How many bottles of Moet champagne would it take to buy Stewart Milne’s £7.5m home?

By Rosemary Lowne

July 25 2022, 5:00 pm

We look at the costs involved in purchasing a property like Dalhebity.

Attracting no fewer than 40,000 views on the Press and Journal’s website, it’s safe to say that Stewart Milne’s £7.5m property went viral when we exclusively revealed it was up for sale.

Two months on and the plush property – complete with swimming pool, tennis court, beauty salon, small boating lake and a banqueting room – is still on the market.

Today we have a bit fun by looking at what it would take to purchase this magnificent mansion which was once owned by Princess Diana’s grandmother.

Could you be the next owner of the impressive Dalhebity House?

Cash sale v mortgage

Aberdeen Savills director Fiona Gormley, the estate agent selling the property, expects the breathtaking home to be bought outright rather than through a mortgage.

“Dalhebity will ultimately be bought by an ultra-high net worth individual,” she says.

“Buyers purchasing at this level are unlikely to require mortgage funding based on income multiples but will have accumulated wealth over many years.”

We look at the costs involved in buying Dalhebity House.

But just out of interest, we decided to calculate how much the monthly mortgage repayments could potentially be on a property of this scale.

Using an online mortgage calculator, it showed that with a £10,000 deposit the monthly mortgage repayment would be about £39,205 a month based on an interest rate of 3.92% and repayment over 25 years.

For a bit of fun, we worked out that the £39,000 monthly mortgage repayment would equate to 1,000 bottles of Moet champagne or 70 pairs of Christian Louboutin designer shoes.

For just under £39,000, you could enjoy a return trip on a private jet from Aberdeen to Dubai or almost four months in the Fyvie Suite at the Marcliffe Hotel. The monthly repayment could also buy you a Range Rover Evoque.

Tax costs

According to Savills, Dalhebity House is in council tax band H.

“Taking account of the property itself, and its 10-acre site, council tax payable will be £433.48 per month, or £4,335.82 per year,” says Fiona.

It’s not only council tax that the potential owner would have to factor into the costs but also the Land and Buildings Transaction Tax (LBTT).

The grand banqueting room is just one of the home’s spectacular features.

“The new owner will also need to factor in a one-off payment of £858,350, which is not insignificant,” says Fiona.

“However, the purchase still represents relative value for money compared with properties of that scale and stature in many international locations.”

Price per square foot?

With a £7.5m price tag, it may seem strange to describe Dalhebity as value for money. But when comparing its price per square foot to London, then it is modest.

“Whilst Dalhebity is Scotland’s most expensive residential property listing, it represents relative value for money when compared with other international locations,” says Fiona.

The sauna is the perfect place to relax.

“The average price per square foot for prime property in London is £1,500, whereas in Scotland it is a much more modest £300.

“Dalhebity sits just below that at £247.”

Running costs

With its own spa facility, Fiona at Savills says the running costs will not be “insignificant”.

“Dalhebity has been built with energy efficiency in mind and has strong eco credentials, including ground source heat pumps for heating and hot water,” says Fiona.

The grand reception hall is a sight for sore eyes.

“Nonetheless, running costs will not be insignificant for a house of this scale and amenity, including its own spa centre.

“Running costs will depend on the requirements of the new owners, ie whether the house is bought for a large family, for full or part-time use, or whether it will also be used for business where financial elements may be offset.”

How long will it take to find a buyer?

With enquiries flooding in to Savills from all over the world, Fiona says it will take time to identify genuine buyers for Dalhebity.

“Clearly it takes considerably longer to find the right buyers for homes of this size and grandeur than it does for an average prime property,” says Fiona.

Dalhebity House is in a league of its own.

“Since its preview in the Press and Journal, more than 45,000 people from all over the world have viewed the property on Savills’ website.”

Fiona says Stewart Milne will take his time to find the right buyer.

“Our client is not in a rush to sell, and we anticipate spending a considerable period of time carefully working our way through these enquiries and talking to genuine buyers with the means to ultimately become the new custodians of Dalhebity,” says Fiona.

Dalhebity House is still on the market for those with a spare million or seven.

Is there interest from overseas?

The plush property has created a bit of a buzz among the American property market.

“Typically we see approximately 18% of traffic coming from international locations, but for this property the figure has risen to 31%, with the US making up 18% of overall views in the past couple of weeks,” says Fiona.