A crown jewel penthouse at Bayswater’s Park Modern has sold for approximately £57 million, marking the most expensive UK home transaction since late 2024.
The sale of the 6,800-square-foot penthouse overlooking Hyde Park and Kensington Gardens represents the first London residential deal above £50 million since a Regent’s Park mansion changed hands for around £139 million at the end of 2024.
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Initially reported by Bloomberg, the buyer was identified as Igor Babuschkin, co-founder of Elon Musk’s artificial intelligence venture xAI.
However, Babuschkin has since publicly denied the reports, stating he is “not planning to purchase any property in the UK,” either personally or through an entity. The identity of the confirmed buyer remains undisclosed.
A statement in boutique luxury
The penthouse sits atop the nine-storey Park Modern, a boutique luxury development by Fenton Whelan comprising 52 apartments, three penthouses and two mews houses on Bayswater Road.
The property was purchased as a shell and core unit, allowing the new owner to design bespoke interiors within the expansive floorplan, which accommodates up to eight ensuite bedrooms, a grand entrance hallway, cocktail bar and a formal dining room seating 20.
A wraparound terrace of approximately 2,400 square feet – among the largest private outdoor spaces in central London – offers uninterrupted views across Hyde Park.
Designed by Lee Polisano of PLP Architecture, Park Modern delivers a five-star amenity offering that includes a 24-hour uniformed concierge, valet parking, a 25-metre swimming pool with vitality pool, sauna and steam rooms, a fully equipped gym, spa treatment rooms, a private cinema, salon and a private dining room.
Residents can also call upon chefs from The Park, an 8,600-square-foot contemporary grande café by acclaimed London restaurateur Jeremy King located within the building, to cook privately in their homes.
London’s most “pre-eminent” luxury address
Sanjay Sharma, co-founding director of Fenton Whelan, described the transaction as a landmark moment. “This sale establishes Park Modern as the pre-eminent super prime development in central London,” he said. “It proves yet again that exceptional buyers will always seek exceptional homes in a world-class city.”
According to Fenton Whelan, over 70% of Park Modern’s residences have now sold, primarily to buyers from the United States, Middle East, United Kingdom and continental Europe.
This is the second of the development’s three penthouses to sell, with the remaining 5,580-square-foot turnkey penthouse still available at £42 million. Prices for the few remaining apartments start from £1.8 million.
A pivotal super-prime sale for PCL
The sale arrives at a complex moment for London’s super prime market. Research from LonRes revealed 40% fewer sales above £5 million in December compared with the same month a year earlier, amid stamp duty increases and the removal of preferential tax treatment for ultra-wealthy foreign residents introduced by the Labour government.
Yet the Park Modern deal suggests that demand for truly exceptional assets endures, even as broader market activity softens.
Fenton Whelan is also behind a £110 million “giga mansion” currently under development in Belgrave Square, set to become one of the most expensive single residences in London upon completion.
