updated 4/16/2011 11:40:56 PM ET 2011-04-17T03:40:56

Talk about pricey real estate: A London apartment has been sold for 135.4 milliion pounds, The Telegraph reported Saturday, citing Land Registry documents. That's about $221 million.

The newspaper said the buyer of the UK's most expensive flat — “Flat a” at the One Hyde Park development — had previously purchased the penthouse in cash in 2007.

The kicker — the new owner bought the apartment with bare walls and no amenities and is thought to be spending up to 60 million pounds to finish it.

The Telegraph said the buyer is a Ukrainian who used an offshore company called Water Property Holdings to buy the flat, which covers the top three floors in the complex, which is next to Knightsbridge.

The complex is the most expensive residential development with almost 1 billion pounds in sales of 45 apartments, the paper said. It added that almost all the apartments have been bought through offshore trusts.

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