This luxury $31 million London mansion in one of London's most exclusive neighborhoods recently went on the market take a look

The property is located in the Regent's Park area of London, one of the city's most exclusive residential areas.

The average price for a house in the area was around £2 million ($2.5 million) in 2021, according to online property portal, Rightmove.

But the majority of sales in the area last year were apartments, which were sold for an average of £1.7 million ($2.1 million), according to the portal. A row house sold for an average of £4 million, or around $5 million.

But prices for homes on Cornwall Terrace are much higher and can often climb into the tens of millions.

Cornwall Terrace and the surrounding residential areas of Regent's Park are owned by the Crown Estate, a portfolio of buildings and land belonging to the British monarchy which functions as a commercial business.

The terrace was designed in the 19th century by the architect John Nash, a British architect who also renovated Buckingham Palace.

The inside of the mansion is spacious enough for a fully-fitted gym, library, steam room, and two club rooms, one kitted out with media facilities, according to the property listing.

The plans for the space also include four guest suites and marble bathrooms.

There is also a lift connecting all five floors. A master bedroom taking up a floor of its own also features in the proposed accommodation plan.

The property is currently on the market in its "shell" condition, meaning it has been stripped down to its bricks.

Any potential buyer will have to complete an internal fit out before the house can be lived in and that could cost several millions of pounds, according to Marc Schneiderman, director of Arlington Residential, the luxury real estate agency listing the property.

The shell of the new mansion was created by bringing together two adjoining Grade I listed buildings on Cornwall Terrace. The diving wall which formerly separated two first floor drawing rooms was removed to create one larger room overlooking Regent's Park.

On the floor above, adjoining rooms were brought together to create one large master suite.

The mansion has planning permission, as well as consent from the Crown Estate and listed building consent to be internally refurbished.

The images on the property listing are "indicative designs" of what the property could look like once completed, but the buyer can go in any direction, according to Schneiderman.

Some of the "historical elements" of the house, such as fireplaces, are protected, he added.

The shell property is on the market for £25 million, or around $31.3 million.

The price is around 91 times higher than the average UK house price, which was around £274,000, or around $344,000, in January 2022, according to the UK Office for National Statistics.

The area is also home to a number of celebrities, who are often indirectly responsible for pushing up house prices in the area.

Actor and comedian Sacha Baron Cohen and fashion giant Tom Ford have purchased homes in the area in the past, multiple outlets have reported.

"Regent's Park is so cosmopolitan that the ultimate buyer could be from anywhere in the world or, indeed, from the UK," Schneiderman said. "There is such a rich variety of nationalities living in and around central London and Regent's Park."

The street is also where one of the UK's most expensive property transactions occured. One Cornwall Terrace, which is situated on the same block of town houses, sold for £80 million ($101.7 million) in March 2013.

The mansion — which has seven bedrooms and nine bathrooms — spans over 21,500 square feet and was purchased by property trader Marcus Cooper.

The BBC reported in April 2013 that the members of the Qatari ruling family bought One Cornwall Terrace, as well as an adjoining property, for £120 million ($150.7 million), but it's unclear whether they bought it from Cooper.

Leaked documents as part of the Pandora Papers revealed that the transactions were made via offshore shell companies, meaning the family avoided around £18.5 million ($23.2 million) in Stamp Duty, according to the BBC.

There is, however, no implication that the Qatari ruling family or the property sellers acted illegally, per the BBC.

The Qatari embassy in London did not immediately respond to Insider's request for comment.