Poundland founder Steve Smith has slashed the price tag on his parents stunning Grade-1 listed Jacobean mansion Ludstone Hall by almost half in a bid to get a quick sale.
The property in Claverley, Wolverhampton – which was owned by Steve’s parents Keith and Maureen before they passed away within months of each other in the summer of 2022 – originally went on the market for an eye-watering £10.425 million price tag in January 2024.
But almost three years on from his parents’ deaths, the property – which boasts nine bedrooms, seven bathrooms, a coach house and a museum dedicated to the high-street discount chain which the family founded – has failed to sell.
The mansion also has its own indoor swimming pool, an ‘extensive’ cellar, chapel, moat and lake.
At Christmas the property was reduced to £4.750 million where it is currently listed on Rightmove.
Mr Smith, 61, admitted: ‘We still haven’t sold the house and are still paying the tax man a big interest rate on the inheritance tax due on my parents estate.
‘Someone is meant to be coming over from America in two weeks time to look at it.
‘Originally with all the land included it was on the market for over £10 million so we have reduced the price by almost half so it makes the property more affordable.
Poundland co-founder Steve Smith (pictured) at the moated manor home which his parents bought in 1997
The mansion also has its own indoor swimming pool, an ‘extensive’ cellar, chapel, moat and lake
A bridge across the moat which surrounds the stunning property in Claverley, set in nine acres of land
‘We have carved off some of the land as a separate lot which is worth about £2.5 million.
‘If we don’t sell the house in the next few weeks I’m going to open Ludstone Hall up for weddings and functions. It would be a fantastic venue.
‘Now it is on the market for £4.750 million for the house and nine acres of land.
‘We reduced it at Christmas but it is a very difficult time to sell because it is a unique property.
‘The house already costs us £15,000 a month to keep it maintained with gardeners, cleaners, running repairs etc.
‘It will be a wrench to sell though because it holds so many family memories of mum and dad, but we simply can’t afford to keep it because of the tax situation and the running cost involved.’
Steve Smith launched Poundland together with his father Keith in 1990, growing the enterprise to over 70 stores before selling it for £50million in 2002.
Mr Smith, who grew up in nearby Willenhall, bought Ludstone Hall in 1997 with his Poundland profits upon returning to the UK. He died in 2022, aged 79, after a short battle with cancer and his wife Maureen passed away a few months later.
A luxurious main double-bedroom at the home which features a four-poster bed and fireplace
One of the dining rooms in Ludstone Hall which was previously owned by co-founder of Poundland Keith Smith
A luxurious spa area within the mansion features a jacuzzi, pool and changing rooms
At Christmas the property was reduced to £4.750 million where it is currently listed on Rightmove
One of the living rooms in the property which boasts period features, nine bedrooms and seven bathrooms
The late Mr Smith and his wife Maureen spent £7million on a major refurb of the nine bedroom Jacobean mansion
There is a two-bedroom gate lodge on the grounds and a number of outbuildings, including a coach house
Poundland’s co-founders and father and son Steve (left) and Keith Smith pictured together
Ludstone Hall dates back to Medieval times but the current property was built in 1607 for the Whitmore family. The estate stayed in the family until 1867 and has only had a handful of owners since.
It is now a cornerstone of modern luxury, with a leisure complex at the rear including the swimming pool with retractable floor, a handmade oak bar, separate dining area and a hot tub under a raised platform.
There is a two-bedroom gate lodge on the grounds and a number of outbuildings, including a coach house that the Smiths converted to create a museum to the history of both the estate and Poundland.
The formal gardens include box hedging, lawns, squash court, the moat, raised terraces, a lake and an orchard.
After leaving school, Keith Smith worked as an apprentice draughtsman before running a market stall and the Hooty’s cash & carry in Willenhall, Walsall.
The hall even boasts its very own Poundland museum dedicated to the discount retail store
The home has belonged to the Smith family for years but is now on the market for half the asking price
The main house has over 8,000 sq ft of accommodation including four reception rooms, nine bedrooms, seven bathrooms and extensive cellars
Ludstone Hall dates back to Medieval times but the current property was built in 1607 for the Whitmore family
When his son Steve turned 18 and wanted to launch a business of his own, his father gave him the idea of starting up a shop where everything was £1.
With a £50,000 loan from Keith, the pair co-founded Poundland, with the first shop opening in Burton upon Trent, in Staffordshire.
Their success has seen them own a variety of luxury properties, with Steve selling a previous home in Staffordshire in 2022.
He finally managed to sell is luxury 13-bedroom mansion for £4 million, some eight years after putting it on the market.
Smith revealed in 2018 he had interest from ‘three serious buyers’, including one from Russia, but struggled to attract firm bids.
Indeed, he reduced the asking price on two occasions to spark interest, initially shaving off £750,000 before dropping down a further £1.8m.
