Margaret Thatcher Home To Go On Sale For US$ 59.5 Million

Margaret Thatcher Home To Go On Sale For US$ 59.5 Million

Margaret Thatcher's former home is to go on the market for up to US$ 59.5 million after wealthy foreign buyers have been attracted by its "blue plaque effect".

The house in Belgravia, London, will go up for sale after its current owners complete a major refurbishment project which will include two basement floors and a connection to a mews property behind.

The new owners are thought to have arranged an extension of the lease and after initial renovation work. However, workmen are now expected to convert the house into a far larger "iceberg home" with a number of subterranean rooms totaling around 650 square meters.

The extensive work being carried out by developers Leconfield Property Group is not expected to be finished until next year, but already potential buyers are interested in acquiring the property because of its historic association with the former Prime Minister.

Estate agents in Belgravia say the connection with Lady Thatcher, who was Prime Minister between 1979 and 1990, will add to the property's value.

It is expected a figure of around US$ 59.5 million could well be realized as trophy-hunter buyers from the US or Middle East bid against each other to own the home of such a famous figure.

Lady Thatcher stayed at the five-storey house until December 2012 when she was unable to use the stairs.

Blue plaques commemorate the link between notable figures of the past and the buildings in which they lived and worked.

London's blue plaques scheme, which is run by English Heritage, was founded in 1866 and is believed to be the oldest of its kind in the world.