At the time it was the most expensive house bought outside London.

The developer has spent several million pounds undertaking extensive
renovations of the property, which had a decaying exterior and was run down.
He is also developing a second 300-acre phase of the estate, which is not
part of the sale,

The property, which backs on to the Thames river, was put on the market in
2006 for £45 million after plans to turn it into a luxury country club were
rejected by Wokingham borough council following a vociferous campaign by
residents.

The main house dates from the early 18th century and was once owned by
Frederick, Prince of Wales and eldest son of George II, and was
substantially rebuilt in the late 1800s.

Rooms still have the original huge stone fireplaces and stained glass windows.
The ghost of Mary Blandy, who was accused of poisoning her father in 1752,
is said to haunt the grounds.

The original sale involved several outlying properties, including three
houses, 10 tenanted cottages and a further eight in need of renovation.

The property, which was used until 1998 as a boarding school, has two golf
courses, a boathouse on the Thames and a stable block. It was recently used
in the remake of the film St. Trinians.

Earlier this month, Knight Frank, the estate agents, which has advised on the
Park Place sale, published research that concluded that a “notable
change is the beginning of international interest” from buyers,
especially from Eastern Europeans.

“Our experience is that the ripple effect from London is just beginning to
reach the Home Counties where, after a slow start to the year, sales
activity is rising,” said Rupert Sweeting, Knight Frank’s Head of
Country House Sales.

“Generally, the market is still particularly price sensitive: if the price is
right, a house will sell within six weeks of coming to the market.”

Mr Spink declined to comment to the Financial Times. Both Knight Frank and
Savills, which also advised on the sale, declined to comment.