Poundland founder Steve Smith cuts mansion price by £750k
The founder of Black Country success story Poundland has cut the price of his mansion in a bid to find a buyer.
Businessman Steve Smith, who is originally from Portobello, Willenhall, put seven-bedroom Hammer Hill House in Romsley Lane, Romsley, near Alveley, on the market for £6.5 million last year.
The house, which has 28.2 acres of land, including four paddocks, has now been cut to £5.75m on Mr Smith's own online estate agents EstatesDirect.com
Mr Smith, aged 51, who sold his share of Willenhall-based Poundland for a reported £50m in 2002, bought the mansion which has a heated indoor swimming pool, grand hall and two gatehouse lodges for £2.2m 15 years ago
He said when the house was put on the market that he and his wife Tracy had decided to downsize after their three children left home.
They plan to staying in the area, but are looking for something a little more modest.
Mr Smith said that by using his online estate agency he would save £115,000 in commission.
Hammer Hill House was designed in 1923 by the famous architect Sir Bertram Clough Williams-Ellis who also created the Italianate village of Portmeirion in North Wales.
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Mr Smith said that there had been strong interest in buying the mansion.
"We have had quite a few people come to see Hammer Hill House, but the big problem has been in buyers selling their own property. It seems to be a problem in this area.
"I originally put the on the market a couple of years ago through local estate agents, but the market was bad at that time," explained Mr Smith.
He said that EstateDirect.com was managing to sell homes of up to £2 million and would sell more than 1,000 houses in 2015.
"While people want to come and live out this way it seems that a higher price means a bigger chain.
"I am confident we will find a buyer. A lot of people are keen to buy, but it is just finding the right person. It does take time and what everyone really is looking for is a cash buyer," added Mr Smith.
