Sandbanks beats NYC and Hong Kong to become world's most expensive

An entrepreneur recently paid £13.5 million for a bungalow and, with a floor space of 2,909 sq ft, the price works out at £4,640 per sq ft - the most expensive anywhere in the world, beating New York, London and Hong Kong. 

Bought by recruitment boss Tom Glanfield, the 44-year-old said he will spend £10m creating a low-rise home that enhances the natural beauty of the 1.4 acre plot, which has uninterrupted views across Poole Harbour.

The bungalow sold for £13.5m (Image: SWNS)

Mr Glanfield said: "As a long-term resident of Poole, I certainly do not want to build anything that detracts from the natural beauty of the area, or that negatively impacts any of my friends and neighbours. 

"Unfortunately, the current house is extremely inefficient and does not meet modern building standards. 

"As with all seafront properties, years of exposure has taken a huge toll. Furthermore, the existing property is at increased risk from tidal storm surges. 

"My dream is to build a permanent family home that will stand the test of time, using sustainable building methods, locally sourced materials, and calling on local tradesmen to carry out the building work.” 

Recruitment boss Tom Glanfield, 44 (Image: SWNS)

He said: "People may think I'm mad for paying so much money for a house, and potentially knocking it down, but I just fell in love with the position of it. 

"We knew the condition of the property before we purchased it. Thankfully, I'm much more comfortable knocking something down that's in such a poor state. Especially if we can build a true future home." 

Mr Glanfield plans to build the property around the existing mature pine trees, incorporating cutting-edge sustainable building technology. 

Asked what he thinks other locals will make of his purchase, Mr Glanfield said: "Since I am already a Poole resident, I hope local people will be pleased that I bought it, and not another property developer or speculator. 

"The garden is quite large, so I expect other developers would have perhaps built a couple of three-storey superhomes on the plot.”