Shipping magnate John Fredriksen is officially cutting ties with the UK, listing his palatial Chelsea estate, The Old Rectory, for a reported $337m. The 81-year-old billionaire—formerly the UK’s tenth-richest person—has opted for a new base in the United Arab Emirates, citing frustration over recent British tax reforms. Fredriksen bought his west London house in 2001 for $50m, and turned down a $135m offer from Roman Abramovich for it in 2004.
Fredriksen, who is a Cypriot citizen, closed his London office, Seatankers Management, late last year and is exiting the country following the government’s decision to end the non-domicile tax status.
In characteristically blunt fashion, he told Norwegian outlet E24 earlier this year that “Britain has gone to hell,” adding, “the entire Western world is on its way down.”
The move aligns with a broader exodus of ultra-wealthy individuals from the UK, with Fredriksen’s exit spotlighting growing discontent among high-net-worth individuals over shifting fiscal policies.
The Old Rectory in Chelsea is one of London’s most opulent and storied private residences. Nestled in Old Church Street, this Georgian mansion spans 30,000 sq ft, making it the third-largest private home in the capital after Buckingham Palace and Witanhurst. Built in the early 18th century, the house was originally designed as a clergy residence, giving rise to its name.
