Viscount Chelsea has revealed the 300-year-old Cadogan estate in London's West End lost £795.2million during the coronavirus pandemic.
Edward Charles Cadogan, 55, said the UK had been hit by the 'worst fall in GDP in history' with 'London particularly affected' by lockdowns.
His property empire's value plunged by 14 per cent to £4.8billion and it was forced to pay out more than £20million to struggling tenants amidst Covid-19.
Cadogan Estates owns and manages upmarket shops, apartments and offices across 93 acres of Chelsea and Knightsbridge in west London.
Despite the hit, Viscount Chelsea claimed to 'have reasons to look forward positively in 2021, albeit cautiously'.
The Viscount's optimism comes despite other property experts warning prices could plunge in the next few years.
Edmond Ibrahimi, Director of Propertalis, told MailOnline: 'We tend to be very positive but unless something changes I don’t see an increase in sales. It will stay like this or prices will decrease in the next two or three years.'
Charles Cadogan, 8th Earl Cadogan attends the wedding of Petra Palumbo and Simon Fraser, Lord Lovat at St Stephen Walbrook church on May 14, 2016. His son Edward Charles Cadogan, 55, said the UK had been hit by the 'worst fall in GDP in history'
Rental income fell by 4.8 per cent and the total rent roll fell by 1.9 per cent from £171million to £167.8million as businesses folded. Pictured, residential areas of Kensington and Chelsea
Viscount Chelsea revealed a £20million Business Community Fund had been set up to help the businesses renting shops from the estate.
He said the family business was 'in the enviable position of being long-term', 'with capital strength and high-quality assets'.
Despite this, the chairman had the admit coronavirus has hit the business 'considerably'.
Rental income fell by 4.8 per cent and the total rent roll fell by 1.9 per cent from £171million to £167.8million as businesses folded.
Hugh Seaborn, Cadogan chief executive, said the business responded to failed businesses by filling empty units with pop-up shops 'to maintain the vibrancy of the area'.
He added: 'We have virtually no vacant property in the commercial portfolio.'
Total income fell to £161.1million across the estates residential and commercial properties, and its value plunged by 14 per cent.
Viscount Chelsea revealed a £20million Business Community Fund had been set up to help the businesses renting shops from the estate. Pictured, The Oriel brasserie in Sloane Square
The £795.2million loss in value was caused mostly by retail, down 24.6 per cent, but also residential, which was down 5.7 per cent. The estate owned more than £1.5billion in housing stock in Chelsea, which it rents out.
