Blairs paid £1.35m in cash for home number SEVEN: Splashed out on a four-storey Georgian townhouse for son Nicky
- The house bought for Nicky Blair brings Blairs' empire to £20million
- New property is walking distance from Blairs' five-storey £3.65m mansion
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Tony and Cherie Blair were not initially noted for their shrewd moves in the housing market.
Shortly before London’s property boom, they sold the Islington home where Mr Blair plotted Labour’s 1997 election victory and moved into Downing Street.
But if that was a painful lesson, it is one that they learned very quickly.
Nicky's new Georgian townhouse, worth £1.35million, (left) is walking distance from the Blairs' £3.65million Grade II listed mansion (right) they bought in 2004
Nicky Blair (pictured far left, with Kathryn, Tony, Cherie and Euan) is the latest Blair to be bought his own property.
Now it emerges that another property has been added to the Blair portfolio – this time a new home for son Nicky – as they continue to invest the former Prime Minister’s growing fortune in some of the capital’s prime locations.
The four-storey, £1.35million Georgian townhouse in central London was paid for with cash.
It is the third costly home in almost as many years that the Blairs have bought, mortgage-free, for their children and brings the combined value of the seven properties owned by the family to an estimated £20million.
But given that Mr Blair reputedly earns £20million a year from government advisory work, speeches and consultancy work and has amassed a fortune of up to £60million, it will hardly dent the family finances.
Nicky’s new house, like his previous property and the homes bought for siblings Euan and Kathryn, is within walking distance of the Blairs’ mansion, which they bought in 2004 for £3.65million.
Two flats in Bristol which Cherie Blair bought for £260,000 (left) and the Blairs' £800,000 London mews house
According to Land Registry documents, all the children’s properties have joint ownership between them and their mother Cherie.
The latest purchase, an un-modernised mid-terrace property was bought four months ago and the Blairs’ second son has obtained permission to drastically improve the house. Nicky, 27, a former teacher with ambitions to become a football agent, intends to erect a single-storey extension – with a ‘living sedum’ roof (made from plants).
The work to provide a new kitchen and create ‘a good family home’ is understood to be costing several hundred thousand pounds.
A spokesman for the Blairs said Nicky’s nearby mews house, bought for £1.13million in 2009 – again, without a mortgage – has been sold. The four-bedroom home was described as ‘the ultimate lad’s pad’. Last month it emerged that a computer games firm and football agency run by Nicky was being dissolved five years after its launch.
South Pavilion, the Grade I seven-bedroom mansion in Buckinghamshire once owned by Sir John Gielgud was bought by Tony and Cherie Blair for £5.75m in 2008
Grade II listed townhouse bought for Euan (left) and Georgian house bought for Kathryn for nearly £1 million
Accounts filed at Companies House show Magnitude Gaming made losses of almost £4,000 in 2008, more than £8,000 in 2009 and almost £17,000 in 2010. Oxford graduate Nicky and university friend Gabriel Moraes each owned a 40 per cent share, while Cherie had a 20 per cent stake. The company is solvent with no debts.
Magnitude Gaming said it was restructuring to carry on trading as Magnitude Partnership.
In 2010, Mrs Blair and eldest son Euan, 29, bought a townhouse for £1.29million. The three-bedroom, two bathroom Georgian property was purchased with a mortgage.
Later in 2010, the Blairs paid £975,000 in cash for a three-bedroom maisonette for daughter Kathryn – again with Mrs Blair as joint owner with her child. Kathryn, 24, has followed her parents into the legal profession.
The rest of the Blair property empire is outside London.
South Pavilion, the magnificent country estate in the Chilterns once owned by Sir John Gielgud, is now valued at twice the £5.75million they paid for it four years ago.
Less profitable were the two discounted flats in Bristol that Mrs Blair bought in 2003 with the help of convicted fraudster Peter Foster. She paid £262,500 for each but one has since been sold for £260,000.
Read more: http://www.dailymail.co.uk/news/article-2272239/Blairs-paid-1-35m-cash-home-number-SEVEN-Bought-storey-Georgian-townhouse-son-Nicky.html#ixzz2JupTSA5p
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