The credit crunch has claimed a high-profile victim, as a City financier has his £11 million London mansion repossessed.
Dotcom millionaire Robert Bonnier bought the home, in the leafy Holland Park district, last year, just as the market peaked. However, the average home has lost more than ten percent of its value in recent months - and the credit crunch has also caused a significant economic downturn, putting many homes under threat as borrowers struggle to meet their repayments.
Mr Bonnier, 38, exacerbated his exposure by taking out several loans on the property in order to make home improvements. He had hoped to install extra features including a swimming pool and a home cinema, and to put the property back on the market at £15 million.
However, the housing slump has made the businessman's financial position untenable, leaving him with no means of paying back the loans. Therefore, Mr Bonnier's creditors have now reclaimed the mansion, and put it back on the market for an asking price of £10 million.
Mr Bonnier made his name - and his fortune - with the high-profile startup Scoot.com. The site soared in value to £2.5 billion during the dotcom bubble, but lost almost all of its value as the sectors crashed in the early 2000s.
Speaking to the Daily Telegraph, the Council of Mortgage Lenders confirmed that, according to its own records, Mr Bonnier's is the most expensive property to be repossessed by creditors in British history.
