Hedge Fund Manager's 'Iceberg Home' Melts

Mar 28 2014 | 4:58am ET

Bregal Capital founder Edmund Lazarus was set to get what many other London hedge fund managers have: a vast and luxurious basement larger than the house to which it was connected. At least, he was until two trees got in the way.

The Royal Borough of Kensington and Chelsea has rejected Lazarus' plan to build a 16,000-square-foot basement under his Holland Park house and its garden. It is the latter that appears to be the problem: The huge addition would span nearly the entirety of the garden, endangering the "health and vitality" of the two 60-foot tall trees that call it home.

That would risk "harmfully altering" the neighborhood, the council said.

Lazarus' planned £10 million basement would have included a huge swimming pool, a two-story gym with a sauna and steam rooms, a yoga studio, a wine cellar and a cigar room, creating a so-called "iceberg" home in which more than 50% of the living area is underground.

Lazarus, a major donor to the U.K.'s ruling Conservative Party and a close friend of Education Secretary Michael Gove, can appeal the decision.


In Depth

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note