$55M Bosphorus Mansion Sale to Yield Record State Tax
The Yağcı Hacı Şefik Bey Mansion, one of the most prestigious and iconic locations on the shores of the Bosphorus in Istanbul, is up for sale. Known as the mansion of businessman Faruk Yalçın, it has been revealed that the historic mansion will be sold for 55 million dollars (approximately 3 billion TL). The amount that will go into the state's treasury when the sale of the mansion, which Süreyya Yalçın is also an heir to, is completed has also been determined. This amount will be one of the highest land registry tax revenues for the Treasury.
Süreyya Yalçın and her siblings have reached an agreement: Faruk Yalçın's historic mansion will be sold for 55 million dollars.
Known to the public as the 'Faruk Yalçin Mansion', this historic property, considered one of the most valuable on the Bosphorus, has officially been put up for sale following an agreement among the heirs. The current asking price for the mansion, which belongs to the family of the late Faruk Yalçin, one of Turkey's leading business figures, is quite staggering.
The property, which was purchased by Faruk Yalçin in 1989 and restored in accordance with its original design, served as the family residence for many years. After Yalçin's death in 2008, it was inherited by his children. Initially, the historic mansion was priced at 70 million dollars (approximately 3 billion 360 million TL), but a price revision was made when no buyers came forward.
With the heirs reaching a new agreement on the terms of sale, the new asking price for the property has been set at 55 million dollars (approximately 2 billion 640 million TL based on current exchange rates). Among the heirs to the property are Faruk Yalçin's children from his first marriage, Osman, Hatice, Ayse, and Ismail Yalçin, as well as his daughter Sureyya Yalçin from his second marriage.
The state is set to break records: The amount to be added to the state treasury upon the sale of the historic mansion has been determined.
The prospective sale of the historic mansion for the set price of 55 million dollars is a matter of great concern to the Treasury. By law, a total of 4% in deed fees, split evenly between the buyer and seller at 2% each, is collected during real estate transfer transactions.
According to a report by the Dünya newspaper, if the massive sale is completed at the targeted figure, a whopping 105 million 600 thousand TL will be directly transferred into the state coffers solely from the deed fee of the transaction. This sum will go down in the records as one of the highest deed fee revenues provided to the Treasury from the sale of a single residence.
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