A £60 million penthouse in Bayswater’s ultra-luxurious Park Modern has found a buyer after three years on the market.
The development’s crown jewel is reported to have sold to tech billionaire —and Elon Musk’s xAI co-founder— Igor Babuschkin.
The apartment was purchased as a shell and core unit for £57 million, making it the biggest sale of its kind in London for a decade, according to the agents.
It is also the most expensive property sale in the UK since the end of 2024, when The Holme in Regent’s Park sold for £139 million.
Babuschkin founded xAI with Elon Musk in 2023 to “accelerate human scientific discovery”.
He resigned in August last year to launch his new AI-focused investment firm, Babuschkin Ventures, writing on X: “I feel like a proud parent, driving away after sending their kid away to college…
“I want to continue on my mission to bring about AI that’s safe and beneficial to humanity.”
Earlier this week, it was announced that Musk’s SpaceX is taking over xAI, with the merged entity valued at $1.25 trillion, according to the BBC.
Babuschkin’s new penthouse, which overlooks Kensington Gardens and Hyde Park, was listed for sale in 2022, before the development was completed. It later featured on Channel 4’s Britain’s Most Expensive Houses.
Spanning 6,800 square feet, the five-bedroom property is sold with access to the development’s “five-star” amenities, which include a 24-hour uniformed concierge, a private dining room, 25-metre swimming pool and wellness suite, gym, private cinema, treatment room and salon.
The penthouse’s new owner will be able to hire chefs from Jeremy King’s The Park Restaurant downstairs to cook for him in his home – or in the development’s private dining room.
The property’s reception rooms can accommodate 150 guests at a time.
Developed by Fenton Whelan and designed by Lee Polisano of PLP Architecture, the £350 million Park Modern was completed in 2023.
According to Fenton Whelan, over 70 per cent of the development’s 52 apartments, three penthouses and two mews houses have now sold, primarily to buyers from the USA, Middle East, UK and continental Europe.
This is the second penthouse in the development to have sold, with the remaining 5,580-square-foot turnkey offering still on the market at £42 million. Prices for the other apartments start at £1.8 million.
“Fenton Whelan are delighted by the landmark sale which establishes Park Modern as the pre-eminent super prime development in central London and underlines the superlative quality of both the building and the Fenton Whelan product,” says Sanjay Sharma, the company’s co-founding director.
“The transaction further validates Fenton Whelan’s commitment to its home London market, and proves yet again that exceptional buyers will always seek exceptional homes in a world class city.”
