But along with the neighbouring In and Out Club, the main part of the Piccadilly Estate at No 94, No 95 was bought by the billionaire Reuben brothers as part of a £130million deal in 2011 and they now have approval for significant works to be carried out.

Paul Davis and Partners have been commissioned to redevelop 95 Piccadilly and return it to its original purpose as a single family home with four bedrooms. 

Planning permission has been granted by Westminster Council to completely refurbish the home, change the layout and create a new basement level which will feature a swimming pool and spa.

While in bad condition, the historic fabric and plan form of the principal rooms remain largely intact, many of which have grand features including impressive fireplaces, high ceilings and a stunning central staircase. 

Along with the neighbouring In and Out Club, the main part of the Piccadilly Estate at No 94, No 95 was bought by the billionaire Reuben brothers as part of a £130million deal in 2011

A beautiful central staircase remains in impeccable condition but the place over all is significantly rundown

When completed, 95 Piccadilly will have a passenger lift, while an additional staircase will be built to access the new basement, which will include a swimming pool, lounge, gym and spa.

The basement will feature a large kitchen and dining room, wine cellars and staff accommodation.

The ground floor has the grand entrance lobby, and reception room along with the sitting/media room. All these rooms are dominated by huge pillars and high ceilings. 

When completed, 95 Piccadilly will have a lift, and an additional staircase will be built to access the basement

The American Club, a men’s only club for US expats, occupied by the building from 1918 to the 1980s

On the first floor, there is a principal front room, rear dining room, a pantry and study while the second floor will be one giant suite and boast a huge master bedroom, which has its own private living room, a walk-in wardrobe, two bathrooms and a master study.

There are three further super-sized bedrooms – all of which will have large en-suite bathrooms and dressing rooms – on the third floor, while the top floor will have a family room and outdoor terrace.

This image of the study shows the extensive water damage and dry rot in the house

The result will be a four-bedroom home worth around £70million, making it 400 times more expensive than a typical house in England and Wales, with stamp duty expected to be in excess of £8.3million.  

Becky Fatemi, managing director of Rokstone estate agency, is certain the property will be stunning when ready.

She said: ‘I think we’re talking about it being a £70million home and that’s being conservative. The refurbishment will be to a very high standard and you’re overlooking the park. This is what people are looking for.

‘To refurbish a place like this, you’ll be looking at spending between £800 and £1,000 per square foot and this includes furniture.

‘It is likely whoever wants to buy will want to be able to move straight away. They want an ease of life. “Turnkey” properties allow this.’

David and Simon Reuben, who are worth around £9bn, have made a fortune in the property market.

When complete, that property which has also been known as Egremont House, Cholmondeley House and The Naval and Military Club, is expected to be able to fetch more than £200million and take the crown as London’s most expensive home.

Before World War II, the road was known for its private homes. Number 145, which was destroyed during the war, was a 25-bedroom mansion which was the childhood home between 1927 and 1937 of HM Queen Elizabeth II and Princess Margaret.

After World War II, due to the lack of offices in the City of London, Piccadilly became a commercial road lined with hotels, the Japanese Embassy, offices and plush clubs.

Peter Wetherell, chief executive of Mayfair estate agency Wetherell, believes the area is being transformed back into a prime residential area.

A sketch dated 1885 of the first floor dining room at 95 Piccadilly, once one of London’s grandest homes

The rundown interiors of the home’s soon-to-be grand bedrooms, once developed by the Reuben brothers

He said: ‘Booming residential values are driving the transformation of the thoroughfare back into a super-prime residential address with a series of trophy properties, super-luxury apartments and penthouses in the pipeline.

‘These mansions also provide great economic benefits through refurbishment and architectural restoration, the trickle-down effect of wealth does work in property restoration.’

Fatemi added it would be difficult to say who exactly will be looking to buy a home like 95 Piccadilly with the mansion likely to have a broad appeal to the wealthiest home buyers.

‘Mayfair isn’t typical of most prime areas of London,’ she said.

‘I don’t think you can categorise exactly who might buy it. You don’t just get super-rich Middle-Eastern and Russian buyers.

‘There are also a lot of UK and American buyers who will be interested in a home like this.

‘What is interesting about properties like this one is that they were originally very grand residences and they are being returned to their original purpose.

‘Mayfair, in particular, is going back to what it was like in the 1800s.

‘At the moment I have three to four people looking for £50 million-plus homes but there is a shortage of choice. I think when this will be completed, it will be stunning. An uber home.’ 

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