Saudi king’s widow wins UK suit for ‘Billionaire’s Row’ mansion
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A WIDOW of the late King Fahd Bin Abdulaziz Al-Saud of Saudi Arabia won a legal fight over a London mansion on a road known as ‘Billionaire’s Row’, in a ruling that gives a rare glimpse into the royal family’s inheritance dispute.
A UK judge rejected a claim brought by Liechtenstein-based Asturion Foundation, which was set up in 1974 by the late king, to take control of assets including Kenstead Hall – a large house on the Bishop’s Avenue in north London – that’s worth “tens of millions” of pounds, according to previous filings in the case. The avenue is one of the most expensive streets in the capital.
The lawsuit gives a rare window into an inheritance dispute within the Saudi royal family, which is typically tight-lipped about wealth and keeps internal discord private. The London house was part of broader dispute that includes other properties in France, Germany and Spain, which were all also transferred after King Fahd’s death in 2005.
The transfer was made by a board member in accordance with the instructions of the late king, lawyers for King Fahd’s widow, Al Jawharah Bint Ibrahim Abdulaziz Al Ibrahim had said, according to the ruling.
They also cited a handwritten note that said “King in his name to his wife in her own name.”
The foundation later alleged the gift was not authorised and it gave her an unfairly large share from the foundation’s assets that were meant to be divided between all of the king’s heirs.
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An equal distribution would have left Al Ibrahim with between 10 per cent and 12 per cent of all assets in the foundation under Islamic laws, while the value of the house was greater than the share that she was entitled to, according to the lawyers for foundation.
One of the sons of the late king from an earlier marriage was driving the litigation through the foundation, lawyers for Al Jawharah Bint Ibrahim Abdulaziz Al Ibrahim had alleged during a hearing of the case earlier this year.
Emails seeking comments from law firms representing the two sides remained unanswered. BLOOMBERG
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