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Family business head shells out £20 million for London house

Shelling out £20 million (€23.4 million) for a two-bedroom house in the heart of London may be over the top for some, but for the founder of luxury goods group PPR, Francois Pinault, it was just another investment.

Shelling out £20 million (€23.4 million) for a two-bedroom house in the heart of London may be over the top for some, but for the founder of luxury goods group PPR, Francois Pinault, it was just another investment.

The French billionaire, whose family-controlled PPR owns brands such as Gucci and Stella McCartney, has paid around €23 million for a house in the upmarket neighbourhood of Chelsea.

The home has a little bit of film glamour to it, having been cast as the bachelor pad of Richard Griffiths’s character, Uncle Monty, in the 1987 iconic comedy film Withnail and I.

Despite paying the huge amount, Pinault is still reportedly planning to renovate parts of the house, which was so far owned by a professor who is said to have profited handsomely from the sale. Professor Bernard Nevill reportedly bought the house for just around £80,000 in 1970.

Pinault, whose son Francois-Henri Pinault currently runs the Paris-based family business, also owns two art galleries in Venice and is well-known for his vast art collection. He has a fortune of around $11.5 billion (€8.5 billion), according to Forbes.

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