Wayne Rooney New House
Wayne Rooney has bought an existing house, demolished it, and built a new Georgian style mansion.
He has most likely paid £4 million for the 40 acre estate and £5 million to build. We have seen reports of the property costing twenty million pounds but do not know how this is broken down.
The new property is close to Ollerton, near Knutsford, Cheshire.
As you can see from google maps it is a massive site with extensive external works,
There is also underground access to the stables and garage, and two bedrooms for staff.
The original site was a farm called Mount Pleasant Farm.
A couple, Mr and Mrs Brighouse of Brighouse Bespoke Homes, applied for, and received planning approval for a luxury mansion in 2014 .
Amendments were approved in 2018, after the Rooneys bought the property with planning permission.
We believe Rooney paid £4,300,000 for the existing farm with planning permission in January 2017.
It is rumoured he has paid £4 million for construction. But it was probably more than this.
The areas of the building alone consist of:
Lower ground 763m2
Ground floor 523m2
First floor 335m2
Total area 1,621 m2
We would estimate the costs to be around £3,000 per m2 producing a cost of £4,863,000 plus vat.
Around £5million should cover the construction costs of this property.
So the total investment is around ten million plus taxes for the Rooney’s to build their dream mansion.
It will probably be more like £12 million once taxes are included.
No, building mansions just creates a hugely expensive asset that no one else wants to buy. This asset will be incredibly difficult to sell. The Rooney’s already own their existing mansion and will need to sell this property before it becomes a drain on their finances. If all goes well in their relationship they will rear their kids over the next ten years and then probably wonder why they have such a big house. When they go to sell this property they will find it very difficult to recoup their investment as it is a used mansion built to their specific personal tastes. They may be happy with the idea of getting ten years out of the property and then selling it on even at a loss.
If the couple divorce then there will be huge financial issues over this house as it will need to be sold and then again, who will buy it.
The property is also very close to airline routes with planes passing over frequently.
The money they have spent on this property could have gone into a dozen rental investments for their future. The couple have already bought properties in Barbados, Florida etc that need constant maintenance and taxes paid and which definitely will not be easy to rent out. Property can be a real drain on your finances if you are not careful.
Our golden rule is only live in a property that is just about big enough for your needs and use all the cash you are saving to invest in properties that can earn you an everlasting income.