And finally…former Rangers supremo Murray takes £1m hit on sale of Edinburgh mansion

8A Easter Belmont Road, Edinburgh (Image c/o Savills)

Former Rangers owner Sir David Murray has had to accept a bid on his Edinburgh mansion £1 million less than the price he originally listed the property for.

It has taken the steel tycoon, who sold Rangers for £1 in 2011, four years to offload the three-bedroom villa located in the capital’s Murrayfield area.

He had been looking for a sale nearing £2 million for the home, which comes complete with swimming pool, wine cellar and gym.

Having had no luck at his original asking price, he then put it back on sale at offers over £1,495,000.

However, it has now emerged, via Registers of Scotland records, that an offer of just £1.1 million was finally recorded as being accepted for the property in Easter Belmont Road where other houses have sold for up to £2.75 million.

Selling agent Savills website said the property came off the market in October.

Real estate commentators have claimed that the Scottish Government’s new land and buildings transaction tax (LBTT) has weighed heavily on activity in Scotland’s high-end property market.

Under the new tax regime, the new owner of the property adjoining Murrayfield Golf Club will have been hit with a £90,350 land and building transaction tax bill.

Sir David sold financially crippled Glasgow football club Rangers to Craig Whyte seven years ago, shortly before the club was plunged into administration and relegated to the lowest rung of Scottish professional football.

It was subsequently liquidated.

Sir David’s debt hit former flagship firm MIH was also wound up in January 2015.

Since 2000, he has chaired the Edinburgh-based family firm Murray Capital, which has interests in manufacturing, engineering and oil and gas.