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 25 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 wouldn'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 24 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 25 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
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