The asking price for Britain's most expensive home has been cut by £35m after it failed to find a buyer for two years. Heath Hall, a 14-bedroom North London mansion, is no bargain - it would still set you back £65m. The luxurious house, thought to be the most valuable currently on the market, is only suitable for 'kings or princes', according to the estate agent selling the property. Heath Hall is located on The Bishops Avenue, a street in Hampstead known as 'Billionaires' Row' because of its super-wealthy residents. It was built in 1910 for sugar magnate William Park Lyle, but had fallen into disrepair by the time property tycoon Andreas Panayiotou bought it in 2006. After he restored its lavish interior, the new owner put the house back on the market in 2011 with a sky-high asking price of £100m. It may be hard for most of us to imagine how a house could be worth £65million, but Heath Hall combines giant scale with the most opulent luxury. The mansion has 14 bedrooms, each with its own bathroom, while the master bedroom has a steel-lined panic room attached in case the super-rich owner is targeted by burglars or kidnappers. Its six reception rooms are decorated in Italian marble and seven different types of wood, while the hall and library are lined with oak. When it comes to relaxation, Heath Hall boasts a 'leisure complex' featuring a swimming pool, gymnasium, sauna, steam room and jacuzzi. For the sporty-minded resident, the house has a snooker room and outdoor tennis courts. And the more sedentary variety of billionaire would doubtless appreciate the private cinema and climate-controlled cellar with space for more than 600 bottles of vintage wine. Although the home was built in 1910, it features some distinctively modern touches - instead of light switches rooms are equipped with touchscreens, and it is possible to control the building's electrical systems using an iPad. The grounds of Heath Hall occupy 2.5 acres, which apparently makes the garden one of the largest in North London. The £35m reduction in price which was recently announced by estate agent Knight Frank is enough to buy 215 houses at the British average of £162,000. 'The £65m price is more realistic,' said Grant Alexson, head of Knight Frank's Hampstead office. 'It is not a bargain, but there is no house like it. 'It is beyond ambassadorial, it is the sort of home which is perfect for kings or princes. 'It has a terrific plot and is one of the largest houses in the area. It has the largest front of any home on The Bishops Avenue and this is important.' The street where Heath Hall is located has developed a reputation for unique luxury, with residents including the Saudi royal family and the Sultan of Brunei. However, the house itself was taken over by the Bank of China in the 1950s and used to house its workers in dormitory-like conditions. When Mr Panayiotou bought Heath Hall seven years ago, he committed to restoring its former glory and making sure it became one of the capital's finest homes. He employed 120 workmen for the restoration, which added 8,000 square feet to the house's original 19,000. The home is set in 2.5 acres of manicured lawns, with 14 bedroom suites, six reception rooms, a library, cinema, steam room and wine cellar. The bathrooms were built from 12 different types of Italian marble and seven varieties of wood. In addition, the house is equipped with hand-carved marble basins which were made in Italy before being shipped to London. Another house which started off at £100m before being discounted is One Cornwall Terrace, a mansion opposite Regent's Park which was sold to trader Marcus Cooper for £80million earlier this month.