Poundland Founder's Former Mansion Sees Further Price Cut Amidst Lingering Sale
A 13-bedroom Worcestershire estate, once owned by Poundland co-founder Steven Smith, has had its asking price reduced by £250,000 as current owners face difficulties in selling the property.
A 13-bedroom mansion in Romsley, Worcestershire, formerly owned by Poundland co-founder Steven Smith, has seen its asking price reduced by £250,000, marking another attempt by its current owners to secure a sale. The property has encountered a prolonged period on the market, mirroring challenges Smith himself faced when first listing the estate.
Steven Smith initially purchased the 103-year-old property in 2004 for £2.2 million. He and his wife subsequently invested approximately £4 million in renovations. In 2014, after their children had left home, Smith listed the mansion for £6.5 million, opting to use his own online estate agency to avoid commission fees. When interest proved low, the price was reduced to £5.75 million, and further reduced to £3.95 million in 2018. At the time, Smith noted the financial loss but explained the need to downsize, stating, "Since the kids have grown up and moved out it's just me and the wife and it's a big place for both of us to live in."
Smith eventually sold the property to a businessman and his family. Last year, the estate reappeared on the market with a price tag in the region of £5 million. The latest price adjustment brings the asking price down to £4.75 million in an effort to attract buyers for the property, described by estate agents as an "iconic country residence."
The mansion, designed by Sir Bertram Clough Williams-Ellis, the architect behind the Welsh village Portmeirion, sits on 28 acres of grounds in the Severn Valley. It features panoramic countryside views and includes four paddocks, suitable for equestrian use. The interior boasts seven bathrooms, a heated indoor swimming pool, a games room, a private bar, and a drawing room with a dancefloor. The bespoke kitchen is equipped with an AGA cooker and was hand-painted by Christians of Nantwich. Additional features include an extensive garage, an office block, and a greenhouse. The sale also encompasses two three-bedroom gate lodges, which estate agents suggest could serve as staff accommodation, guest houses, or rental units.