St Andrews timeshare tees up massive profit

For 775,000 it has to be one of the most expensive timeshares in the world. But for the devoted fan, the view it affords of one of golf's most hallowed sites is worth every penny.

Five local businessmen have clubbed together to sell what has been called "Scotland's most expensive house" a three-storey refurbished Victorian townhouse overlooking the 18th hole of St Andrews' world-famous Old Course.

They are looking for 12 buyers to purchase an equal share in The Residence, 9 The Links, St Andrews, which will net the sellers 9.3m, nearly 5m more than the previous record for a house in Scotland and 6m more than the price they paid for the house.

Those persuaded to part with their cash will have access to the 3,000 sq m home for four weeks of the year and, thanks to the property's third-storey balcony, a bird's eye view of the first and final hole of the course. The town's equally famous Royal and Ancient Golf Club, West Sands Beach, and the Swilken Bridge are also all visible from the house's balcony and bay windows.

At 3,100 per square foot and an additional 12,000 annual service charge, the property is only within reach of the super-rich and the amenities on offer bear testimony to the type of customer the property developers are hoping to attract. Aside from the lavish decor, designer kitchen and in-house Bang & Olufsen sound system, an on-site chef and butler are available to provide guests staying in the house's five rooms with the type of pampering most of us could only dream of. The house's promotional website emphasises that St Andrews can be easily reached by private jet through nearby RAF Leuchars. John Coleman, of the agents Knight Frank, said: "The property is targeted unashamedly at the very top end of the second-home market and buyers used to the very best will not be disappointed."

The idea of fractional ownership is a relatively new phenomenon in Britain but is extremely popular in the United States, where the rich often buy shares in luxury second homes. The phenomenon began to take off a decade ago in North American ski resorts after property prices rose dramatically, pricing many out of holiday home market. If all the shares of the St Andrews property sell for their asking price, the building will have become a remarkable money-maker for the businessmen who bought it. They acquired The Residence earlier this year for just under 3m after it was repossessed and selling it on a fractional basis will earn them considerably more than if the property was sold outright.

"This is obviously a very high-end product aimed at the luxury market, but the concept is the same for any house," said Toby Pocock, managing director of Fractional International, which advises people how to sell their properties on the fractional market. "Buying shares of holiday homes is very popular in the States and I think it won't be long before it catches on here."

Shares in the St Andrew's house are most likely to be bought by businesses looking to find an unusually exclusive place to indulge in corporate entertainment or by wealthy foreign private buyers with a penchant for golf. Did anyone say Donald Trump?

News
The author PD James, who died on 27 November 2014
people

Detective novelist who wrote Death comes to Pemberley passed away peacefully at her home, aged 94

Arts and Entertainment
Joel Edgerton, John Turturro and Christian Bale in Exodus: Gods and Kings
filmDirector said film would 'never have been financed' with ethnic minority actors in key roles
Life and Style
View of champagne glasses at a beach bar set up along the Croisette during the 66th edition of the Cannes Film Festival in Cannes on May 17, 2013
food + drink(and for now, there's a clear winner)
News
people
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
ebooksNow available in paperback
News
Irradiated turkey and freeze dried mash potato will be on the menu this thanksgiving
video
News
Andy Murray with his girlfriend of nine years, Kim Sears who he has got engaged to
peopleWimbledon champion announces engagement to girlfriend Kim Sears
Arts and Entertainment
George Mpanga has been shortlisted for the Critics’ Choice prize
music
Arts and Entertainment
Roisin, James and Sanjay in the boardroom
tvReview: This week's failing project manager had to go
News
Ed Miliband visiting the Holocaust museum in Jerusalem. The Labour leader has spoken more openly of his heritage recently
newsAttacks on the Labour leader have coalesced around a sense that he is different, weird, a man apart. But are the barbs more sinister?
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Langley James : CRM Services Manager; West London up to £40k

£35000 - £40000 per annum: Langley James : CRM Services Manager; West London u...

Langley James : IT Support; Residential Agency; Mayfair; up to £30k

£25000 - £30000 per annum: Langley James : IT Support; Residential Agency; May...

SThree: Associate Recruitment Consultant

£18000 - £23000 per annum + OTE: SThree: SThree are seeking Associate Recruitm...

SThree: Associate Recruitment Consultant

£18000 - £23000 per annum + OTE: SThree: SThree are seeking Associate Recruitm...

Day In a Page

Cameron, Miliband and Clegg join forces for Homeless Veterans campaign

Cameron, Miliband and Clegg join forces for Homeless Veterans campaign

It's in all our interests to look after servicemen and women who fall on hard times, say party leaders
Millionaire Sol Campbell wades into wealthy backlash against Labour's mansion tax

Sol Campbell cries foul at Labour's mansion tax

The former England defender joins Myleene Klass, Griff Rhys Jones and Melvyn Bragg in criticising proposals
Nicolas Sarkozy returns: The ex-President is preparing to fight for the leadership of France's main opposition party – but will he win big enough?

Sarkozy returns

The ex-President is preparing to fight for the leadership of France's main opposition party – but will he win big enough?
Is the criticism of Ed Miliband a coded form of anti-Semitism?

Is the criticism of Miliband anti-Semitic?

Attacks on the Labour leader have coalesced around a sense that he is different, weird, a man apart. But is the criticism more sinister?
Ouija boards are the must-have gift this Christmas, fuelled by a schlock horror film

Ouija boards are the must-have festive gift

Simon Usborne explores the appeal - and mysteries - of a century-old parlour game
There's a Good Girl exhibition: How female creatives are changing the way women are portrayed in advertising

In pictures: There's a Good Girl exhibition

The new exhibition reveals how female creatives are changing the way women are portrayed in advertising
UK firm Biscuiteers is giving cookies a makeover - from advent calendars to doll's houses

UK firm Biscuiteers is giving cookies a makeover

It worked with cupcakes, doughnuts and macarons so no wonder someone decided to revamp the humble biscuit
Can SkySaga capture the Minecraft magic?

Can SkySaga capture the Minecraft magic?

It's no surprise that the building game born in Sweden in 2009 and now played by millions, has imitators keen to construct their own mega money-spinner
The King's School is way ahead of the pack when it comes to using the latest classroom technology

Staying connected: The King's School

The school in Cambridgeshire is ahead of the pack when it comes to using the latest classroom technology. Richard Garner discovers how teachers and pupils stay connected
Christmas 2014: 23 best women's perfumes

Festively fragrant: the best women's perfumes

Give a loved one a luxe fragrance this year or treat yourself to a sensual pick-me-up
Arsenal vs Borussia Dortmund: Alex Oxlade-Chamberlain celebrates century with trademark display of speed and intuition

Arsenal vs Borussia Dortmund

The Ox celebrates century with trademark display of speed and intuition
Billy Joe Saunders vs Chris Eubank Jnr: When two worlds collide

When two worlds collide

Traveller Billy Joe Saunders did not have a pampered public-school upbringing - unlike Saturday’s opponent Chris Eubank Jnr
Homeless Veterans Christmas Appeal: Drifting and forgotten - turning lives around for ex-soldiers

Homeless Veterans Christmas Appeal: Turning lives around for ex-soldiers

Our partner charities help veterans on the brink – and get them back on their feet
Putin’s far-right ambition: Think-tank reveals how Russian President is wooing – and funding – populist parties across Europe to gain influence in the EU

Putin’s far-right ambition

Think-tank reveals how Russian President is wooing – and funding – populist parties across Europe to gain influence in the EU
Tove Jansson's Moominland: What was the inspiration for Finland's most famous family?

Escape to Moominland

What was the inspiration for Finland's most famous family?