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Billionaire James Dyson just sold his Singapore penthouse at a massive loss a year after his company scrapped plans to design an electric vehicle in the city

  • Dyson founder James Dyson just sold Singapore’s most expensive penthouse at a loss.
  • He purchased the home in 2019 for $54.2 million after announcing Dyson was moving its headquarters to Singapore.
  • Since then, Dyson cancelled its hyped electric car project because it was not commercially viable.
  • Visit Business Insider’s homepage for more stories.

James Dyson, billionaire inventor of the Dyson vacuum, just sold the largest and most expensive penthouse in Singapore. He’s selling the massive penthouse to Indonesian billionaire Leo Koguan for a reported $47 million. Despite the huge price tag, the sale represents a $7 million loss for Dyson, who bought the penthouse in 2019 for $54 million.

The 21,000 square foot residence takes up the top three floors of Guoco Tower, the tallest building in the city, designed by Skidmore, Owings & Merrill.

Read more: Mercedes’ all-electric future starts next year, featuring ultra-luxury Maybachs and EV performance cars

Dyson is best known for its vacuum cleaners, but last year the company moved to a new Singapore headquarters, which was supposed to be the site of a new electric car project because it was closer to suppliers and Asian markets where it would eventually be sold. It was planned to debut in 2021. 

In October 2019, Dyson announced that the elctric car project was officially dead. Dyson said that though engineers had developed a “fantastic” car, it was “not commercially viable” and the company could not find a buyer. Now, almost exactly a year later Dyson is losing out on millions in the sale of his penthouse.

Take a look at the building.

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