Shipping tycoon puts $337 million London mansion up for sale after relocating to UAE

THE ninth richest billionaire in the UK and shipping tycoon, John Fredriksen, is planning to sell his luxurious house in London after stating that the country has “gone to hell". Fredriksen is selling his 300-year-old Georgian mansion after moving to the United Arab Emirates.

His property is one of the most expensive houses in Britain, worth nearly $337 million (£250 million), according to a report by The Times.

The private residence, called The Old Rectory, is situated in Chelsea, an affluent neighbourhood in West London and one of the city’s most sought-after areas. It comprises 10 bedrooms spread across 30,000 sq ft, two acres of gardens, and a ballroom. Fredriksen, born in Norway, has owned The Old Rectory since 2001.

The Old Rectory ranks as the third-largest private residence in the UK, following Buckingham Palace and Witanhurst, the report said.

The 81-year-old had recently called out the economic policies of the UK and relocated major business operations to the UAE. He criticised Chancellor Rachel Reeves for removing the non-dom regime, which enabled wealthy individuals living abroad for tax purposes to pay UK tax only on income generated within the UK.

“Britain has gone to hell,” Fredriksen told E24. "It’s starting to remind me more and more of Norway. Britain has gone to hell, like Norway. I try to avoid Norway as much as I can," he added.

The shipping tycoon has fired over a dozen employees, according to The Times report.

He has been organising private viewings of his manor. The report mentioned that finding the 300-year-old Georgian manor listed for sale online is unlikely. Usually, sales of this size are handled through confidential “off-market” agreements through specialised agents.

The 81-year-old is one of several wealthy London residents who left the UK after the non-dom tax regime ended.