Hanover Lodge in Regent's Park sold by Russian oligarch for £113m

Hanover Lodge set the record for the most expensive sale in the UK when it sold for £120 million in 2012. Photo: Leon Neal/Getty Images

A London mansion overlooking Regent's Park that was once the most expensive in the UK The home was sold by a Russian businessman for £113 million.

Indian billionaire Ravi Ruia bought Hanover Lodge from Andrey Goncharenko in an over-the-counter deal, according to the Financial Times.

The 2,400 square meter mansion at 150 Park Road was built in 1827 and designed by John Nash, the architect of Buckingham Palace.

A Grade II listed Hanover Lodge was once the residence of the French Ambassador to the United Kingdom. It has a gym, sauna and gallery, as well as staff quarters and a swimming pool that can be converted into a ballroom.

Mr Goncharenko bought the house in 2012 from Conservative peer Lord Raj Kuman Baghri for £120m, the most expensive real estate deal in the UK at the time.

Hanover Lodge was designed and built in 1827 by renowned architect John Nash. Photo: Heritage Images/Hulton Archive

The Russian is a former senior executive of the Kremlin-owned oil giant Gazprom and was part of a large group of oligarchs who have been buying up luxury property in the UK over the past decade and a half, giving the capital the name «Londongrad».

In addition to Hanover Lodge, Goncharenko has reportedly bought two more houses in Hampstead and Belgravia.

The sale of his property in Regent's Park comes as oligarchs rush to get rid of assets in the West after the war in Ukraine.

The post-invasion sanctions prompted even those who weren't targeted to withdraw their money from Western countries for fear of future action.

Mr. Goncharenko is not targeted.

A spokesman for the Ruia family said Hanover Lodge was «affordable at a price that makes it an attractive investment.»

Mr. Ruia and his brother Shashi co-founded India's Essar Group, which has major interests in energy, metals, technology and retail.

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Regent's Park is a very popular destination for billionaires.

Earlier this year, London's most expensive home, The Holme, was put up for sale for £300 million.

The mansion, located in the park, was formerly owned by the Saudi royal family, but is now in receivership after the loan expires.

If the sale of The Holme is achieved at the expected price, it will set a new record for the largest real estate transaction in London.

The previous record was Chinese billionaire Cheng Chung-kiu's £210 million purchase of Knightsbridge property in 2020.