Home Residential Property Glencore billionaire spent £3m in stamp duty on £46m London flat

Glencore billionaire spent £3m in stamp duty on £46m London flat

by LLP Editor
8th Jan 15 11:30 am

Glencore boss Telis Mistakidis must be thanking his lucky stars he didn’t wait any longer to purchase his new pad.

In October, Mistakidis bought a London flat for £46m.

He had to pay an eye-watering £3.3m in stamp duty.

But Osborne’s new stamp duty reforms would have cost Mistakidis an extra £2m in stamp duty, had the transaction happened after December’s Autumn Statement.

(Read: Autumn Statement stamp duty changes – what do they mean?)

According to the Standard, the tycoon snapped up a 7,900 sq ft duplex flat in Belgravia which has a master bedroom suite, four guest bedrooms, a large living area, staff quarters, two underground car parking spaces and a 24-hour concierge.

The property is designed by Candy & Candy.

Who is Telis Mistakidis?

The Swiss-based mining magnate, 53, was born in Rome and was educated at the London School of Economics.

After working for commodity trader Cargill Inc for a few years, Mistakidis joined Glencore’s zinc and lead division in 1993.

His 3% stake in Glencore is valued at about £1.2bn.

He took a £45m dividend last year.

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