£1bn for Kensington Palace to be used to build luxury villas

Kensington palace is set to buy £1.5bn worth of property in the UK, including three villas in the Kensington borough of Surrey.

The royal family are spending up to £2.7bn on the £1 billion deal.

Kensington’s council is to get £500m of the purchase price, which includes the purchase of land for the luxury villa and other assets. 

Kensington’s mayor, Karen Bradley, said: “This is the biggest purchase in our history and we have been incredibly fortunate to be part of the development of this huge development.” 

The deal was completed in the last few weeks of July and is expected to be completed in late 2019. 

The Kensington site, on the outskirts of London, is owned by the Crown Estate, a company that also owns other properties in the city, including the Chateau Marmont and the Palace of Versailles. 

However, the villa at the site is not yet complete, with it expected to have to be renovated and replaced before the palace can be fully utilised.

The new villas will be used for events, weddings and special occasions.

The Kensham Palace website says that the £2 billion purchase is being made with £1 million of public funds. 

“The purchase is expected, if not completed, to be complete by 2020,” a statement from the council read. 

One of the main attractions for the project is that the villamouse will be on a large, open, terraced land and be located close to the busy city centre. 

It will also include a tennis court, gym, gymnasium and a swimming pool. 

This is not the first time that the Kensham estate has been given over to the royal family. 

In 2017, Kensington was given £10.3 million by the government to help redevelop the estate.

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