The Earl of Lonsdale is to sell off a mountain in order to settle a £9million inheritance tax bill following the death of his father in 2006.
The Earl is selling off the 2,850ft Blencathra mountain in the Lake District and has placed this landmark on the market for £1.75million. Part of his northern Cumbria estate, which has been in the family for hundreds of years, the sale could potentially force the eviction of those living on the Earl’s land.
Whoever buys the mountain will be entitled to use the title ‘Lord of the Manor of Threlkeld’ and can even apply for their own Coat of Arms. In addition, they will obtain grazing rights for 5,471 ewes, 732 young sheep known as hogs and 200 lambs.
The renowned guidebook author Alfred Wainwright once described Blencathra as ‘one of the grandest objects in Lakeland and one of the best known’. The mountain is also known as Saddleback due to its distinctive shape.
Lord Lonsdale said “My family have owned Blencathra and its manor for over 400 years, so the sale of this iconic property will be a great loss.
“However, we need to realise capital for inheritance tax following the death of my father in 2006 and our aim is to retain the core portions of the Lonsdale Estates intact as far as is possible.”
If you’d like to discuss any corporate or personal tax matters, including inheritance tax, please contact us for expert advice.