Mansion cracks
London property , Issue 1659 PRIVATE Eye has identified the true owner of 11 derelict mansions in north London's upmarket Bishops Avenue, widely seen as an emblem of a malfunctioning property market that values investment over use.

A detailed search of multiple corporate registers indicates that one of Iran's richest men is the ultimate owner of what has been dubbed the "billionaire's wasteland".

The 11 mansions are owned by Isle of Man company Birch Ventures Ltd, which bought them in 2013 for £73m. The huge houses and extensive plots are empty and falling into ruin, some hit by fires, floods and animal occupation.

Banker's branches
Since 2018, one Ali Ansari has been listed as the ultimate beneficiary of Birch Ventures. Previous press reports have described the owner as a "Cypriot businessman", but by searching multiple international registers, using a date of birth, common business connections and other data, Private Eye can confirm he is in fact the Iranian banker and entrepreneur.

Ansari founded Iran's Ayandeh Bank in 2013. He then founded Iran Mall, the world's largest shopping mall by area, which opened in Tehran in 2018. He has critics in Iran, where economic crisis, poverty, inflation and growing inequality are big issues.

Critics in the Iranian and diaspora media say Iran Mall is "a symbol of unbalanced development and concentration of wealth", arguing Ansari could rely on government support because of close relations with some members of the ruling elite. Some Iranian commentators argued the Iran's central bank offered too much support to Ansari's bank, which in turn invested in his Iran Mall, while ordinary Iranians struggled.

Birch stands firm
We put this to Birch Ventures. Its spokesperson defended Ansari from criticism, saying the "allegations" against him in Iranian media we pointed to were "political in nature, are baseless and are emphatically denied".

We also asked if the derelict mansions showed how trophy assets can be used as frozen stores of value rather than homes.

Birch said it has "agreed a sale with a major UK developer which is currently in the hands of a City law firm", which will be a "UK transaction and all relevant taxes will be paid in full". It said the sale will lead to "a significant number of apartments being built on the land and a substantial amount paid to Barnet council for affordable housing".

If in any way true, this will be good news – but after 12 years of decay, observers might want to see more concrete proof.