Vanity Fair
One Hyde Park is the world’s most exclusive address and the most expensive residential development ever built anywhere on earth. With apartments selling for up to $214 million, the building began to smash world per-square-foot price records when sales opened, in 2007.
they can drive their Maybachs into a glass-and-steel elevator From the Hyde Park side, One Hyde Park protrudes aggressively into the skyline like a visiting spaceship, a head above its red-brick and gray-stone Victorian surroundings. Inside, on the ground floor, a large, glassy lobby offers what you’d expect from any luxury intercontinental hotel: gleaming steel statues, thick gray carpets, gray marble, and extravagant chandeliers with radiant sprays of glass. Not that the building’s inhabitants need venture into any of these public spaces: they can drive their Maybachs into a glass-and-steel elevator that takes them down to the basement garage, from which they can zip up to their apartments.
The emphasis everywhere is on secrecy and security, provided by advanced-technology panic rooms, bulletproof glass, and bowler-hatted guards trained by British Special Forces. Inhabitants’ mail is X-rayed before being delivered.
Investment banker David Charters says, “One Hyde Park is a symbol of the times, a symbol of the disconnect. There is almost a sense of ‘the Martians have landed.’ Who are they? Where are they from? What are they doing?”
One Hyde Park is the world’s most exclusive address and the most expensive residential development ever built anywhere on earth. With apartments selling for up to $214 million, the building began to smash world per-square-foot price records when sales opened, in 2007.
they can drive their Maybachs into a glass-and-steel elevator From the Hyde Park side, One Hyde Park protrudes aggressively into the skyline like a visiting spaceship, a head above its red-brick and gray-stone Victorian surroundings. Inside, on the ground floor, a large, glassy lobby offers what you’d expect from any luxury intercontinental hotel: gleaming steel statues, thick gray carpets, gray marble, and extravagant chandeliers with radiant sprays of glass. Not that the building’s inhabitants need venture into any of these public spaces: they can drive their Maybachs into a glass-and-steel elevator that takes them down to the basement garage, from which they can zip up to their apartments.
The emphasis everywhere is on secrecy and security, provided by advanced-technology panic rooms, bulletproof glass, and bowler-hatted guards trained by British Special Forces. Inhabitants’ mail is X-rayed before being delivered.
Investment banker David Charters says, “One Hyde Park is a symbol of the times, a symbol of the disconnect. There is almost a sense of ‘the Martians have landed.’ Who are they? Where are they from? What are they doing?”
The really curious aspect of One Hyde Park can be appreciated only at night. Walk past the complex then and you notice nearly every window is dark. As John Arlidge wrote in The Sunday Times, “It’s dark. Not just a bit dark—darker, say, than the surrounding buildings—but black dark. Only the odd light is on. . . . Seems like nobody’s home.”
That’s not because the apartments haven’t sold. London land-registry records say that 76 had been by January 2013 for a total of $2.7 billion—but, of these, only 12 were registered in the names of warm-blooded humans. The remaining 64 are held in the names of unfamiliar corporations often registered in offshore tax havens.
Who are the owners in One Hyde Park?
One $39.5 million apartment is registered openly in the name of Anar Aitzhanova: this may be a Kazakh singer.
Another two, for a combined $49.8 million, are held jointly by Irina Viktorovna Kharitonina and Viktor Kharitonin. The latter is likely to be a co-owner of Russia’s largest domestic drugmaker.
Another apartment is registered to Rory Carvill, a British insurance broker; another is held in the name of Bassim Haidar, who appears to be the founder and C.E.O. for Channel IT, a Nigeria-based telecommunications company. A $35.5 million apartment is registered in the name of Karmen Pretel-Martines, who could not be further identified, as is the case with a Beijing-registered buyer named Kin Hung Kei, who paid $11.6 million.
The best apartment of all—a triplex on Floors 11, 12, and 13 of Tower C—is owned (via a Cayman company) by Sheikh Hamad bin Jassim al-Thani, of Qatar, a partner of Project Grande consortium which is behind One Hyde Park.
That’s not because the apartments haven’t sold. London land-registry records say that 76 had been by January 2013 for a total of $2.7 billion—but, of these, only 12 were registered in the names of warm-blooded humans. The remaining 64 are held in the names of unfamiliar corporations often registered in offshore tax havens.
Who are the owners in One Hyde Park?
One $39.5 million apartment is registered openly in the name of Anar Aitzhanova: this may be a Kazakh singer.
Another two, for a combined $49.8 million, are held jointly by Irina Viktorovna Kharitonina and Viktor Kharitonin. The latter is likely to be a co-owner of Russia’s largest domestic drugmaker.
Another apartment is registered to Rory Carvill, a British insurance broker; another is held in the name of Bassim Haidar, who appears to be the founder and C.E.O. for Channel IT, a Nigeria-based telecommunications company. A $35.5 million apartment is registered in the name of Karmen Pretel-Martines, who could not be further identified, as is the case with a Beijing-registered buyer named Kin Hung Kei, who paid $11.6 million.
The best apartment of all—a triplex on Floors 11, 12, and 13 of Tower C—is owned (via a Cayman company) by Sheikh Hamad bin Jassim al-Thani, of Qatar, a partner of Project Grande consortium which is behind One Hyde Park.
Another buyer, who bought and merged two apartments for a total of $215.9 million, is Rinat Akhmetov, the Ukraine’s richest man, with an estimated personal net worth of $16 billion. He has interests in coal, mining, power generation, banking, insurance, telecoms, and media, and has been a big beneficiary of privatization auctions in his native country. A spokeswoman for Akhmetov’s holding company, System Capital Management, said last year that the purchase was a “portfolio investment”; U.K. land-registry documents say it is held through a B.V.I. company, Water Property Holdings Ltd.
Another owner is Vladimir Kim, who chairs the London-listed Kazakh copper giant Kazakhmys P.L.C. Kim was once a top official in the political party behind Kazakh president Nursultan Nazarbayev, who has often been accused of sanctioning severe abuses of human rights and media freedom. Sheikh Mohammed Saud Sultan Al Qasimi, head of finance for the government of Sharjah, bought an $18.1 million apartment, while at least one more belongs to the Russian real-estate magnate Vladislav Doronin, who is dating model Naomi Campbell.
An $11.7 million second-floor apartment is owned by Galina Weber, a significant shareholder in the Russian gas giant Itera. Two apartments, worth a combined $43.7 million, are owned by Professor Wong Wen Young, with London and Taipei addresses. This is presumably the billionaire Taiwan-born entrepreneur Winston Wong Wen Young, who has enjoyed a close business relationship with Jiang Mianheng, the son of former Chinese president Jiang Zemin. A $12 million apartment is held jointly by Desmond Lim Siew Choon and Tan Kewi Yong, a billionaire Malaysian couple with a big property empire. Last September the real-estate company Jones Lang LaSalle estimated that nearly a sixth of all recent buyers of new central-London property were Malaysian—and only 19 percent British. Wealth is currently pouring out of Malaysia ahead of imminent elections, which could see the scandal-ridden ruling coalition ousted for the first time since independence.
Another owner is Vladimir Kim, who chairs the London-listed Kazakh copper giant Kazakhmys P.L.C. Kim was once a top official in the political party behind Kazakh president Nursultan Nazarbayev, who has often been accused of sanctioning severe abuses of human rights and media freedom. Sheikh Mohammed Saud Sultan Al Qasimi, head of finance for the government of Sharjah, bought an $18.1 million apartment, while at least one more belongs to the Russian real-estate magnate Vladislav Doronin, who is dating model Naomi Campbell.
An $11.7 million second-floor apartment is owned by Galina Weber, a significant shareholder in the Russian gas giant Itera. Two apartments, worth a combined $43.7 million, are owned by Professor Wong Wen Young, with London and Taipei addresses. This is presumably the billionaire Taiwan-born entrepreneur Winston Wong Wen Young, who has enjoyed a close business relationship with Jiang Mianheng, the son of former Chinese president Jiang Zemin. A $12 million apartment is held jointly by Desmond Lim Siew Choon and Tan Kewi Yong, a billionaire Malaysian couple with a big property empire. Last September the real-estate company Jones Lang LaSalle estimated that nearly a sixth of all recent buyers of new central-London property were Malaysian—and only 19 percent British. Wealth is currently pouring out of Malaysia ahead of imminent elections, which could see the scandal-ridden ruling coalition ousted for the first time since independence.
Less is known about others, but clues can be found. Land-registry documents for four apartments provide contact details for Alastair Tulloch, a British lawyer who Hollingsworth said is known in Russian-oligarch circles as “the new Stephen Curtis”—a reference to the Russians’ go-to London lawyer, who died in a mysterious helicopter crash in 2004. Tulloch has represented the interests of Alexander Lebedev, a banking oligarch who owns London’s Evening Standard and a sizable piece of the Russian airline Aeroflot, among other holdings, and has worked closely with the jailed Russian oligarch Mikhail Khodorkovsky.
One apartment was purchased by the Caymans-based Knightsbridge Holdings Ltd., registered in Ugland House—a modest building where some 20,000 companies are registered and which President Obama in a 2009 speech said was “either the largest building in the world or the largest tax scam in the world.”
A company called Postlake Ltd.—registered on the Isle of Man—which owns a $5.6 million apartment on the fourth floor. Postlake is in turn registered as owned by Purcey Ltd., a B.V.I. entity, which is registered as held on behalf of an Isle of Man trust set up by the bankrupt Irish property developer Ray Grehan, who has been pursued by Ireland’s National Asset Management Agency to recover more than $350 million it says it is owed. Grehan had argued that the apartment is not really his but belongs to a family trust. Martin Kenney, a B.V.I. lawyer, says B.V.I. companies are frequently owned by foreign trusts from more outlandish jurisdictions, such as Nevis or the Cook Islands, deepening the secrecy. These structures are “debtor-friendly and creditor-unfriendly,” he says, so in cases of fraud it can be very hard to recover assets.
One apartment was purchased by the Caymans-based Knightsbridge Holdings Ltd., registered in Ugland House—a modest building where some 20,000 companies are registered and which President Obama in a 2009 speech said was “either the largest building in the world or the largest tax scam in the world.”
A company called Postlake Ltd.—registered on the Isle of Man—which owns a $5.6 million apartment on the fourth floor. Postlake is in turn registered as owned by Purcey Ltd., a B.V.I. entity, which is registered as held on behalf of an Isle of Man trust set up by the bankrupt Irish property developer Ray Grehan, who has been pursued by Ireland’s National Asset Management Agency to recover more than $350 million it says it is owed. Grehan had argued that the apartment is not really his but belongs to a family trust. Martin Kenney, a B.V.I. lawyer, says B.V.I. companies are frequently owned by foreign trusts from more outlandish jurisdictions, such as Nevis or the Cook Islands, deepening the secrecy. These structures are “debtor-friendly and creditor-unfriendly,” he says, so in cases of fraud it can be very hard to recover assets.
