Former Google Boss Eric Schmidt Joins List Of U.S. Billionaires Buying In The U.K. As He Spends $55 Million On A London Mansion
From Yahoo Finance: 2025-04-20 09:17:00
Former Google CEO Eric Schmidt purchased a London mansion in Holland Park for over $55 million. Schmidt plans to rent out the property. Oracle Chair Larry Ellison also bought a London townhouse for $202 million, used for office purposes. American billionaires are increasingly investing in London real estate.
London saw another high-priced purchase, with fashion billionaire Tom Ford buying a Chelsea mansion for $104 million. Former NYC Mayor Michael Bloomberg owns property in London, including a $25 million mansion in Chelsea. Americans are now the largest group of foreign buyers in London.
US citizens pay US taxes on worldwide earnings, while UK citizens only pay taxes on UK earnings. This tax difference, along with upcoming changes to US tax rules, has accelerated American interest in British real estate. Over 6,100 Americans applied for UK citizenship, the highest number since 2004, according to The Guardian.