Billionaire drops $26M on a personal parking garage in London

A super-rich car fanatic in London has just spent £21 million ($26.2 million) on an underground parking garage for his fleet of luxury supercars.

In what is reportedly the largest parking-related transaction ever recorded in the UK, the buyer — thought to be a Middle Eastern billionaire — will take over an old commercial garage in the swanky Knightsbridge neighborhood which has previously sold spaces for as much as £450,000 ($560,000) each, reports the London Evening Standard.

The underground lot comes with 130 bays, cushioned pillars, 24-hour security and a lounge.

A spokesman for Waterbridge Estates, who sold the garage, said that it was snapped up for a bargain price.

Knightsbridge, which is home to ultra-luxury store Harrods, is one of the London neighborhoods that gets flooded with supercars from the Middle East each spring, as part of a phenomenon dubbed “supercar season“.

If you’re looking for parking stateside though, maybe head to Miami, where AutoHouse, a seven-story, 45-unit car storage with a “Collectors Club,” is being planned.

[London Evening Standard]