I saw the other topic on leaseholds and thought I'd share this little factoid: Much of London is still owned by just a handful of families. When you buy a leasehold, you are merely renting land from these families. Here's a few:
Gerald Grosvenor, the Duke of Westminster: owns 100 acres of Mayfair and 200 acres of Belgravia. When Estates Gazette Group published its first rich list last year, it valued the Duke's London estate at a £5.5 billion.
8th Earl Cadogan: He can walk from Peter Jones to Harrods on his own land. The estate, worth £1.275 billion, covers over 90 acres between Knightsbridge and Albert Bridge on the Thames, and includes Cheyne Walk, Cheyne Gardens, Cadogan Square and the newly developed Duke of York's Square on the King's Road. All of this land came into the family through marriage in the 18th century.
Viscount Portman, 45-year-old owner of the £1.07 billion Portman Estate. His London spread, which dates back to the mid-16th century when Henry VIII gave the land to Lord Chief Justice Portman. The estate consists of 100 acres around Portman Square and Oxford Street (covering all the way from from Oxford Street going North to Baker Street tube).
Can you imagine? You buy a house and you feel good about getting on the property ladder, some lucky people own one or two that they rent out. These families own acres of land in central London!
Puts in all back in perspective, massive amounts of wealth in the hands of just a few.
