The wife of Chinese tech billionaire Jack Ma, Cathy Ying Zhang, has acquired a remarkable London mansion with a storied past for £19.5 million. Situated in the affluent Belgravia area, the property is a former Italian embassy, showcasing a rare blend of historical significance and modern luxury.

This Grade II-listed townhouse, spanning nearly 7,700 square feet, was originally constructed around 1900 in the distinctive Arts and Crafts style by architect Eustace Balfour. Its history is closely tied to Italy's political and diplomatic heritage; the property was bought by Benito Mussolini’s fascist government in 1923 and served as the Italian embassy throughout the 1920s. Later, it functioned as the offices for the Italian defence attaché for over six decades before transitioning back into a private residence in the early 2000s.

The mansion boasts six en-suite bedrooms, including an expansive 520 square-foot master suite occupying an entire floor, complete with twin walk-in dressing rooms and a luxurious marble bathroom. Among its many sophisticated features are a basement cinema room, a fitness studio, private staff quarters, and a lift that serves all six floors. The house also includes a private courtyard garden, secure underground parking designed for two cars, two vaults, and separate accommodation for staff, features that underscore its exclusivity and opulence.

Despite its grandeur and prime location just minutes from Buckingham Palace and less than a mile from Sloane Square, the property blends quietly into its gated enclave on Lygon Place. Locals and neighbouring businesses appear largely unaware of the new resident’s arrival, with some attributing the quieter ambience to recent shifts in the area’s demographics linked to tax changes impacting wealthy homeowners. The mansion remains largely unoccupied, with surveillance and security systems maintaining strict privacy.

This acquisition adds to the couple’s growing international portfolio of high-value real estate. Cathy Ying Zhang and Jack Ma have previously invested in several prominent properties worldwide, including multiple adjoining residences in Singapore valued at £26 million and a château in France. The couple’s real estate strategy reflects their significant wealth; Jack Ma, founder of Alibaba, the world’s second-largest e-commerce company behind Amazon, is estimated to be worth approximately £35 billion.

The London property market for super-prime homes has seen some turbulence recently, with mansion prices in the capital declining by about four per cent over the past year, the steepest drop since early 2021. Nonetheless, high-profile acquisitions among billionaires continue unabated, illustrated by recent multimillion-pound purchases by other wealthy individuals, such as filmmaker George Lucas and fashion designer Tom Ford.

The former embassy’s walls have witnessed numerous historical figures, including Oswald Mosley, Diana Mitford, and even David Lloyd George. Interestingly, espionage is part of the local lore too, as the neighbouring house once belonged to British admiral Sir Reginald Drax, whose name famously inspired a James Bond villain created by Ian Fleming.

Overall, the mansion’s sale not only marks a rare and significant property transaction in London’s luxury market but also illuminates the intersection of history, wealth, and international prominence embodied by its new owners.

📌 Reference Map:

  • [1] (Daily Mail) - Paragraphs 1-12, 14-21
  • [2] (VN Express) - Paragraphs 1-3
  • [3] (Property News International) - Paragraphs 3-4, 6
  • [4] (AAStocks) - Paragraph 3
  • [5] (NewsMinimalist) - Paragraph 4
  • [6] (Silicon UK) - Paragraph 4
  • [7] (ZNews) - Paragraph 4

Source: Noah Wire Services