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| Version 2 | Version 3 |
|---|---|
| £2.5m price for repossessed home | £2.5m price for repossessed home |
| (about 4 hours later) | |
| A Palladian mansion in Fife which was repossessed is on the market for £2.5m. | A Palladian mansion in Fife which was repossessed is on the market for £2.5m. |
| 17th-century Melville House near the village of Monimail has 11 bedrooms, seven reception rooms, stables, a cricket pitch and a tennis court. | 17th-century Melville House near the village of Monimail has 11 bedrooms, seven reception rooms, stables, a cricket pitch and a tennis court. |
| The stately home was built in 1697 for the 1st Earl of Melville, who was Secretary of State for Scotland. | The stately home was built in 1697 for the 1st Earl of Melville, who was Secretary of State for Scotland. |
| It was originally put on the market in 2003 for £4.5m but it failed to sell for that amount and when the owner ran out of money it was repossessed. | It was originally put on the market in 2003 for £4.5m but it failed to sell for that amount and when the owner ran out of money it was repossessed. |
| Wartime role | Wartime role |
| Melville House has had few private owners. Built by James Smith, for centuries it remained in the hands of the Melville family. | Melville House has had few private owners. Built by James Smith, for centuries it remained in the hands of the Melville family. |
| During World War II, it was requisitioned by the Army and turned into a hospital. According to some reports, it was also used as a training base for a secret auxiliary unit. | During World War II, it was requisitioned by the Army and turned into a hospital. According to some reports, it was also used as a training base for a secret auxiliary unit. |
| After the war many of the furnishings were removed or sold. The Melville State Bed was given to the Victoria and Albert Museum in London in 1949. | After the war many of the furnishings were removed or sold. The Melville State Bed was given to the Victoria and Albert Museum in London in 1949. |
| The mansion was then turned into a private school for children with special needs for almost 50 years. | The mansion was then turned into a private school for children with special needs for almost 50 years. |
| The repossessed mansion (Photo: Knight Frank) | The repossessed mansion (Photo: Knight Frank) |
| Towards the end of the 20th Century, a private investor bought the house for £1m. | |
| It was restored but only a few years later the owner ran out of money and it was put back on the market with the asking price of £4.5m. | |
| It failed to sell and was repossessed by the lender, a South African bank. It is said to be the most expensive repossessed property in Britain. | It failed to sell and was repossessed by the lender, a South African bank. It is said to be the most expensive repossessed property in Britain. |
| The sale is now being handled by Knight Frank who are looking for offers of £2.5m for the estate. | |
| That is a 40% drop on the original price but so far Melville House has failed to find a buyer. | |
| Knight Frank said that property prices in Scotland like elsewhere in the UK are suffering, with prices falling by 15-20 %. | |
| John Coleman from the property group said: "Some houses, particularly bigger houses, will see further falls in order to get them sold within a specific period of time." |