Eric Schmidt has become the latest wealthy American to invest in London’s luxury real estate market after purchasing a £42 million mansion in Holland Park.
The former Google chief executive and chairman, 69, bought the double-fronted, Victoria-era house in ultra-chic Kensington, west London last May.
Designed by William and Frances Radford in 1862, the Grade II-listed building features a garden, four-car garage and three attached mews homes.
The property, 18 Holland Park, was last purchased in 2022 by Dunelm founder Bill Adderley for £36.2 million, official records at the Land Registry show.
An earlier listing for the property stated: “This luxurious and meticulously designed development is the epitome of elegance, offering residents a harmonious blend of classic architecture, modern sophistication and a lifestyle characterised by opulence and convenience.”
According to Bloomberg’s Billionaires Index, Mr Schmidt is the world's 54th wealthiest person with an estimated net worth of $28.7 billion (£22.4 billion).
Mr Schmidt, who with his wife Wendy owns a string of properties in cities such as Miami, Los Angeles, and New York, plans to rent out the 14,777 sq ft Holland Park building.
Confirming the deal, a spokesman for Schmidt told the Financial Times: “Eric invests in high-end real estate properties around the world.”
Holland Park, known as "Millionaire's Row”, is a highly prestigious London neighbourhood where notable residents include the Beckhams and Sir Elton John.
Mr Schmidt’s acquisition follows purchases in the capital from other high-profile American buyers, such as fashion designer Tom Ford and Chelsea co-owner Behdad Eghbali.
Last year, estate agency Knight Frank found Americans overtook Chinese buyers in the capital, accounting for 9.3 per cent of overseas buyers, compared with 5.6 per cent in 2019.
The number of Americans applying for British citizenship also hit a record high last year, following Donald Trump’s sucessful bid for the presidency.
More than 6,100 US citizens applied for UK citizenship in 2024, marking a 26 per cent increase from 2023, and the highest number since records began in 2004.
Despite this, London is increasingly becoming an unattractive city for the super-wealthy as new research suggests.
A report for migration consultancy Henley & Partners by intelligence firm New World Wealth found the capital has suffered a bigger exodus of the super-wealthy than any city in the world except for Moscow.
London, which now has 215,700 millionaires, has lost 30,000 dollar millionaires in a decade, with 11,300 leaving in the last 12 months alone.
The decline has been attributed to tax rises under the Conservative and Labour governments, economic uncertainty following Brexit and the fall in the value of the pound.
