It was known as the In And Out club. The property was then bought in 2011 by the billionaire Reuben Brothers.

Estate agents are convinced the house will be worth in excess of £250million – 1,543 times more expensive than the average home sold in England and Wales.

Peter Wetherell, of Wetherell Estates, believes the price tag will help Mayfair topple Kensington Palace Gardens as the ultimate residential area for the world’s elite.

Many houses built in Mayfair and Belgravia became offices, embassies and clubs but the West End districts are now bouncing back as prime locations for trophy homes.

Mr Wetherell said: “With offices and embassies relocating to the commercial and embassy quarter of Nine Elms, South of the Thames, buildings in Mayfair and Belgravia are being freed up to take on their original role as beautiful grand homes.

People really appreciate the grandeur and scale of the architecture of Mayfair’s finest houses.

“Properties like Dudley House, Lombard House and Cambridge House have been preserved due to their roles as commercial buildings.

“The return of these properties to their original residential use will help to return Mayfair to the top of the Monopoly board.” Mayfair lost its position in the iconic game to Kensington Palace Gardens – adjacent to Kensington Palace, the former home of Princess Diana – in 2011.