Sunday 21 August 2011

How can you afford that £8m home, Mandelson

Lord Mandelson is poised to buy an £8 million home after taking up a lucrative post with an investment bank that is advising the Greek government on its financial crisis.
The purchase would be the first indication of the multi-million-pound fortune amassed by the former business secretary, who left office last year.
While he has made money over the years with shrewd property investments, the source of much of Lord Mandelson’s wealth remains shrouded in secrecy.
Yesterday it emerged that he plans to purchase a four-storey Gothic revival house, complete with wine cellar, in one of London’s most exclusive neighbourhoods. The property, on the market for just under £8 million, would represent a remarkable acquisition for a man who a decade ago was living in a one-bedroom £250,000 flat.
The Labour peer, who once said the Labour government was “intensely relaxed about people getting filthy rich”, is banned from lobbying government officials. But he is said to be in demand as a consultant for his extensive global contacts, built up over more than a decade as one of Tony Blair closest advisers and a European trade commissioner.