Hugh Grosvenor, the billionaire friend of William and Harry, in a bad financial situation

Hugh Grosvenor, the billionaire friend of William and Harry, in a bad financial situation
Hugh Grosvenor, the billionaire friend of William and Harry, in a bad financial situation

Hugh Grosvenor, Duke of Westminster, will get married this summer, in a ceremony full of beautiful people that already promises to be the wedding of the year. But if, in his personal life, everything seems to be going well, his business affairs are in dire straits.

According to Times, the Grosvenor Group, lost £28.6 million in 2023, after profits of £110.4 million the previous year. Hugh Grovesnor, a graduate of Newcastle University and 7e Duke of Westminster, is the owner of the Grosvenor Group, which through its real estate subsidiary has owned significant land in central London since 1677.

But recent years have been particularly difficult for the property sector, and Grovesnor’s property portfolio has fallen by £400 million, taking it to a total of £8.6 billion.

Mark Preston, chief executive of Grosvenor, said the situation had been particularly difficult in the US market, calling it a “challenging” year. “If in the United Kingdom, the return to the office was made with some difficulties, these are out of proportion with the situation in the United States, and more particularly in San Francisco or New York. The US commercial real estate market is experiencing great difficulties, as investors are much more indebted than in the UK. »

Hugh Grosvenor and Charlie van Straubenzee in attendance at the wedding of Prince Harry and Meghan Markle at St George’s Chapel, Windsor Castle in 2018.

Max Mumby/Indigo/Getty Images

The Duke is one of the richest men in the Kingdom, with an estimated fortune of around £9.7 million, which in 2022 placed him on 13e rank of the classification decreed by the Sunday Times This year, we learned that the real estate company Grovesnor was launching a 900 million pound plan in rental and residential real estate.

A major development for this company which owns significant parts of the chic districts of Mayfair and Belgravia, and which is now seeking to diversify its investments by entering the rental market. According to the Financial Timesthe group intends to focus in particular on houses for sale but also in residences for students and retirees.

Descendant of Nicholas Ier

Nicknamed “Hughie” by those close to him, the young billionaire Hugh Grosvenor played a key role in the coronation of Charles III. Born in January 1991, he is the third child (and only son) of 6e Duke of Westminster and his wife Natalia. Her three sisters are married: Tamara, 43, to Edward van Cutsem (a close friend of the royal family); Edwina, 41, with television historian Dan Snow; Viola, 30, with dragoon guard officer Angus Roberts. Through their mother, Hugh and his sisters are descendants of the Russian Tsar Nicholas Ier and the Romanov house.

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