In 2021, the Evergrande collapse It erased more than $300 billion in liabilities and triggered a real estate crisis that shook all of China. Among his most extravagant assets was a record mansion in London that today remains trapped in lawsuits, divorces and frozen accounts: a financial ruin turned into an empty monument.
The perfect purchase that went wrong. Year 2020, a Chinese billionaire buys for 210 million pounds number 2-8A Rutland Gate, then the most expensive home ever sold in the United Kingdom. On paper it was the definitive investment: a palace with 45 rooms, four elevators, an indoor pool, 24 marble bathrooms and privileged views of Hyde Park.
But what seemed like a prestige move ended up leading to a chain of misfortunes so strange that it seems written like a thriller. Since then no one has lived inside, the real owner was caught in a financial collapse and the building became an empty shell with only one “tenant”.
Palace with a cursed past. The history of the building was already coming loaded with symbolism. For decades it was the London palace of Rafik Haririwho transformed it by joining together several Victorian houses and decorating it with almost obscene luxury, from gold-plated trash cans to bathrooms encrusted with semi-precious stones.
Hariri was assassinated in Beirut in 2005 and, after passing through the hands of the Saudi royal family, the interior was auctioned piece by piece in 2015. That left the mansion empty, as if it had been dismantled before its next owner arrived.
The Evergrande turn. The official buyer of 2020 appeared to be the Hong Kong tycoon Cheung Chung-kiubut later was discovered that the real owner was Hui Ka Yanfounder from Evergrande and for years the richest man in China. And there the descent began.
Just a year later, Evergrande began with non-payment of debtsbecame a symbol of the Chinese real estate collapse and ended up collapsing in 2024. Hui ended up declaring guilty of fraud and other financial crimes, while the mansion was trapped in a legal tangle: registered in the name of his ex-wife, with frozen assets and no possibility of sale. The most expensive house in the United Kingdom lost in limbo and a symbol of the real estate gap.
Fernstedt at the entrance to the house
The empty house and the Swede on the porch. And it is at this point in history where the image appears that changes everything to this day. While inside the mansion there are dozens of empty rooms and millions of pounds tied up, outside, on the same porch, lives Anders Fernstedta homeless Swede who has been living at the entrance for three years.
Your “camp” It is made of umbrellas, flowers, broken bicycles and stuffed animals. The paradox could not be starker, because he sleeps inches from one of the most crazy expensive shelters in Europe, but separated by a door that never opens. Ironically, the only stable inhabitant of the house does not have access to it.
The fall of Anders. As to the history of man Swedish, is almost as chaotic as the architecture on which it rests. Andres was a technology journalist, then he worked in horticulture, collaborated with people from the Silicon Valley environment and even worked for The Economist as a freelance fact-checker.
However, a chain of failed jobs, evictions, attacks and personal losses dragged him onto the streets. He ended up landing in front of the palace purely by chance: He was looking for a covered shelter and found an empty porch. He has since converted that space into a kind of makeshift garden and permanent bedroom.
The symbol of a broken city. It had an extensive Guardian report that the story of Rutland Gate sums up a huge contradiction in London. While more than 300,000 homes remain empty in England and hundreds of thousands are waiting for a house, one of the most luxurious properties in the country has been closed for years because it is, in reality, a frozen financial asset.
From that perspective, it is no longer a home, it is a figure trapped in offshore companies, lawsuits and bankruptcies. And in front of that door, every night, a man sleeps what represents just the other end of the system: someone with nothing, living in the shadow of a palace that no one can use.
Image | Gareth E. Kegg
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