The billionaire Reuben brothers have acquired the Piccadilly Estate, once home to the In and Out Club, in London's Mayfair, out of receivership for £130m in cash. The 1.3-acre site, which is made up of six properties and was once home to the Prime Minister Lord Palmerston, was put up for sale by receivers last year, with a reported asking price of £150m. Property investor Simon Halabi had previously planned to turn the estate into a six-star hotel and private members’ club. Before Lloyds Banking Group placed it into receivership. It is thought that the Reubens could convert the estate into a “super prime residential property”.