Cornwall end of terrace pays more council tax than London trophy mansion

It is a tale of two identical addresses – one representing Britain's biggest property deal and the other a cosy cottage by the sea.

Number One Cornwall Terrace, a vast trophy mansion overlooking swish Regent's Park in London, has just been sold for a staggering £80 million.

Its namesake is a delightful, two-storey end of terrace in Penzance town centre, whose owners loved it so much they moved from just a few doors away.

Bizarrely enough, despite the massive difference in price tags, Margaret and David Edge, who own the Penzance house, actually pay more in council tax.

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Mrs Edge said their home may not have a sports complex and high-end spec boasted by their London counterpart, but she knows where she would rather live.

"It would be nice to have a little nose around the other house, just to see," she said.

"But I would much rather live here."

The London address is a former squat which used to be the home of the New Zealand High Commissioner.

After a major renovation project, the magnificent house, described as "one of the foremost private residences in London" was sold to a property mogul who succeeded in knocking £20 million off the initial asking price in one of the biggest ever property deals in Britain.

Spread over 21,500sqft, it boasts seven bedrooms, 11 bathrooms, nine reception rooms and a catering kitchen.

Then, there's a gym, a sports complex and the millionaire's must-have, a swimming pool.

Lighting is computer controlled, as is vehicle access via a number plate recognition system. The top-end decor is a mixture of no-expense spared classic and contemporary features.

Outside, its new owner will be able to contemplate his purchase during strolls through his 40-metre private garden, accessed by a grand double staircase which connects the terrace and landscaped area.

Then, there is the address on the Outer Circle Road around Regent's Park, one of the capital's swankiest sanctuaries.

For the price, which will cost the new owner £12 million alone in stamp duty, the new owner of One Cornwall Terrace could have bought 250 of the 1 Cornwall Terrace owned by Mr and Mrs Edge.

But the fittings and luxurious features don't cut much ice with Mrs Edge. They bought their 1 Cornwall Terrace 18 years ago for £48,000 – moving from just a few doors away to be able to take advantage of the garden, an unusually large one in Penzance town centre terms.

Its rooms are lovingly, comfortably fitted out and though the London address may have Regent's Park on the doorstep, the Penzance property has plenty to boast about in its location, sandwiched between two renowned sub-tropical gardens and within a stone's throw of the promenade.

"It's a lovely place to live," said Mrs Edge, 64.

"We are between Morrab Gardens and Penlee Garden and we certainly don't need a swimming pool because the sea is just a few minutes walk away, and there's also the Jubilee Pool."

One thing does rankle slightly – the owner of One Cornwall Terrace in London will pay an annual council tax bill of just £1,369 – about £400 less than Mr and Mrs Edge.

"That hardly seems fair," said Mrs Edge.