Newspaper article The Evening Standard (London, England)

Daddy's Girls; Meet the Porfs -- Children of the Rich and Famous with Millions to Spend on a Starter Home, Says Ruth Bloomfield

Newspaper article The Evening Standard (London, England)

Daddy's Girls; Meet the Porfs -- Children of the Rich and Famous with Millions to Spend on a Starter Home, Says Ruth Bloomfield

Article excerpt

Byline: Ruth Bloomfield

AMONG buyers scouring London for a starter home is a university student whose preferred location is Kensington, and whose budget is PS4.5 million... in cash, of course. Welcome to the wonderful world of Porfs -- Pampered Offspring of the Rich and Famous.

From overseas heiresses to rock stars' children, these teens and twentysomethings, bankrolled by their families, make up a surprisingly large proportion of prime central London buyers. Beth Hilson, of Marsh & Parsons estate agents, said: "If you, or your family, have PS4.5 million in the bank you may as well put it into London property. It is a safe investment and tax efficient. We think we will see a lot of this sort of buyer this year."

HEIRS AND GRACES Tamara Ecclestone, 29, eldest daughter of F1 motor racing magnate Bernie, owns a 55-room mansion in Kensington Palace Gardens which cost PS45 million. She added a nightclub, a bowling alley, a dog spa, and a bath carved from Amazonian crystal. Her sister Petra, 25, chose a PS32 million house in Eaton Square, Belgravia, as her starter pad but is selling it to trade up to a PS55 million LA estate.

EYE TO THE FUTURE Ultra-wealthy fathers who buy homes for their children in prime areas often have security in mind, as well as an investment. Topshop boss Sir Philip Green's daughter Chloe, 22, got a flat in Belgravia for her 18th. Chloe says: "I was living with my dad but when you're a girl you need your own space."

Not all heiresses enjoy palatial digs, though. The starter home of Anna Abramovich, 21, daughter of Chelsea Football Club boss Roman, was a mere mews cottage in Belgravia which already belonged to the family. However, it was worth PS4 million.

Camilla Dell, managing partner of buying agent Black Brick, says about a quarter of her sales are to Porfs. Her youngest client was aged four. "The parents are doing this for their children's future, knowing they will end up studying and living in London," she says. "We found a PS2 million Mayfair flat for a Middle Eastern university student bought by his father."

POLITICAL ISSUE The parliamentary expenses scandal produced clear evidence that MPs had grabbed an obvious investment route, and at the same time secured a home for their children. …

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