Updown Court, once UK's most expensive house, for sale

Receivers have appointed CB Richard Ellis to sell Updown Court in Surrey, once tipped to be the UK's most expensive house.

They will now try to sell the 103-room Windlesham mansion some nine years after Irish Nationwide took a charge on the property.

The building society lent £63 million to the project over several years as joint venture partners.

Irish Nationwide once held a board meeting there.

Apart from the five swimming pools, the property also has a bowling alley, a cinema and an indoor squash court.

It failed to sell in 2005 for a price tag of £70 million.

The London papers suggest the house's developer, Leslie Allen-Vercoe, was not personally liable for any of the debts.

Allen-Vercoe has suggested NAMA decided to appoint a receiver, it would be against the interests of Irish taxpayers as stamp-duty tax advantages could be lost.

The Irish National Asset Management Agency appointed Tim Perkin of CB Richard Ellis as lead LPA receiver, according to Property Week.

The house was redeveloped in 2002 by a joint venture between Allen-Vercoe and Irish Nationwide Bank, which has now been nationalised and its loans transferred to NAMA.

It has been suggested because of the discount applied to loans when they are transferred to NAMA, the house was likely to be put up for sale for significantly less than the initial asking price.

The current most expensive property in the UK is rumoured to have sold for £140 million.