The owner of a mansion overlooking London''s Hampstead Heath is asking for £75 million for the property and is planning to develop it into a dream home for whoever buys it, according to media reports.

Witanhurst, which is currently listed by English Heritage as a building at risk, was put on the market at £32 million in June and has since been bought by property developer Marcus Cooper.

"We are going ahead with the scheme for the restoration and development of Witanhurst and are currently putting together a professional team including architects, historic buildings advisers and quantity surveyors," he said in a statement, adding that estate agents Knight Frank would be managing the sale.

It is the second largest home in London, coming second only to Buckingham Palace, but also has a royal connection, with the Queen reported to have played tennis on the property''s five-acre grounds when she was a child.

Film and television companies have also used the mansion as a backdrop, with BBC talent show Fame Academy previously based there.