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Eric Schmidt has bought a Holland Park mansion for almost £42mn, the latest high-profile property deal by an American buyer in London.
The former Google chief bought 18 Holland Park, a double-fronted, stuccoed residence, last May, according to UK property records and people familiar with the matter.
One of the people said he plans to rent out the London property.
A spokesperson for Schmidt confirmed the deal and said: “Eric invests in high-end real estate properties around the world.”
Even before last year’s US presidential election agents reported that American buyers were an increasing force at the top end in London — taking advantage of a relatively soft market and strong dollar.
Americans surpassed Chinese nationals as the largest cohort of overseas buyers in prime central London in the last quarter of 2024, according to agency Knight Frank.
Fashion designer Tom Ford and Chelsea Football Club co-owner Behdad Eghbali both made trophy purchases in London last year.
The Italianate mansions of Holland Park lie between Notting Hill and Kensington with the streets around the eponymous park among the most expensive in the city.
The house was bought in 2022 by William “Bill” Adderley, founder of home furnishings group Dunelm, for £36mn, according to Land Registry records. Adderley could not be immediately reached for comment.
The family office for Adderley’s son Will confirmed the property had belonged to Bill but declined to comment further.
The Grade II-listed, mid-Victorian villa comes with mews houses at the back, property records show.
Since standing down as executive chair of Alphabet, the Google parent company, in 2018, Schmidt has become a tech investor and philanthropist.
London’s market for super-prime rentals, often costing tens of thousands of pounds per week, has grown as clients seek places to live with greater flexibility and fewer headaches from maintenance and renovations.
The top end of the London sales market has faced headwinds from increased transaction taxes for overseas buyers and changes to the non-dom tax regime, which can be used to shield overseas income and gains from British tax.
Agents say US clients tend to be less sensitive to the changes in UK tax rules since they are generally already subject to worldwide US taxation. A tax treaty between London and Washington generally allows Americans to claim back British taxes that duplicate US levies.
