Brain Teaser: The cottage

From The Sunday Times, 23rd December 1956 [link]

A man sold his country cottage, receiving the proceeds in £5 notes, and decided to divide the money among his four sons. He first changed the money Into £1 notes. “To you, Arthur”, he said, “I will give one-quarter. You, Bernard, will take one-quarter of the remainder. Charles can have one-quarter of what is left, and David one-fourth of the rest. You will then each take one-quarter of the remainder”.

It was found that before each successive sum could be divided exactly by four, it was necessary to remove one pound note, which the father put in his pocket £5 in all.

How much did the cottage realise?

This is one of the occasional Holiday Brain Teasers published in The Sunday Times prior to the start of numbered Teasers in 1961.

[teaser-1956-12-23] [teaser-unnumbered]