[imagesource:conciergeauctions]

A Southhampton mansion belonging to the ‘Red Queen’ of the art world, Louise Blouin, has been sold at a ‘massive discount’ of $79 million (R1.5 billion).

The sprawling estate on Southampton’s famous Gin Lane was auctioned off by Sotheby’s, which touted it as the ‘most valuable property it ever auctioned live’. The auction house noted “property connoisseurs” from North America, including New York and Connecticut, as well as interested bidders from the Caribbean as participating in the event.

Blouin initially held out for her original asking price of $150 million (R2.8 billion), but in the end, the property went for exceedingly less. Considering that she acquired the property for $13.5 million (R252 million) in the 1990s, it’s a good deal for everyone.

Bidders at the auction had to be vetted and were required to put up $500,000 (R9,3 million) as a deposit. The minimum bid for the property was $66 million (R1.25 billion).

For that amount of money, the new owners can enjoy “1,950 square metres of living and entertaining space, including a home theatre, billiards room, fitness room, and staff quarters. Custom woodwork and dark floors contrast beautifully with the white walls, high ceilings, and abundant windows. Natural light floods both buildings, and the high-end finishes and appliances ensure the highest comfort.”

[image:conciergeauctions.com]

[image:conciergeauctions.com]

[image:conciergeauctions.com]

[image:conciergeauctions.com]

[image:conciergeauctions.com]

The ‘Red Queen’ came to be known as such because of her rather ‘dubious’ business dealings in the art world, with her name also being included in the infamous Panama Papers. At the time, Blouin, noted that the Panama Papers “Is not relevant. It is not because you are on the Panama list that you did something wrong”.

Besides the papers, Blouin also became notorious for her erratic management style and failure to pay writers and staff of the various art publications she bought in the 2000s.

Blouin outsourced her writing work to India, which is universally seen as a way to cut labour costs.

Blouin would promise to pay freelance writers in India, get them to write, stall for a month or two on payments and then cut them loose with no pay. Then repeat with new writers — and don’t pay them either.

What a nice lady.

[source:artnet]