Daniel Foggo
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Prince Andrew has sold his house for £3m more than the asking price to a Kazakh tycoon with whom he is said to have had business dealings.
Kenes Rakishev, the 29-year-old head of an energy conglomerate, bought Sunninghill Park, Andrew’s former home, for £15m even though it was marketed at an upper guide price of £12m. There were no other bidders.
Rakishev bought the 12-bedroomed house with his father-in-law, a former Kazakh prime minister, using an offshore company. The deal has been kept a closely guarded secret. It is understood that Andrew met the buyers while on a trip to Kazakhstan, a country he has visited on official business three times since 2003, although more frequently in private. He helps broker business deals in the resource-rich former Soviet republic as part of his role as roving ambassador for British trade, a position for which he is not paid. He is also joint patron of the British-Kazakh Society.
Sunninghill, which was a wedding present from the Queen to Andrew and his bride Sarah Ferguson in 1986, had been up for sale for five years before being bought by the Kazakh tycoon eight months ago.
The entire £15m was paid to the trustees who manage the property on Andrew’s behalf. He is the sole beneficary of the trust after his former wife relinquished any claim on the property as part of their divorce.
Artur Krivov, who was the managing director of the UK arm of Rakishev’s conglomerate, Sat&Co, until eight months ago, confirmed a large discrepancy between the asking price and the amount paid.
“I personally was really surprised because there were much better [houses] at that price because I was helping look for a place for them,” he said. “There were other choices which were much more attractive than that. But I guess there were other issues here than just price and the place.”
A source close to Andrew said he understood the Kazakhs had an independent survey valuing the house at about £12m.
A spokesman for Andrew, who said he was in Kazakhstan this weekend on a privately funded “holiday”, said: “The sale of Sunninghill Park was a straight commercial transaction.There were no side deals and absolutely no arrangement for the Duke of York to benefit otherwise or to commit to any other commercial arrangement. Any suggestion otherwise is completely false.”
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I hope this story does not die.
It is bad enough that these guys get up to these scams but I would hate to think our journalists can be leant on!
Maybe the US press can pursue the matter?
jude Edwardes, Woking, Surrey
Just another paragraph in the sorrowfully soiled bumper big book of property market excesses and scams in our time I fancy - the great and the good (not necessarily implying Andrew is either) are by no means exempt.
William Boyd, Penygroes, UK
Mike, maybe Andy was visiting Borat. Glorious Nation of Kazakhstan is one of top holiday destinations in world - NOT!
Paul, Coventry,
Super deal!
Why not? I think he was clever. Bravo.
Adrian Cobbe, The Valley, Anguilla
John McIlray, communist is not an accurate description of contributors to the Times HYS! Suspicious, I'll give you. Market forces don't explain the price tag, so naturally other possibilities come to mind.
diana, derby,
Hope this cash is a royal redundancy payment.
Mike, Petrborough, Cambridgeshire.
The British Royalty comes cheap these days! 3 mil can get you one prince! How much is for the Queen? Well, UK is going down the drain morally and financially, can anybody deny this? And by the way, Kazakhstan isn't Russia, so please stop calling this person Russian and start learning geography.
Oleg, Toronto, Canada
Sounds like a tax evasion scam. Assuming he makes some kind of claim that it was his primary residence it will be outside the scope of income/capital gains tax, unlike income received in a business transaction.
Louise, London,
Perhaps now that he is 15 million richer. He will relieve the taxpayer burden of approx. one million a year for the security of his daughters. Why should we have to pay for their security at all. No wonder he is getting richer.
ann, London, England
Having read the comments here, I have come to the conclusion that while Russia and the former Soviet Socialist Republics are no longer Socialist/Communist, there are many living in my beloved UK that are. Or else they are just intensely jealous of those with financial resources more than theirs.
John McIlray, Scottsdale, Arizona, USA
Peter Hooper, Windsor., UK regarding the Footpath issue, might I suggest a further request now and if it is refused again aJudicial Review application might well succeed .
Steve, London, UK
Your headline should have read: " ROYAL PARASITE SELLS HOUSE TO RUSSIAN PARASITE"
Susie Flood, Carryduff, Northern Ireland
If an MP or an MEP did this the papers would go to town...
These double standards have no place in a modern Europe.
Its time for another English revolution.
Peter Goddard, Epsom, England, EU
Will this £3m profit be refunded to taxpayers? If not, why not?
Paul, Coventry,
"A spokesman for Andrew, who said he was in Kazakhstan this weekend on a privately funded holiday."
A holiday? in Kazakhstan who's having a laugh!! Yes, I can see the holiday companies flocking there on this revelation - not.
mike lincoln, wakefield,
We have had "Hello" magazine showing the vapid mug shots of what was once a proud, distinguished royal family. Now it seems that Andrew is cashing in on what is a bloodless Russian Revolution. Soon we will be managed, controlled and ruled without a shot being fired.
Anne Wotana Kaye, London, England
So what?
Ken, Agost, Spain
These thieves from the east are plundering the resources of their respective countries and investing them in the West including the United Kingdom. Are these the sort of people we really want to attract to our shores?
Has it ever been any other way. It was Scottish landowners in the 1700 Hundred
Joe Miles, Greenock,
When Sunninghill Park was built for the Yorks a footpath close to the house was closed on "security" grounds.
After they moved out I asked Bracknell Forest Council to re-instate the right of way, but the council refused.
Would the Yorks have got £15M if the footpath was still open to the public ?
Peter Hooper, Windsor., UK
These thieves from the east are plundering the resources of their respective countries and investing them in the West including the United Kingdom. Are these the sort of people we really want to attract to our shores?
Haroon Abbasi, London,
Head of an energy conglomerate? At 29? Do me a favour. Do the people of Kazakhstan know where their money is going?
The phrase' Pigs and Troughs' comes to mind.
mike rigby, blackburn,
How long suffering we are with some very foolish members of the Royal Family. With David Lindley having a Putin friend as a major
investor and this less than transparent transaction with some colourful Kazakhs what can we expect next ?
JD, London,
Cromwell will not turn in his grave - he will be used to this stupidity - but we should ask now for property seemingly owned by the monarch to be classed as part of the British national interests. It is ridiculous that such places are gifted to anyone - they belong to the people.
Phil in M.cr
Phil Pickervance, Denton Manchester, England
Well done Prince Andrew. :-))
Anne Kent, Dorset,