Bloomberg is reporting the record-breaking purchase of a London mansion to be made by a Chinese property magnate.

The property is a 45-room mansion at 2-8a Rutland Gate in Knightsbridge and the price tag is 210 million pounds (US$274 million or AUD$405 million).

Bloomberg said the private family office of Cheung Chung Kiu has agreed to buy the palatial home overlooking Hyde Park and that the deal would be a bright spot for the U.K. capital’s luxury property market.

At a glance:

• The mansion has 45 rooms and is bigger than an America football field
• It was originally built in the 1830s as four townhouses then in the mid 1980s remodeled into one large palace
• It was previously owned by a prime minister and a crown price

When the details of the sales are made public, it is forecast to be the biggest sale ever for a house in the UK, beating that of 140 million pounds that was paid for a house in Oxfordshire a few years ago.

There is discussion as to whether the house will remain a single property or be converted into individual luxury apartments.

Mr Cheung is the founder and chairman of CC Land Holdings Ltd. which is based in Hong Kong. 

In Britain, CC Land is best known for buying the “Cheesegrater” skyscraper, in London’s financial district.

The private purchase of the house in Knightsbridge was brokered by Beauchamp Estates.

The record-breaking property is close to London’s best known luxury residential development One Hyde Park and department store Harrods.

The history of its owners include Rafic Hariri, the former prime minister of Lebanon, who was assassinated in 2005 and it was the London home of Prince Sultan bin Abdulaziz Al Saud, the late crown prince of Saudi Arabia.

The seven-story building is covered in white stucco house and is 62,000 square feet (5,760 square meters) and has been compared to the size of an American football field.

It was originally built in the 1830s as a terrace of four townhouses, but in the mid 1980s the terrace was remodeled into a single private home.

The house has a series of grand state rooms, with bullet-proof windows, several passenger elevators, a swimming pool, private health spa and gymnasium and underground parking.

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