Former Mayfair home of Princess Dina's stepmother sold for £8.5million

The former Mayfair residence of Countess Raine Spencer has been bought by an Indian business tycoon for £8.5 million.

While the countess§ achieved a number of accomplishments during her 87-years - including becoming a Westminster City Councillor in 1955 - she is best known to many people as being the step-mother of Diana, Princess of Wales, which she became in 1977, tying the knot with the then-15-year-old's father, Earl John Spencer.

Although the two women are said to have eventually enjoyed a very close bond, speaking daily as trusted confidantes, when her father initially married his second wife, Diana did not like her, famously branding her 'Acid Raine'. Their relationship was said to be fraught for many years, until it thawed during the last few years of the royal's life.

Before her marriage to Earl John Spencer, Raine was wed to the Hon. Gerald Legge, the heir to the Dartmouth Earldom, with the couple becoming husband and wife in 1948. At that time, they used the two bedroom apartment at 47 Grosvenor Square as their London pied-a-terre, with the with interiors done by then up-and-coming designer David Hicks.

The property at 47 Grosvenor Square, which boasts 2,145 sqft (199.24 sqm) of living space, is said to need 'substantial refurbishment and modernisation' in order to 'become a magnificent apartment overlooking London’s No.1 garden square', by the estate agent Wetherell, which says it sold the 5th floor home as a 'shell and core' unit.

After this work is carried out, says the agent, the 5th floor apartment will have 'two bedroom suites, both with dressing areas and luxurious ensuite bathrooms, and a triple reception room, spanning the entire width of the apartment, with four tall sash windows offering views over [the square]'.

In addition, it will feature 'a spacious family kitchen/breakfast room and a separate pantry/utility room'.

However, this type of property in one of the country's most prestigious locations comes at a significant cost. In addition to the £8.5million for the pad itself, the agent has calculated that the refurbishment and refurnishment could cost an additional £1.5million. After this, Wetherell speculated, the grand apartment may be valued at up to £10.5million.

Anyone viewing the photographs of the stunning home is likely to be shocked that to learn that such costly work is needed, However, as the agent noted, it is selling it as an empty shell.

In order to 'give buyers an understanding of how the interiors could be transformed into a magnificent new residence', Wetherell commissioned luxury design studio Casa e Progetti to create an artworked floorplan and portfolio of CGI interior images to 'show buyers how the apartment could look once refurbished'.

According to Wetherell, Casa e Progetti used CGI technology incorporating the signature techniques of Raine's favourite interior designer David Hicks as inspiration to create the interior concept pictures.

Not only was the Grosvenor Square residence styled by David Hicks, when the couple moved to a grand Mayfair family house on Hill Street in October 1962, the interiors were once more created and dressed by the designer.

But before that, Raine became a Westminster City Councillor in 1955, and she used the 47 Grosvenor Square apartment as her office and political base. 

Raine is said to have 'adored entertaining and illustrious guests at their dinner parties included Viscount Furness, Lady Pamela Mountbatten, Mrs Reginald Vanderbilt and the Marchioness of Douro'.

The daughter of romantic novelist Dame Barbara Cartland, Raine wed three times, first to the Hon. Gerald Legge, who she divorced in 1976, then to Earl Spencer, who died in 1992, and finally to Count Jean-Francois Pineton de Chambrun. The couple tied the knot in 1993, divorcing just two years later, in 1995.

She became a countess in October 1962, when her then-husband Gerald succeeded to the Dartmouth Earldom, and they moved their main London pad to the Hill Street house. 

According to Wetherell, the sale of Raine's previous home in Grosvenor Square is the 'latest in a trio of home sales in Mayfair the agency has done with Indian buyers'. The estate agents note that 'ultra-high-net-worth Indian buyers have been the most active overseas purchasers in Mayfair's property market this year, especially for homes priced above £15 million'.

They account for 25 per cent of all international buyers in Mayfair, say the organisation, noting that 'there are over 656,270 Indians living in London and some 3,000 Indian families own or annually rent holidays homes in Mayfair'.

Wetherell adds that the Indian buyer influence in the London property market is projected to grow, and that 'over the next five years there will be a 50 per cent rise in the number of ultra-high-net-worth Indians and by 2028 some 20,000 Indians will be worth more than $30 million'. 

According to the agents, the 'Indian super rich typically own multiple homes across the globe, with 37 per cent of the wealth of Indian UHNWIs allocated to primary and secondary properties'.

And their preferred locations for investing in overseas real estate are London, Dubai and Miami. Reportedly among the prolific London property owners are Harish Ahuja, the chairman of Shahi Exports, an Indian apparel manufacturer and exporter, who is believed to have bought a £21 million Notting Hill home.

Meanwhile, last summer billionaire Ravi Ruia was said to have invested in a £113 million mansion overlooking Regent's Park and vaccine tycoon Adar Poonawalla is understood to have bought Aberconway House in Mayfair for a reported £138 mllion.

Peter Wetherell, Founder & Executive Chairman of Wetherell said: 'The former Mayfair apartment owned by Raine Spencer at 47 Grosvenor Square has been purchased by an Indian buyer to serve as their London pied-a-terre. 

'The apartment was purchased as a 'shell and core' unit but once refurbished and interior designed, it will serve as an excellent long-term investment and London residence.'

He added that in 2024, Mayfair has 'had its strongest year in almost a decade', with 71 sales deals made between January and August - 11 of which, he noted were 'trophy homes priced above £10 million'.

In comparison, in 2023, over the course of the entire year, they made 80 deals, of which just five were for deals over £10 million. This means, he said, that 'the trophy home market has doubled in size this year'.

'During the final quarter of 2024 deals in Mayfair look set to beat the record for the last eight years,' Wetherell said.

He continued: 'For Mayfair homes priced up to £15 million, the most active buyers in the market are UK based [...] who comprise around 40 per cent of all buyers, the balance (60 per cent) are from overseas. 

'For Mayfair homes priced above £15 million the market is being driven by wealthy buyers from America, India and the Middle East (led by purchasers from the United Arab Emirates, Saudi Arabia and Qatar). For the most expensive homes in Mayfair it is buyers from the Middle East and India who are most prevalent. 

'Grosvenor Square has always been the most sought after address for Indian buyers in Mayfair, and this is reflected in the fact that of the three deals Wetherell have just done with Indian buyers in Mayfair two of these sales have been for homes in the Square, both two bedroom lateral apartments purchased by Indian families as their London base.'  

Meanwhile, Robert Dawson, Sales Director at Wetherell added: 'This Grosvenor Square sale shows that there are some fantastic opportunities to be had in Mayfair if buyers are willing to take on "a project". 

'The buyer remained open minded in their search, determined to get what they wanted, where they wanted, at the price they wanted, even if it meant investing the time, money and effort into a refurbishment of a "shell and core" unit. 

'As a result, they will end up with one of the best flats on Grosvenor Square without paying the price for someone else's specification and internal fit out.'

For further information on homes available for sale or letting in Mayfair visit www.wetherell.co.uk.