Former Google executive joins wave of wealthy American buyers in UK capital
Eric Schmidt, the former chief executive of Google, has purchased a grand London residence for nearly £42 million, marking one of the most notable property acquisitions by a U.S. buyer in the city.
According to UK property records and sources familiar with the matter, Schmidt acquired 18 Holland Park — a double-fronted, stuccoed mansion — in May last year. One person close to the deal indicated that the tech billionaire intends to rent out the property.
A spokesperson for Schmidt confirmed the transaction, adding: “Eric invests in high-end real estate properties around the world.”
American buyers have become a growing force in London’s luxury property market, buoyed by a strong dollar and relatively favorable pricing. Even before the 2024 U.S. presidential election, estate agents were seeing a surge in interest from U.S. investors at the top end of the market.
In the final quarter of 2024, Americans overtook Chinese nationals as the largest group of overseas buyers in prime central London, according to property consultancy Knight Frank.
Schmidt joins a list of prominent U.S. figures making trophy property purchases in the capital. Fashion designer Tom Ford and Behdad Eghbali, co-owner of Chelsea Football Club, also secured high-end homes in London last year.
Holland Park, nestled between Notting Hill and Kensington, is known for its Italianate villas and leafy, prestigious streets — some of the most expensive addresses in the city.
The mansion in question was previously owned by William “Bill” Adderley, founder of home furnishings retailer Dunelm, who bought it for £36 million in 2022, according to Land Registry data. A representative for Adderley’s son, Will, confirmed the family previously owned the property but declined to comment further.
The Grade II-listed Victorian home includes additional mews houses to the rear, according to public records.
Since stepping down as executive chairman of Google’s parent company Alphabet in 2018, Schmidt has turned his focus to investing and philanthropy.
Demand for super-prime rental properties in London — often commanding tens of thousands of pounds per week — has risen, driven by affluent tenants seeking flexibility and avoiding the hassle of renovations or upkeep.
Although higher transaction taxes and changes to the UK’s non-dom tax regime have weighed on the top end of the sales market, agents say American buyers are often less deterred. U.S. citizens are subject to worldwide taxation, and a bilateral tax treaty allows them to offset many UK tax liabilities against their U.S. tax obligations.