Nicholas Wallwork
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Mount Blencathra in the Lake District up for sale
The Earl of Lonsdale has taken the difficult decision to place a Lake District mountain up for sale as his family looks to raise £9 million to pay the inheritance tax on his father’s inheritance. Hugh Lowther has placed a guide price of £1.75 million on the 2850 feet peak in the Lake District with experts expecting a flurry of interest, especially when you bear in mind this amount of money would only buy you a one-bedroom flat in Knightsbridge, London!
So what do you get for your money?
The successful bidder will receive the right to use the title “Lord of the Manor of Threlkeld” as well as inheriting grazing rights for nearly 5500 ewes, over 700 hogs and 200 lambs. It is interesting to note that there is no mention of a home within this £1.75 million investment although when you bear in mind it is in the heart of the Lake District, there are potentially enormous business benefits.
This unfortunate development, with the family forced to raise significant funds to cover an inheritance tax bill, means that the mountain will move out of control of the family for the first time in 400 years. This iconic area of the Lake District has been part of the Lonsdale family for some time and it could possibly fall into the hands of overseas investors.
Mountain sales don’t happen too often!
We have looked into the situation regarding the sale of various mountain properties across the UK and this is one of the first to appear in public for some time. There have been private sales of various estates up and down the country but this particular area of the Lake District is very iconic and potentially very lucrative for commercial entrepreneurs.
Quote from PropertyForum.com : “If you are looking at any type of long-term investment, whether a pension plan or some kind of investment fund, there is no doubt that either directly or indirectly property will play a part. Real estate has become a significant backbone of traditional investment portfolios but there is the age-old question of whether you should…”
When you bear in mind that the purchase also allows the successful bidder to apply for their own coat of arms it is certainly something very different and has caught the attention of property publications across the globe. It will be interesting to see whether the £1.75 million guide price is accurate or whether indeed a number of overseas bidders look towards this very intriguing proposition.
The Lake District
So far the Lake District has managed to balance tourism and commercialisation with the natural beauty which makes it the envy of many areas of the UK and even the world. The views across the Lake District are breathtaking, the terrain is varied and challenging and attracts more than its fair share of tourists from within the UK and overseas.
While there are obviously regulations in place to restrict commercialisation of areas of natural beauty, such as the Lake District, it will be interesting to see what plans the future owner of Mount Blencathra announces. It is the type of investment which you can hand down to generations of family although when you bear in mind the difficulties of the Earl of Lonsdale in covering his father’s inheritance tax bill, financial planning must be paramount for the future owner!
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