Istanbul’s most expensive Bosporus mansion up for sale

Tophane Müşiri Zeki Paşa, Istanbul’s most expensive mansion flanking the Bosporus, is up for sale for 550 million liras ($96 million), according to local media.

The 130-year-old, 23-room mansion with total floor space of 510 square meters, known as a ‘yalı’ in Turkish, is located adjacent to the Fatih Sultan Mehmet bridge on istanbul’s European side. It is the fourth time the property has been put up for sale, newspapers including Takvim reported.

Turkey’s property market entered a slump last year after the lira slid to a record low against the dollar and the economy entered a recession. While the worst of the so-called currency crisis may be over, many wealthy Turkish business owners are finding it expensive to repay loans borrowed in foreign currency. Prices of homes in Istanbul have fallen as a result.

There are currently 52 mansions for sale along the Bosporus waterway, a winding strait that connects the Black Sea with the Aegean, according to Sinem Ayıkcan Yılmaz, a top real estate agent in the country, Takvim said.

French architect Alexandre Vallaury designed the five-story Tophane Müşiri Zeki Paşa, which is built of bricks and mortar made to look like stone. Many other yalıs are made of wood, making them susceptible to fires and requiring frequent maintenance.