Credit-crunched luxury villa reduced by over 40%
A £15m-plus luxury villa in Palma, Mallorca, has been cut to nearly half-price after receiving no offers since it first came on the market last October.
Zen Vida, sold by a Mallorca-based subsidiary of estate agent Savills, MJCAssociates, has been reduced by over 40% of the original asking price set prior to the economic downturn.
The new price is thought to be in the region of £8m, although a spokeswoman declined to comment on the exact figure.
An advertisement released by the company today said: "We stress that the reason for this dramatic reduction is not connected to financial issues with the property as might be construed, but for entirely personal reasons of the owner."
It said: "As you will have noticed, we are seeing a substantial improvement in the overall economy and since Zen Vida represents fantastic value we are convinced this opportunity will not last long."
Savills said in the advert: "We will also be happy to inform you about preferential rates on private jets to and from Mallorca."
The Zen Vida villa is located on the Son Vida hillside overlooking Palma bay, with five ensuite bedrooms, two garages for five cars and a separate entrance for staff.
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