Billionaire Cyrus Poonawalla is to pay $113 million or Rs 750 crore for the popular Lincoln House located in Breach Candy, South Mumbai. Poonawalla says that the new property will be used as a new family home.
The two-acre property facing the beach has been used by the American consulate for some time now before the agency transferred four years ago to Bandra-Kurla Complex.
The house was also named Wankaner Palace before it was called the Lincoln House. It was constructed in 1938 by the Maharaja of Wankaner and is now considered as a grade III heritage infrastructure.
The mansion comes with a vast lawn facing the beach and presently has a small garden area and a tennis court. Four years ago, it was set for a reserve price of Rs 850 crore but the US government did not find any takers.
Poonawalla said that there was no interested builder that would be willing to develop the house because of its heritage value and some other limitations that came with the property. He added that there was no broker or property consultant that managed the deal for him and his family in obtaining the property.
Poonawalla confirmed of his family’s plans to use the palace as their family home after renovations are done since a large part of the house was utilized for office space. He further said that the negotiations for the house were initiated by his son Adar. It may take time for Poonawalla’s family to move in, he said, due to the paperwork that has to be finished first.
Poonawalla is popular for his large collection of cars and horses. He was ranked as India’s 11th richest person in 2015 by Forbes and his businesses includes a biotechnology company, the Serum Institute of India. His net worth is estimated at $6.6 billion or Rs 43,700 crore.
Three years ago, the Tata Housing Development Company became interested with the Lincoln House but the transaction did not proceed further due to regulatory issues.