Tech Billionaire Expands Global Property Portfolio with Prime West London Acquisition
Eric Schmidt, the former chief executive of Google, has made headlines once again, this time for acquiring a prestigious mansion in London’s affluent Holland Park for close to £42 million. This transaction adds to the string of high-value purchases shaping London’s ultra-prime property market.
The purchase, which took place in May last year, was revealed by the Financial Times and marks another significant investment by Schmidt in global luxury real estate.
The opulent double-fronted stuccoed residence is a Grade II-listed property and includes adjoining mews houses at the rear. It was previously purchased in 2022 for £36.2 million, according to records held by the Land Registry.
A Growing Trend of American Investment in London
This acquisition is part of a broader trend that has seen wealthy American buyers increasingly drawn to London’s high-end property market. Schmidt is reportedly planning to let out the property, as per the FT‘s reporting.
A recent analysis by Knight Frank revealed that Americans have now overtaken Chinese investors in terms of overseas property purchases in London. In 2023, American buyers accounted for 9.3% of international transactions in the capital, a notable rise from 5.6% in 2019.
In addition to property investments, a rising number of US citizens are seeking UK citizenship. Following political developments such as Donald Trump’s renewed presidential campaign and the UK’s decision to end non-dom tax status, more than 6,100 Americans applied for UK citizenship last year — a 26% increase on 2023, and the highest number since official data collection began in 2004.
A spokesperson for Schmidt confirmed his continued interest in international luxury real estate, stating: “Eric invests in high-end real estate properties around the world.”
Luxury Market Holds Strong Despite Broader Slowdown
While a few landmark deals, such as the recent £139 million sale of a 40-bedroom mansion in Regent’s Park, have made waves, the overall volume of transactions in the luxury segment has dipped slightly.
In 2024, only 443 homes in London sold for over £5 million — a 16% decrease from 525 in 2023, according to figures from estate agency Savills.
However, this still marks a significant increase compared to pre-pandemic levels, with just 308 such sales recorded in 2019.
Despite this cooling in activity, London remains the most expensive city in the UK for homebuyers. According to Nationwide Building Society, average property prices in the capital reached £529,369 in February.
Nevertheless, London also recorded the lowest annual price growth across the UK at just 1.9%. In contrast, Northern Ireland led with a 13.5% rise, followed by Scotland and Wales, both at around 3.9% and 3.6% respectively.
As global investors continue to view London as a safe and desirable destination for high-value property acquisitions, deals like Schmidt’s are likely to keep the capital at the centre of attention in the luxury housing market.
