London’s trophy-home market briefly appeared poised for a new benchmark after reports surfaced that Igor Babuschkin, the billionaire co-founder of Elon Musk’s artificial intelligence firm xAI, was preparing to purchase a penthouse overlooking Hyde Park for about £60 million (about $82 million).

The reports gained traction after multiple outlets identified Babuschkin as the prospective buyer, but the entrepreneur has since shut down the speculation. In an emailed statement to Bloomberg, Babuschkin said he is “not planning to purchase any property in the UK,” either personally or through an entity. 

Developer Fenton Whelan confirmed the marquee penthouse is in contract to be sold but declined to identify the buyer. “Fenton Whelan never comments on the identities or details of any transaction with private individuals,” said co-founding director Sanjay Sharma. The agreement makes it the first £50-plus residential real estate deal since 2024.

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The sprawling penthouse sits atop the nine-story Park Modern, a £530 million ($680 million) luxury development on Bayswater Road at the edge of the park. Designed by Lee Polisano of PLP Architecture, the boutique building contains just 55 apartments and pairs sweeping green views with an amenity package closer to that of a five-star hotel than a traditional residential address.

The roughly 6,800-square-foot residence, first put on the market in August 2024 with an asking price of $76.5 million, includes eight ensuite bedrooms and opens onto a 2,400-square-foot wraparound terrace—among the largest private outdoor spaces in Central London—with uninterrupted views across Hyde Park. 

Inside, a sunlit great room lined with floor-to-ceiling glazing spills onto the terrace, anchored by a sculptural marble fireplace and custom bar. Interiors also include a family kitchen, a professional catering kitchen, a formal dining space for 20, and a curved glass primary suite.

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Only a handful of residences remain available at the Park Modern, where prices range from about £1.8 million ($2.5 million) to £42 million ($57 million). Residents have access to a 24-hour uniformed concierge, valet parking, a private cinema, spa facilities, and a sleek fitness center anchored by an 82-foot swimming pool complete with a vitality pool, sauna, and steam rooms. The building is also home to The Park, an 8,600-square-foot grand café from noted London restaurateur Jeremy King.

Though the penthouse is set to trade at a price that bodes well for London’s ultraluxury market in the coming year, the buyer’s mistakenly reported identity is a reminder that in the rarefied world of trophy homes, tongue-wagging speculation often travels faster than a signed contract.

Click here to see more photos of the record-setting London apartment.