A £60 million penthouse overlooking Hyde Park has been sold to Igor Babuschkin, the tech billionaire and co-founder of Elon Musk’s artificial intelligence venture xAI.
In what is being described as the biggest UK home sale for more than a year the apartment, at Park Modern on Bayswater Road, will serve as Babuschkin’s London residence, according to people familiar with the deal. Bloomberg first reported the identity of the buyer.
The transaction marks a significant moment for London’s ultra-prime market, which has seen subdued volumes amid higher borrowing costs, tax changes and geopolitical uncertainty. Agents said the sale is the largest recorded residential deal in the UK in the past 12 months.
Park Modern, a £530 million development by Fenton Whelan, occupies a prominent position at the western gateway to Hyde Park and Queensway. Designed by Lee Polisano of PLP Architecture, the scheme comprises 55 apartments, with the penthouse regarded as its flagship residence.
FIVE-STAR SERVICE
The building offers a suite of five-star amenities including a 24-hour concierge, valet parking, private dining facilities, an 82ft swimming pool, spa, gym and private cinema.
It is also home to The Park restaurant, an 8,600 sq ft “grand café” operated by restaurateur Jeremy King.
Image Credit: Fenton Whelan/Grant Fraser
Babuschkin is a co-founder of xAI, Musk’s artificial intelligence company reportedly valued at about $250 billion (USD) and runs Babuschkin Ventures, an investment firm focused on AI. His purchase once again highlights the growing presence of global technology wealth in London’s top-tier property market.
Image Credit: Fenton Whelan/Grant Fraser
Despite a slowdown in mainstream housing transactions trophy assets in prime central London continue to attract international buyers seeking long-term security, privacy and proximity to financial and cultural hubs.
LANDMARK SALE
Sanjay Sharma, Co-founding Director of Fenton Whelan, says: “Fenton Whelan never comment on the identities or details of any transaction with private individuals.
“Nonetheless, Fenton Whelan are delighted by the landmark sale which establishes Park Modern as the pre-eminent super prime development in Central London and underlines the superlative quality of both the building and the Fenton Whelan product.
“The transaction further validates Fenton Whelan’s commitment to its home London market, and proves yet again that exceptional buyers will always seek exceptional homes in a world class city.”
Prices for the remaining apartments at Park Modern range from £1.8 million to £42 million, leaving a handful of units still available in one of central London’s most high-profile luxury schemes.
