£1m House With Ferrari Thrown In

The offer of a free Ferrari to the buyer of a 1m house has failed to draw any interested bidders.

Not even a Ferrari F430 like this could draw in the crowds

Property developer Duncan Jones, 28, put his house on the market in Bristol and offered to throw in the Ferrari F430 - worth £100,000 - as an added extra.

But his offer was not enough to entice a purchaser for six-bedroom property Tall Pines, even though the house's asking price has already been dropped by £300,000.

Some buyers had wanted to take up the offer for the three-storey mock-Georgian house, Mr Jones revealed.

But they had been unable to get mortgages without putting up large deposits because of the tightening credit market.

"We had three people interested in buying but they had to drop out because they couldn't get the finance," he said.

"Instead of asking people for a £100,000 or £150,000 deposit, the mortgage lenders were asking for £300,000 or £400,000."

Now the property developer says he is going to turn the house into offices and has put in a planning application to Bristol City council.

He says the unoccupied mansion is costing his business thousands of pounds each week and an eight-week wait for a decision from planners has forced him to make nine of his staff redundant.

Mr Jones had also planned to move his 15 staff from his local offices - which he would then rent out - to Tall Pines.

"I can't afford to have a million-pound house sitting there doing nothing," he said.