West Ham co-owner David Sullivan selling luxury mansion for huge loss

David Sullivan, the co-owner and chairman of Premier League outfit West Ham United, has decided to part ways with his London mansion at a loss, after reducing the initial price tag by a hefty £10m. Sullivan, holding the reins as majority shareholder of the esteemed London Stadium-based side, is offloading the luxurious Marylebone property via the renowned real estate agents Knight Frank, setting the bar at £65m reports ..

Boasting an impressive ten bedrooms and baths, the stately home comes complete with indulgent amenities such as a swimming pool, spa, cinema room, gym, and an exclusive wine cellar. The Hammers' chief recounted that he secured the mansion back in 2015 for a sum of £27m and subsequently invested close to £50m on upscale refurbishments, escalating his overall expenditure to round about £75m.

In a candid exchange with Bloomberg, said: "I'm selling it at a loss now, but you have to be realistic." Confronting the current economic landscape, he elaborated: "Interest rates are high - they're coming down but not much. I also think what the government is doing to the non-doms isn't very nice, and a lot of rich people are leaving the country as a result of what they anticipate in the Budget."

And he's not alone in his sentiments, adding: "Three or four of my friends have already gone to Monaco or Dubai." Reflecting on the political arena, Labour had vowed in its election manifesto to intensify scrutiny on so-called non-doms individuals residing in the UK whose permanent home, or domicile, is positioned elsewhere for taxation matters.

As things stand, non-doms are obliged to pay taxes solely on the income they accrue within the UK borders. The forthcoming Budget announcement might bring a shift in policy following Labour's declaration that it would scrap "the outdated non-dom tax regime".

However, there are concerns this could lead to ultra-wealthy individuals leaving the UK. Last week, the Treasury affirmed its dedication to fairness, stating it is "committed to addressing fairness in the tax system", and revealed plans to introduce a "new internationally competitive residence-based regime."

Sullivan, who acquired a majority share of alongside business partner David Gold in 2010, made his mark with Gold in the adult magazine publishing industry.