How to spend £2.5m

With the average price of a home in Mayfair now costing more than £2.5m, we look at how else you could spend that amount of money…

There are some problems in life which are nice to have. For example, how to spend the spare £2.5m that you have burning a hole in your pocket. Unfortunately, that amount isn’t quite enough to purchase an average home in the most desirable area of London.

Estate agents in Mayfair report that the average price of a home in this part of prime central London is £2,528,779.

And sports fans with £2.5m couldn’t hope to take over the ownership of a side in the English Premier League. It’s been reported that up to 2014, Aston Villa’s US owner Randy Lerner has splashed out more than £300m on the football club in the eight years the businessman has been in charge.

But here are some suggestions of what £2.5m could buy…

Floyd Mayweather’s Ferrari

Boxer Floyd Mayweather is selling his exclusive Ferrari Enzo for $3.8m – or £2.32m, which would leave you with about £680,000 to cover the prized car’s running costs. Why does the Ferrari have such a high price tag? Mayweather bought it only 10 months ago from the Sheikh of Abu Dhabi, and it is one of only 400 in the world.

150kg of smuggled gold

Gold smuggler Chaudry Ali was jailed for nine years in 2012 for failing to pay VAT on gold jewellery he paid a total of £2.5m for in Dubai. However, to stay on the right side of the law you’d have to find another £7m to cover the amount of VAT the HMRC demanded.

A piece of royal jewellery

A platinum necklace owned by former Queen of France Marie Antoinette also comes with a $3.7m price tag, which would leave you with £47,314 to cover the insurance costs. This piece of jewellery comes with numerous white diamonds, two rare yellow diamonds, a pink diamond and a white pear-shaped diamond set like a droplet at the bottom that weighs 7.06-carat alone.

293-year-old Stradivari violin

While the most expensive violin in the world sold for £9,8m, back in 2012 US musician Philippe Quint left a 290-year-old Stradivari instrument worth £2.5m in the back of a New York taxi.

The honest driver, Mohamed Khalil, got in touch the next day to return it and Mr Quint gave him £50 and a 30-minute private performance as a reward.
But if cars, necklaces and musical instruments aren’t your thing, you can still pick up a flat within walking distance of Oxford Street for around £2.5m.

West End estate agents say that a two-bedroom, two-bathroom apartment in Fitzrovia that comes with a 24-hour concierge service is on the market for £2,1m – plus a stamp duty land tax demand of £165,750.

The flat in question is on the fourth floor of a modern apartment block and is presented in excellent decorative condition.

The building has a New York-style entrance lobby, communal courtyard gardens and is just a one-minute walk from Great Portland Street Tube Station, which is on the Circle, Hammersmith & City and Metropolitan lines.

Marylebone High Street is also just a few minutes’ walk away, where some of London’s best shops, bars and restaurants can be found.

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