British earl selling mountain in bid to pay hefty tax bill
Published on May 7, 2014 1:20 AM
LONDON (AFP) - A British lord is putting a mountain up for sale in a bid to pay off part of his hefty inheritance tax bill.
Hugh Lowther, the Earl of Lonsdale, has put Blencathra, a 868-metre high peak in the picturesque Lake District in northwest England, on the market for £1.75 million (S$3.7 million).
Lowther felt forced to sell the the 2,676-acre mountain, known as Saddleback due to its shape, to help pay off the reported £9 million he owes the Treasury from his father's inheritance.
Inheritance tax, set at 40 per cent, is payable on the amount of an estate above a £325,000 threshold.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!