Ex-Google boss Eric Schmidt buys £42m London mansion
Former Google chief Eric Schmidt has bought a London mansion for £42m in the latest sign that wealthy American buyers are becoming major players in the capital’s property market.
According to FT, Schmidt bought the double-fronted, Victoria-era Holland Park mansion last May and plans to rent it out.
The deal follows purchases from many other high-profile American buyers, such as Tom Ford, Chelsea Football Club co-owner Behdad Eghbali.
Schmidt’s purchase is at the top end of even the super-prime market, which covers property worth £10m or more.
A strong dollar, making houses in the capital comparatively cheaper, and the world-famous calibre of schools in and near the capital have made London an attractive destination for American immigrants for years.
In 2022, North Americans invested more than Europeans in British property, at £40bn compared to £30.5bn, which is 31 per cent above the five-year average for US citizens, according to real estate firm Savills.
But last November’s election of Donald Trump to the White House added fuel to the fire, despite UK plans to increase VAT on private schools and abolish the non-dom regime.
Estate agents reported a “notable uptick” in demand from Americans last Autumn, which has continued into 2025.
Americans formed the biggest buyer group of the now-completed luxury development at 60 Curzon Street, according to estate agents Wetherell.
Estate agents consider the super-prime market to be particularly cheap at the moment, with the average property in prime central London 21.2 per cent lower than its peak in June 2014, according to Savills.
But demand for renting super-prime properties is high, with overseas clients increasingly looking for flexible, high-quality and short-term place to live.