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

Q&A: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.