John Griffin sells Regent's Park home for £9.2m loss

John Griffin, founder of the Addison Lee taxi company, has sold his six-bedroom property on Hanover Terrace, overlooking Regent’s Park, for £11.5 million. The sale, which closed in October 2026, represents a significant financial loss for Griffin, who originally purchased the house in 2013 for £20.7 million. This marks a shortfall of approximately £9.2 million on his investment.

Tax Dispute and Sale Timing

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The transaction occurred less than a month after a tax tribunal ruling in September 2026 that did not favour Griffin. He had been engaged in a protracted dispute with HMRC concerning his tax residency status between 2013 and 2020, seeking non-domiciled status to exempt foreign income. A person familiar with the proceedings indicated that the agreement to sell the mansion was reached before the tribunal's decision was announced. It remains unclear if the lower sale price was directly influenced by the tax ruling.

Market Conditions Affect Prime London Property

The sale of Griffin's property takes place against a backdrop of a subdued prime London property market. Data from JLL shows that 457 homes valued at over £5 million were transacted in central London between July and September 2026. This figure represents an 11% reduction compared to the preceding three-month period. Savills has forecast that nominal price growth for London’s most expensive properties is unlikely to resume before 2028, citing factors such as political uncertainty and economic conditions.

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Nick Gregori, head of research at LonRes, commented on the market's state, noting that the addition of a new prime minister and ongoing global uncertainty have contributed to a quiet prime London market, with the super-prime segment experiencing particular effects. He described transaction numbers relative to new instructions and existing stock as remaining low, with uncertainty and reduced expectations for future price growth hindering recovery. Gregori added that at the higher end of the market, where fewer transactions are necessary, these issues are amplified.

Property History

The Hanover Terrace residence, designed by architect John Nash as part of a Regency-era terrace, has been on the market previously. In 2021, it was listed with an asking price of £32 million but was later withdrawn after several price reductions. It was subsequently relisted this year at £13.5 million before the final sale at £11.5 million.