new buyer is thought to have paid just £25 million for one of London 's grandest private homes . Heath Hall was built in 1910 for William Park Lyle of the Tate & Lyle family . The property fell into disrepair after the Bank of China took over the three-storey mansion in the 1950s . Around 50 members of staff lived there at one time . When Mr Panayiotou bought the home in 2007 , he employed a team of 120 tradesmen for the renovation . The hand-carved marble basins were prepared in Italy before being transported to the property . The Bishops Avenue in Hampstead , north London , boasts dozens of eight-figure properties and has been dubbed 'Billionaires Row ' Twelve types of Italian marble and seven types of wood were used for the bathrooms while the snooker room , office , bar , library and grand staircase are all clad in Oak . In total there are 14 bedroom suites , six reception rooms , a drawing room , dining room , family room , sun room and snooker room . There is also a tennis court , indoor and outdoor swimming pools , library , home cinema , steam room with sauna , fully fitted home gym and wine cellar with climate controlled temperature .
Heath Hall in Hampstead , north London was originally put on the market three years ago for £100 million . The 24,000 sq/ft trophy home on The Bishops Avenue in north London is set in a plot of around 2.5-acres . Bought as a wreck for £5million in 2006 , developer Andreas Panayiotou spent millions on the renovation . It has been described by some as one of London's most expensive homes and it features an indoor swimming pool with its own spa - complete with sauna.