Iranian Elite Transform London's 'Billionaire's Row' into a Ghost Town
London's prestigious Bishops Avenue, often dubbed 'Billionaire's Row', has become a desolate ghost town as Iranian elite linked to the former Supreme Leader of Iran have purchased 13 mansions, leaving them to decay. The Metro reveals that cronies of the late Ayatollah Ali Khamenei, killed in a US airstrike, have snapped up these properties over the past decade, primarily through shell companies to conceal their identities.
A Street of Empty Mansions and Overgrown Gardens
Located in Hampstead, north London, The Bishops Avenue has long been a safe haven for dictators, shipping magnates, and oil barons, but few actually reside there. The wide, tree-lined street features a mishmash of architectural styles, from Greek Temple-inspired mega mansions to mock Tudors, many left in ruins. Despite properties and land worth over £75 million, most houses are occupied only by private security guards patrolling around the clock in hi-vis jackets.
Locals now refer to it as a 'ghost road', with overgrown gardens and guard dog bowls strewn across driveways. A private security guard noted, 'You don't see much activity. It's messy in there, and not many people live here; it's a ghost road.' The exodus has also impacted nearby East Finchley, where businesses report fewer customers and a loss of vitality.
Deals Brokered Through Shell Companies
The properties, listed in the land registry, are mainly in Arden Court Gardens and White Lodge Close, with additional land owned by Iranians connected to the regime. A banker allegedly brokered deals on behalf of figures in Iran's Revolutionary Guards Corps, using shell companies to protect identities. This has raised concerns among UK politicians, with Shadow Foreign Secretary Dame Priti Patel calling for an investigation into hostile countries using London as a safe haven for wealth.
Impact on Local Community and Economy
Former London Assembly member Andrew Dinsmore criticized the super-rich for 'turning bricks into gold' at the community's expense. He highlighted that empty homes mean fewer customers for local shops, pubs, and cafes, with mansion taxes being negligible for wealthy owners. The street has historically attracted money from unstable regions, including Russian oligarchs and the son of former Libyan dictator Muammar Gaddafi, who lost his property to squatters.
Businesses in East Finchley lament the decline, with a bakery worker stating, 'It shouldn't be allowed just to hold onto a property for profit and never live there.' A pub worker added that the area has become 'stuck in time, faded glory.' The Conservatives demand policy changes to prevent homes from lying empty, emphasizing the need for housing in London.
