Castle prices in Scotland
Castles to be relaunched on market
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But efforts to repeat the Castle Lee effect
have fallen flat . the sale of Seton Castle, East Lothian,
which she marketed at a colossal £15m, a price which
would have made it Scotland's most expensive home. The
property, which has been on the market for over a year, will
be relaunched this month at what the new agents describe as
a "traditional" price.
Eilean
Donan Castle
Attempts to bring American property values
to Scotland has ended in failure, disappointed
customers and claims she created a "false" market
that could damage the industry as a whole.
An American estate agent sold Castle Lee in
Lanarkshire for £7m, twice the price anyone
expected it to reach.
Middleton Hall, Midlothian, a property which hit the
headlines last week when the owners took £9m off the
£13m asking price. American customers will wonder what
is wrong with a Scottish property priced at under eight
figures, but some Scots estate agents say prices have been
inflated beyond what the market can bear. FPD Savills, said:
"We have been marketing good castles at up to £3m. But
American agents have been putting some properties on the US
market at ridiculous prices. One possibility is that
the whole market gets a leg-up if a successful sale is made.
The other is that you end up with a lot of unsold properties
and the market is spoiled."
Lee Castle , in the Clyde Valley, to Addison
Fischer, an internet security tycoon and former aide to
former US President Ronald Reagan. She is believed to have
achieved a sale price of £7m for the 30,000 sq ft,
14-bedroom castle - including contents and a barony - which
despite its size has only 260 acres of grounds. She
persuaded the owners of Middleton Hall, Seton Castle and
Melville House near Cupar in Fife that she could achieve
similarly high prices in the US. The prices of both
Middleton, which was bought three years ago for £2.25m,
and Seton, purchased as a virtual ruin for around £1m
but now restored, have now been dropped dramatically and
Melville is expected to follow suit. Rettie and Co relaunch
Seton on February 23," Those elusive American billionaires
have not been found."
Middleton Hall, an 18th-century classical mansion set
in 113 acres of its own grounds, potentially became
Scotland's most expensive house when it was put on the
market for £13.5m last spring. Its owners, an
Anglo-American couple, had bought it in 2003 for £2.25m
for a stud farm. John Coleman, a partner at Knight Frank,
said: "It was put on the market for a price you could never
dream of in this country. Now it is being marketed
properly." Coleman concedes there was American interest at
£13.5m, but still no buyers. "The way the market works
over there is that pricing that is lower would have meant
that buyers would have wondered what was wrong with it." But
the strategy priced out most of the rest of the world. "We
think [£4.3m] is consistent with the market
here because it's one of the best houses in Scotland."
Scottish market because Americans were attracted to Scotland's countryside, golf and whisky. "These things make it far more attractive than going to England," she said. A buyer for Middleton Hall who was willing to pay up to £6m. "Middleton has been reduced, to my sorrow, because I had buyers ready to go for a lower amount than was asked but still a very good price of £5m to £6m. They should have taken those offers .But behind my back they put it back on the market for £4.3m." most beautiful castle in South Africa for $1.4m," she enthused.
"The interior is rich in paintings, tapestry and other heirlooms ... whilst the grounds are beautiful with terraces and wooded slopes."
The titles of baron or baroness are recognised by the Crown and the Queen's representative in Scotland, the Lord Lyon King of Arms.
Anyone can buy the title as long as they also purchase a chunk of land in Scotland. The holder, however, will not be able to exercise the former feudal powers that came with the title, such as holding barony courts and fining people.
Lord Kinross, who has had extensive experience in selling similar properties around Scotland said that the websale, while novel, was a good idea . John Travolta's name has been linked with the purchase of a Scottish castle. The American film star is rumoured to have viewed Lee Castle in South Lanarkshire with a mind to buying it. There is speculation that he wants to turn the historic building into a centre for Scientology, the religion that Travolta has long supported and promoted. The Pulp Fiction star could certainly afford it. He gets paid more than £20 million per film. Lee Castle dates back to the 13th century and one of its Lairds was honoured for his part in in returning Robert the Bruce's heart to Scotland. The property boasts 14 bedrooms, a ballroom and a swimming pool. It stands in extensive grounds with three themed gardens, including a Japanese garden. The family that currently owns the castle is understood to be marketing it in America, hoping for a private sale. If not then the castle will reportedly go up for sale on the public market next month.
Seton Castle is the work of famous Scottish architect Robert Adam . It was built in 1789 from the ruins of Seton Palace . The castle has 14 bedrooms and over 20 acres of land . The castle has been totally refurbished in the last year by the current owner
Mary McMillan, bought the castle for £1.3m in December 2003. She has since overseen a complete overhaul of the stately home. The 43-year-old mother-of-six today, who would not reveal how much had been spent on the refurbishment, said she would be reluctant to leave her home but explained that she could not turn down a multi-million pound offer
Lee Castle and barony title
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