Historic mansion on Istanbul’s Bosphorus sold for $32M to ‘Petroleum King’

After a decade on the market, the historic mansion, also known as Abdulgaffar Karacadag Yalisi, located in the waterfront neighborhood of Vanikoy along Istanbul’s Bosphorus Strait, has finally found a buyer.

Petroleum magnate Ercument Cafer Bayegan, known as the “Petroleum King,” purchased the luxurious property for $32 million, Bulent Cankurt reported.

Decade-long wait for sell of mansion on Istanbul’s Bosphorus ends for Neset, Sirin Yalcin

In 2014, socialite couple Neset and Sirin Yalcin listed their opulent mansion for sale at $42 million.

Despite hosting numerous high-society events and being a landmark property along the Bosphorus, the historic mansion remained unsold for 10 years. The Yalcin couple had renovated the property in 2008, blending its historic charm with modern luxury.

Luxurious features of the 11,840-square-foot waterfront historic mansion

The Abdulgaffar Karacadag mansion spans approximately 11,840 square feet and offers an array of high-end amenities. The residence includes 10 rooms and five bathrooms, providing ample space for comfortable living.

It features a fitness room, a sauna, and an elevator for added convenience. Outside, the property boasts a large private pier on the Bosphorus, a swimming pool in the back garden, and parking space for 12 cars.

Significant price reduction facilitates sale as Bayegan purchases mansion for family residence

Bayegan acquired the mansion on Istanbul’s Bosphorus not through his company but for personal use. He plans to reside there with his family. Sources close to the transaction said, “Bayegan has bought the property to live in with his family.”

Originally listed at $42 million, the mansion sold after a $10 million price reduction. The property changed hands for $32 million, approximately 1.1 billion Turkish Lira. The substantial discount played a key role in finalizing the sale of the historic mansion after a prolonged period on the market.

The mansion’s significance in Istanbul’s architectural heritage

The sale of the Abdulgaffar Karacadag mansion reflects the enduring appeal of Istanbul’s historic waterfront properties. Located in Vanikoy – a picturesque neighborhood on the Asian side of the Bosphorus – the residence is not only a luxurious home but also a piece of the city’s rich architectural heritage.