Day: March 17, 2023

Celebrating the Game-Changing Women and Their Contribution to the Design Industry

Post author By geekytech
Post date March 17, 2023

In a recent post, Vogue celebrated the most influential female designers in the realm of interior design and real estate. To expand on this topic even further, here’s a list of some of the most influential female designers currently taking interior design and architecture to new heights.

Kelly Wearstler

With a bevy of commercial and residential projects stunningly reflecting her evocative skills, lifestyle designer Kelly Wearstler has successfully grown into a global voice through her exquisite designs.

Since its founding, The Rug Company—Kelly’s luxury lifestyle brand and a collection of statement elements and products finished with great panache—has been synonymous with sophistication and soulful vibes.

“There is always a sense of refinement but also a rawness to our projects, which brings that soulful spirit,” said Wearstler.

Stella Gittins

Better known for her unparalleled skill of blending ultra-luxury design with sophistication, Stella Gittins, the co-founder and Group Director at Accouter Group of Companies (AGC), helps transform the interior architecture of a space into a unique, timeless environment.

“Interiors and fashion tend to change side by side, with people investing a bit more in higher quality pieces that last over time, ” said Stella when asked about the evolution of design in response to lifestyle changes. “Rather than following trends, our designs for private clients are more timeless with items people will keep for generations. Across all our brands, we try to incorporate old forms of craft as well as things made in the UK.”

Part of AGC and a proud member of Walpole, Accouter—a leading international interior design studio—helps drive sustainability in the luxury industry.

A woman with tremendous creativity and reimaging skill, Stella is a trailblazer of success in an industry where women contribute, but men reign.

Blainey North

Renowned for taking a contemporary visionary approach blended with high-end interior design skills and broad-ranging intellectual curiosity, Blainey North delivers luxury.

“Without a doubt, it is important to acknowledge the past, present, and future female creative powerhouses that continue to define our world. Equally, from my perspective, it’s crucial that we don’t look to attach a gender to a piece of design-based, for example, on its form, colour or materiality,” said North. “None of which negates the contribution that incredible women continue to make.”

India Mahdavi

Iranian-French architect and interior designer, India Mahdavi has worked on a multitude of large-scale hospitality projects, collaborated with high-net-worth clients, and even launched her own furniture line that reflects her exceptional multilayered design skill.

She is a doer and a relentless force for bringing change in the design era.

Paola Navone

Born in 1950, Milan-based architect-designer Paola Navone has become a formidable player in the design industry for her prolific, highly-stimulating state-of-the-art works.

A doer and design insurgent, Paola’s exceptional and malleable style is influenced by late-20th-century Italian metamodernism and the Thai concept of “tham ma da” (“every day,”), aiming to discover new uses for standardised, low-priced, and utilitarian items.

When asked about her female approach to design, Navone said, “Sometimes women are more curious and attentive to the nuances, more intuitive and likely to grasp the non-rational and emotional part of reality…The female approach to creativity tends to be more delicate and careful.”

Computers & Software Marketing & Sales Technology U.K Website & Blog

Gartner’s Report Discusses Four Market Trends for IT Companies in 2023

Post author By geekytech
Post date March 17, 2023

Gartner recently released a report on the four ways the technology market will change for IT companies in 2023.

According to the report, there are nine trends that would affect tech vendors but only four of them are “new” trends. The nine trends have been classified into three categories:

Increased reliance on tech

Federated enterprise tech buying
Co-innovation ecosystems
Democratisation of tech
Product-led growth

Opportunities through new tech

Digital marketplaces
Intelligent applications
Marketing and CX with metaverse tech

Impact of macro forces

Sustainable business
Techno-nationalism

Of these nine, the report focuses on:

More federated enterprise tech buying
The increase in product-led growth strategies
The rise of digital marketplaces
Metaverse technologies incorporated into marketing and CX

Important Tech Trends in 2023

More Federated Enterprise Tech Buying

In a survey conducted in 2022, Gartner found that “67% of enterprise IT decision-makers are not in IT”.

According to the report, as more and more decisions are made by non-technical stakeholders, buying the latest technology becomes less important than the outcomes and value businesses get out of them.

To use this trend optimally, Gartner recommends that businesses:

Shift their marketing strategy to focus on customer-oriented value rather than technology-based scenarios
Use their Ideal Customer Profile (ICP) to understand the buying behaviour of the target audience, and leverage that information to maximise better quality and successful deals
Guide clients who aren’t tech-educated to make better, more informed decisions

Increase in Product-Led Growth Strategies

Product-Led Growth (PLG) is a strategy where the product is used to give potential customers a taste of how it could add value to their processes. This happens before there is any sales talk.

According to Gartner, this trend is going to pick up so rapidly that PLG will become an accepted market practice by 90% of SaaS businesses in 2025. Considering that only 58% of businesses currently use this practice, that’s quite a steep rise.

Under this strategy, customers will enjoy “self-service product experiences”. The signals gathered from these would be used to create “sales-driven conversions and expansion plays”.

This strategy can offer a rapid growth pattern. However, it requires more thought than simply introducing a free version of the product and hoping it’ll lead to sales.

In order to be successful, the PLG strategy requires buyer awareness marketing as well as onboarding. Customers have to be provided with the right guidance and support. Finally, it requires a data-driven, at-scale strategy for conversion and expansion.

Of course, the entire strategy would rely on a product with an intuitive user experience, easy or quick onboarding, and the ability to quickly demonstrate value to customers.

Rise of Digital Marketplaces

Tech buyers, especially non-tech ones, are increasingly looking at digital marketplaces for buying “composable and easily consumable solutions”.

Gartner predicts that, by 2026, all major application service providers and cloud platforms will offer customers composable solutions. These will be differentiated by “quality, convenience, and security”.

In order to make the most of this trend, businesses would need to:

Identify which marketplace channel works best, based on their solution fit and the preferences of their potential customers
Understand that their customer base is shifting to a non-tech one, which means they might need to tweak their marketing strategy
Realise that they’re part of a marketplace for the benefit of their customers, so join marketplaces based on their suitability, or launch their own

More Metaverse Technology in Marketing and CX

Metaverse—described as “a collective virtual shared space”—represents various technologies. These include virtual reality (VR), augmented reality, (AR), flexible work styles, head-mounted displays (HMDs), AR cloud, internet of things (IoT), 5G, artificial intelligence (AI), and spatial computing.

(Take a look at how AI is going to disrupt digital marketing as well!)

These technologies are being used as marketing tools to generate engagement through unique experiences and memorable interactions.

Of course, since most of these technologies are quite new, it is up to businesses to determine which ones work for them and when they need to implement them. Businesses would need to evaluate how viable they are and invest in a strategy for continuous evaluation as they continue to evolve.

The trends discussed by Gartner might mean businesses will have to rethink (or at least gently tweak) their tech marketing strategy to capitalise on these. Of course, there are specialist software marketing agencies, like Geeky Tech, that could help.

However, the fact remains that we are witnessing a moment in history where a paradigm shift might be approaching. How businesses use the information from this report might be what differentiates them from their competitors.

Finance Financial Market Services Technology World

PerkinElmer Completes Divestiture of its Applied, Food and Enterprise Services Businesses; Aims to Accelerate Scientific Innovation

Post author By geekytech
Post date March 17, 2023

Right on schedule, PerkinElmer has successfully divested its applied science, food, and enterprise services units to American private equity firm New Mountain Capital, and merged the remaining life sciences and diagnostics entities into a standalone business.

“Today marks the culmination of the hard work and dedication from PerkinElmer teams around the world to ensure that both new companies are in a position to succeed on day one,” said Prahlad Singh, president, and CEO of the PerkinElmer Life Sciences and Diagnostics company. “As we look ahead, our new Life Sciences and Diagnostics organisation has an immense opportunity to continue to lead with science to redefine human health.”

Fleshing Out the Spin-Off

Under the terms and conditions of the spin-off drafted in August 2022, New Mountain Capital—a private equity firm—offered USD 2.3B in cash as part of its effort to acquire the trio of PerkinElmer businesses, according to Yahoo Finance.

According to PerkinElmer’s annual earnings report, in 2022, the divested equities generated just under $1.3B ROI and constituted one-third of the company’s total workforce. Altogether, the firm represented roughly 5% year-on-year/YOY growth last year.

On the other hand, PerkinElmer’s core businesses generated over $3.3B in revenue in 2022—a slip of around 13% from $3.8B in 2021. The plunge in revenue has an obvious reason: as COVID-19 responses are winding down, the demand for diagnostics worldwide has plummeted.

However, the company expects the completed spin-off to boost its revenue by 10% each year.

PerkinElmer underscored this spin-off as part of its long-term effort to slim down its focus solely on its two core businesses—life sciences and diagnostics research.

The company expects the influx of cash from the transaction to help it evolve into a high-margin, high-growth company with a unique scale.

“Today’s announcement is a pivotal step in the significant portfolio transformation we have been executing over the last several years,” stated Singh while announcing the divestment last August, and added that the funding will help support “accelerated investment into attractive end markets across science and disease.”

The entities taken over by New Mountain Capital will work on producing novel scientific breakthroughs. The plan is to retain PerkinElmer’s name with the applied, food, and enterprise services businesses until a new appellation, logo, and stock ticker is finalised. PerkinElmer announced at the execution of the sell-off that the newly formed business expects to receive a new moniker by the second quarter of the year, which is yet to be approved by the shareholders.

A Successful Divestiture Needs an Effort in Coordination

The strategic process of selling an asset or a business unit, a divestment is a highly intricate transaction in the M&A industry that needs a coordinated effort to be successful.

For future-focus companies looking to ensure successful spin-off or carve-out of their business entities, leveraging a high-end M&A and IT service provider like Fission Consulting is a sensible business investment.

Industry-leading IT transformation services help private equity firms and enterprise-level clients navigate complex transactions while ensuring minimal business disruption.

Wrapping Up

Regardless of the reason behind the divestment, PerkinElmer expects this transaction project to act as a step-change in helping the company accelerate diagnostic and life sciences research.

Business Computers & Software Services Technology U.K

The Role of Cloud Data Lakehouses in Machine Learning and Deep Learning

Post author By geekytech
Post date March 17, 2023

Before one can understand the role of cloud data lakehouses in machine learning and deep learning, one needs to know what machine learning and deep learning actually are.

Anyone vaguely interested in artificial intelligence (AI) might have come across these two terms before. Contrary to some confusion, these terms aren’t interchangeable (despite both having something to do with learning). For anyone interested, here’s an article that discusses the difference between machine learning and deep learning.

It’ll clarify why structured, unstructured, and semi-structured data are all so important in artificial intelligence.

What’s the Difference Between Machine Learning & Deep Learning?

To understand how ML and deep learning differ, people first need to understand what these two types of learning are.

What Is Machine Learning?

Machine learning is the process of teaching computers to make decisions and predictions based on a bunch of rules. These include simple if-then logic, using mathematical equations, and neural network architecture.

The algorithms used to teach computers through ML generally rely on structured data.

What Is Deep Learning?

Deep learning is a process of teaching computers in a manner similar to how humans learn. Instead of using structured data with structured rules, this process uses unstructured data. Obviously, this type of learning takes longer and requires specialised AI learning processors.

Deep learning is used for AI that has to mimic human-like decision-making processes; eg., Natural Language Processing (NLP), software for self-driving vehicles, and image recognition software.

So, to summarise, machine learning is a structured learning model that takes less time, whilst deep learning is a more organic learning system, which takes longer, is more complicated, and requires complex hardware.

Machine learning is useful for solving simpler, linear problems, like classification, regression, dimensionality reduction, and clustering.

Deep learning, on the other hand, is used for solving more complex problems, where human-like thinking and processing might be required. These include image and speech recognition, AI game bots, NLP, and autonomous systems.

Structured Data vs. Unstructured Data vs. Semi-Structured Data

So, now that we know what machine learning and deep learning are, let’s move on to structured and unstructured data. As we just saw, both have a role in the development of AI. Here is the difference between the two.

Structured Data

Structured data, as the name suggests, is, well… structured. It follows a standard format and can be worked on directly. If you’ve ever worked with an Excel spreadsheet, with the information neatly organised in cells and tables, you’ve encountered structured data.

Such data is easy to store, access, and process, because it’s all so well organised.

Unstructured Data

Unlike structured data, unstructured data cannot be organised as easily. It doesn’t follow a standard format and each item in the database could have different properties. Examples of unstructured data include images, video files, audio files, social media posts, or behavioural data.

Since this data is so varied, it cannot be organised into neat little compartments. As a result, it needs more storage space and it can be slightly difficult to retrieve.

Semi-Structured Data

This type of data, whilst largely unstructured, does have some organisational logic to it. In fact, some people argue that there is no true unstructured data. Even an image will have some meta-data included, which can be used to retrieve it.

However, unlike structured data, semi-structured data too requires more storage.

This brings us to cloud data lakehouses.

What Is a Cloud Data Lakehouse?

When you want to store clean, organised structured data, you use data warehouses. These are ideal for business intelligence data.

On the other hand, if you want to store unstructured data and semi-structured data, you want data lakes. These types of data can’t be housed in neat, logical data warehouses.

But, having two types of storage for structured and unstructured data means you cannot derive benefits from both. That’s where a data lakehouse enters the picture.

A data lakehouse combines the logical, analytical storage of a warehouse with the flexibility of a data lake—ideal for an artificial intelligence model which uses both deep learning and machine learning.

Whilst a data warehouse is simple in structure, the data lakehouse architecture is largely dependent on your business’s needs. You might need an expert, like Agile Solutions, to help you design a bespoke solution.

However, having a cloud data lakehouse can be an important resource if you want to make the most of the data—both structured and unstructured—that your company owns.

Energy & Environment Public Affairs Technology Travel World

COP 27: ICAO Marks Sustainable Aviation Fuels as the Future of Net-Zero Aviation

Post author By geekytech
Post date March 17, 2023

At the side event at COP 27 last November, the International Civil Aviation Organization (ICAO) professed its Long Term Aspirational Goal (LTAG) for reducing the aviation sector’s contribution to climate change, reported Lexology.

“Achieving net-zero carbon emissions by 2050 will require substantial and sustained investment and financing over the coming decades. We must furthermore assure reliable and affordable support and capacity-building for the many developing countries and States with particular needs, who will be depending on it to help play their part,” said ICAO Council President Salvatore Sciacchitano. “An important part of my message to you here today is that the work to begin addressing these objectives for our sector has already started.”

LTAG for International Aviation

LTAG is a succession of the pledges advocated at the inaugural meeting of the International Aviation Climate Ambition Coalition launched at COP 26, which emphasises cooperative international actions to significantly decouple GHG emissions from flights.

LTAG aims to comply with the Paris Agreement’s goal of keeping global warming well below 1.5°C.

Part of this effort is to help the aviation sector hit the Net-Zero target by 2050 and foster mass adoption of sustainable aviation fuel (SAF), aligning with CORSIA—ICAO’s carbon offsetting and reduction scheme.

“ICAO is fully cognizant of its global responsibilities toward the sustainable future of the international aviation sector, and of the planet. We also remain deeply cognizant of the critical importance of international air connectivity to the civil societies and economies of Small Island Developing States, Landlocked Developing Countries, and Least Developed Countries,” remarked the Council President.

Sustainable Aviation Fuel

Extracted from sustainable feedstocks and waste products, SAF is a biofuel used to power aircraft.

It can be in blended or unblended form. SAF holds the potential to provide identical or sometimes better performance than conventional fossil-based aviation fuel but with a fraction of its carbon footprint, helping decarbonise the aviation industry.

Even though aviation is considered the bedrock of the world economy, it accounts for almost 3% of the total volume of carbon dioxide annually infiltrating the Earth’s atmosphere.

That said, cutting carbon emissions from aviation has now become dire.

Although hydrogen- and electric-powered aircraft hold great potential to cut GHG emissions, they are still a long way off from being commercially viable.

A bridge between hydrogen- or electric-powered aeroplanes and today’s petroleum-based aircraft, SAF’s lower carbon intensity makes it a realistic solution for decreasing aviation GHG.

SAF can cut GHS emissions by up to 80% over the fuel lifecycle and can be used to power the aircraft engine as a direct replacement (drop-in) for fossil-based aviation fuel.

Since 20211, SAF has been used to take more than 450,000 flights to the skies.

Early this month, Airbus powered both engines of its single-aisle aircraft—A321neo—with 100% SAF.

Currently, up to 50% SAF can be blended with petroleum-based jet fuel in commercial flights.

SAF Production: The Global Outlook

Despite being able to decarbonise aviation significantly, global SAF production is still minuscule. Roughly 26.4 million gallons of SAF are being produced annually, constituting only 0.1% of all jet fuel.

Soaring costs due to limited supply hinders the rapid uptake of SAFs in the aviation industry.

However, these low production numbers are prompting the world’s policymakers to develop plans for scaling up new production methods and facilitating the commercialisation of SAF.

The global SAF market is poised to rise to $6.26 billion by 2030—up from $72.1 million in 2020.

Again, with the increasing bio-content in jet fuels aggravating microbial contamination, checking its impacts has become dire.

That said, investing in high-end aviation fuel testing kits such as FUELSTAT® is a sensible business decision when it comes to periodic testing of SAF fuels. As a result, microbial growth can be tracked down at the earliest phases and before critical safety or operational disruptions incur heavy financial losses.

Industry Leaders Looking to Facilitate SAF Production

At COP 27, industry leaders underscored the need for a strong regulatory framework to enable the evolution to emissions-free flight while ensuring the safe deployment of SAF into the fuel supply system.

“As aviation continues to explore and adopt the incredible new technological innovations arising today in aeronautics and renewable energy propulsion, ICAO also recognizes how imperative it is to start putting in place the right policies, legal frameworks, and modernised infrastructure to enable this evolution to emissions-free flight,” said ICAO President.

As part of its effort to offer a framework and bespoke assistance to States in different phases of SAF production and deployment, ICAO launched the ICAO Assistance, Capacity-building and Training for Sustainable Aviation Fuels (ACT-SAF) program in June 2022.

However, at COP 27, industry leaders unanimously agreed that boosting the production of commercially usable SAF and replacing conventional fuel with it would need substantial funding.

Should that funding be raised and only 10% of conventional jet fuel get replaced by SAF, it will reduce 60 million tonnes of carbon emissions annually.

Business Computers & Software Technology U.K U.S

Microsoft Introduces Closed Captions in PowerPoint Live for Teams Meetings; Presentations Expected to be More Accessible

Post author By geekytech
Post date March 17, 2023

Microsoft has reportedly rolled out the coveted Closed Caption feature in PowerPoint Live for Microsoft Teams meetings.

Announcing the release on March 6th, 2023, Microsoft said that with this new feature, users seeking to make their presentations more accessible to a larger audience can add closed captions to any video file embedded in a PowerPoint slide.

The new feature is currently available in PowerPoint for Mac and Windows operating systems, reported Commercial INTEGRATOR.

Details of the Closed Caption Feature

Microsoft expects this new feature in Microsoft Teams to help people with language barriers or hearing impairments to participate in the meetings. Participants with issues in processing auditory information, or attending a meeting from a loud place can also benefit from the feature.

Now, while in a Microsoft Team meeting, they won’t face difficulties comprehending the audio components of the video content embedded in a PowerPoint presentation being shared via PowerPoint Live.

“Closed captions make PowerPoint presentations more accessible and benefit everyone who watches videos, especially those watching videos in their non-native language, people learning to read, and individuals who are deaf or hard of hearing,” said Microsoft in one of its Tech Community posts.

Additionally, meeting attendees can also activate or deactivate captions for any video project containing a closed captions file.

Once activated, attendees can find the Closed Caption feature at the bottom of their PowerPoint slides. Microsoft confirms the new addition, when turned on by a specific meeting attendee in the Teams, will not distract others.

Adding Closed Captions

In its Tech Community post, Microsoft has broken down the process of adding closed captions to video content included in a PowerPoint presentation:

Open the required PowerPoint slide with the video content
Select the video and click Insert Captions from the Playback tab
Choose the WebVTT file or files to be added to the selected video content from the Insert Captions dialog box
Click Insert Caption to add closed captions

When this PowerPoint presentation with closed captions is shared using PowerPoint Live in Microsoft Teams, the Closed Caption feature will automatically appear for all meeting attendees.

To turn on closed captions, attendees need to:

Press the Closed Captions options on the video player in the PowerPoint Live presentation
Pick the language from the dropdown list

“Once turned on, the video closed captions will appear at the bottom of the slide for only the individual attendee, empowering each attendee to choose the closed captions setting that’s best for them without distracting other attendees who may prefer to have closed captions turned off,” explained Microsoft in the Tech Community post. “When no closed captions are available for a video, the closed captions button will be unavailable for participants to select.”

Turbocharge Your PowerPoint Presentation

With more than 500 million users worldwide, Microsoft PowerPoint seems like the obvious choice for many when it comes to creating business presentations.

However, with so much clicking, formatting, and manual calculations, creating a professional-looking presentation in PowerPoint becomes a time-intensive, cumbersome task.

For users looking to create a great-looking presentation with stunning charts, using a high-end PowerPoint add-in like think-cell is a sensible decision.

A high-quality add-in fully integrates into Microsoft office 365 and helps users impress the audience while significantly saving them time.

Wrapping Up

Microsoft stated that the Closed Caption feature is “just a beginning.” The company is committed to delivering proactive and pleasant Teams meeting experience to attendees with hearing impairments.

Computers & Software Technology U.K U.S

Atlassian Patches Critical Severity Authentication Vulnerability in Jira Software; Admins are Urged to Upgrade Their Installations

Post author By geekytech
Post date March 17, 2023

Atlassian has reportedly released multiple fixes to patch a critical severity authentication vulnerability in its powerful ITSM tool—Jira Service Management Server and Data Center.

Jira Service Management Server and Jira Service Management Data Center run on top of Jira Core and enable future-focused enterprises to connect Dev, IT Ops, and business teams to boost productivity.

Breaking Down the Vulnerability

The broken authentication issue was detected in version 5.3.0, thus affecting all subsequent Jira software versions—from 5.3.0 to 5.3.1 and 5.4.0 to 5.5.0.

Publishing an advisory, Atlassian underscored the flaw as a ‘critical severity’ authentication flaw based on the company’s specific severity code. Tracked as CVE-2023-22501, this authentication bug is rated with a CVSS score of 9.4 by the company.

This authentication bug, if unpatched, could be exploited by threat actors to impersonate authentic users and in specific cases, infiltrate Jira Service Management instances, according to Infosecurity Magazine (reported by PERTI).

“With write access to a User Directory and outgoing email enabled on a Jira Service Management instance, an attacker could gain access to sign-up tokens sent to users with accounts that have never been logged into,” the company explained in its advisory.

“Access to these tokens can be obtained in two cases: If the attacker is included on Jira issues or requests with these users, or if the attacker is forwarded or otherwise gains access to emails containing a ‘View Request’ link from these users,” Atlassian explained.

Once the vulnerability is exploited and followed by a password change, no email notifying the change is sent to the account owner, which makes the detection of the account compromisation really tough.

In the advisory, Atlassian warned users that the bot accounts are more likely to fall prey to attackers.

Until most recently, this authentication bypass issue has not been exploited maliciously in the wild.

Atlassian Urges Admins to Upgrade Their Jira Software

As part of its effort to help admins address the vulnerability, Atlassian, in the above-mentioned directory, has declared the release of patches for Jira versions 5.3.3, 5.4.2, 5.5.1, 5.6.0, and later.

The productivity software giant has urged admins to upgrade to the latest fixed versions of the software to mitigate the authentication flaw before attackers can hold sway over their accounts.

However, for users who cannot upgrade their installations immediately, Atlassian has offered a temporary workaround solution. Atlassian has provided users with a JAR file that can be used to manually update the “service desk-variable-substitution-plugin.”

Admins opting for the latest upgrades can get notified of which accounts had been compromised since deploying the older version.

However, upgrading a software instance is highly disruptive and involves intricate steps. For businesses seeking a smooth upgrade to the latest Jira versions, investing in a high-end Atlassian consultancy service like Automation Consultants is a sensible decision.

By executing periodic security audits of Atlassian products like Jira, Bitbucket, and Confluence, a class-leading consultancy service with Atlassian experts can help teams evaluate the security posture of their Atlassian stack.

Atlassian suggests admins force a password reset on all potentially compromised accounts, for which confirming their email addresses is imperative.

The company recommends users disconnect and shut down the breached server upon detecting a vulnerability in order to limit its extent.

The company confirmed Jira services hosted on Atlassian Cloud via the atlassian.net domain were not impacted by the vulnerability.

Lifestyle Living Real Estate U.K

World’s Most Expensive Home Goes Up for Sale at £250M After Saudi Loan Expired

Post author By geekytech
Post date March 17, 2023

The Holme, which stands within four acres of a private garden in Regent Park in Central London, is predicted to be the UK’s most exclusive residential property ever, with an expected transaction value of an eye-watering £250 million.

This 205-year-old lavish property has been put on the market after a massive loan secured by its Saudi Arabian owner expired, reported Financial Times.

In-Depth Insight into the Holme

Built in 1818 by the Burton family, this enormous mansion is located on Inner Circle by Regent’s Park, one of the eight royal parks in London. It was envisioned and designed by the renowned 19th-century architect Decimus Burton, famous for his neoclassical designs. James Burton, a prominent Regency-era property developer and the son of Decimus, lived in this magnificent residence. Defined by an Ionic-order portico, this exclusive trophy property is synonymous with ultra-luxury, offering a picturesque illustration of Regency architectural design.

The massive home is spread over five floors, comprising 29,000 square feet of living space and 40 bedrooms.

Despite its age, the majestic property has been carefully preserved over the years to ensure it upholds its unique grandeur while also providing all modern conveniences.

The sweeping staircase, the elegant reception rooms with period features and ornate plasterwork all over, the museum-like art gallery, and a subterranean parking lot that can accommodate up to 20 cars are a few unique features that make this stupendous property a perfect blend of modernity and regency.

“It’s the White House in Regent’s Park,” a source told The Evening Standard. “It’s very special because you’ve got the ornamental lake, sweeping lawns, and this magnificent rear façade which looks like the rear façade of the White House. It’s the most incredible property.”

The Holme Could Beat Out the Current Most Expensive Property

Until recently, the three-story penthouse atop New York City’s Central Park Tower was the most expensive abode in the world put up for sale on the market last September for a whopping £208M.

The mansion that hit an all-time high in the history of Britain was a Knightsbridge mansion, dubbed 2-8a Rutland Gate, a miniature private palace on Rutland Gate which overlooks Hyde Park. It was first sold for £210M in 2020, and listed for sale again in October 2022 with an asking price of £200M.

If the lakefront trophy house is transacted at the set price of £250M, it could dethrone the current highest-priced pads taking the title of the most expensive home in Britain—and the world.

London’s Luxury Home Market

Luxury home sale market in London is outperforming the wider London market, with around 15 homes worth £5 million or more being sold in the final quarter of 2022—a jump of 63% from the pre-pandemic average.

Exclusive properties (such as the Holme) located in the city’s most expensive enclaves, are usually acquired by wealthy foreign buyers who invest in luxury properties as part of their effort to maximise their real estate portfolio.

That said, the market for luxury residential property management services offered by businesses such as The London Management Company (TLMC) is flourishing, with uber-rich buyers snapping up upscale properties in Central London.

Fleshing Out the Reasons Behind the Sale

According to the records from the Land Registry, since 1998, Regent’s Park’s mega-mansion mansion has been owned by members of the Saudi royal family for over three decades. However, most recently, the Holme has been seized by the bankruptcy trustees along with a New York City mansion, and a private plane after the Saudi Royals defaulted on a loan worth $180 million (~£150M).

Due to this majestic London mansion being the highest-priced asset in the family’s property portfolio, receivers consider selling it the quickest way to repay the expired loan.

Representatives for Prince Abdullah bin Khalid bin Sultan al-Saud, one of the beneficiaries of the property and a member of the Saudi Royal family, could not be reached for comment.