A £20m luxury home in London belonged to Austrian millionaire Cevden Caner, who has owned 28,000 residential properties, plus 400 commercial properties in Germany. Level One, his firm, went into administration last September and bailiffs repossessed Caner’s home last week.

The house in Mayfair was bought in July 2007 for £16m. Caner refurbished it for a further £6m, and now the estate agents in charge are hoping to sell it for £20m. The property has seven bedrooms and a swimming pool and is nearly twice as valuable as Britain’s previous largest repossession, an £11m home also in London.

So no one is too big to be repossessed. The rich and the poor can be hit by debt problems, thanks to business failure or unemployment or even too much debt. They key is to deal with it before it’s too late, taking the bull by the horns and doing all you can to avoid the worst.

So if you are a billionaire business mogul or a hard-working regular person, make sure your situation is tenable. Go over your finances, take out protection and talk to a professional financial adviser to make sure your home, or homes are safe.

SOURCE: News reports

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