Norwegian shipping tycoon John Fredriksen is reportedly selling his £250 million Chelsea mansion after closing his London business headquarters and declaring that Britain has “gone to hell” in a scathing attack on the country’s economic prospects.
The 81-year-old billionaire, whose wealth is estimated at £13.7 billion according to this year’s Sunday Times Rich List, moved his Seatankers Management business out of its Sloane Square headquarters last month. Now his Grade II-listed Georgian manor in west London is understood to be hitting the market through discreet private viewings.
The Old Rectory, nestled on Chelsea’s oldest street, boasts a private ballroom and nearly two acres of gardens – one of central London’s largest private outdoor spaces after Buckingham Palace. The 300-year-old property, which features up to 10 bedrooms across 30,000 square feet, has been home to Fredriksen since 2001.
Local residents report that more than a dozen domestic staff have been let go from the mansion, whilst property experts believe the prestigious home will be sold through an “off-market” private deal rather than appearing on traditional listing sites. A spokesman for Fredriksen declined to comment on the sale or staff departures, The Times reported.
Scathing Criticism of Britain
At a shipping event in Oslo in June, the Norwegian-born tycoon delivered damning criticism of Britain’s trajectory. “Britain has gone to hell, like Norway,” he told Norwegian publication E24, adding: “The entire Western world is on its way down.”
The oil tanker magnate, who spends most of his time running his empire from the United Arab Emirates, continued: “Britain is starting to remind me more and more of Norway. People should get up and work even more, and go to the office instead of having a home office.
His departure represents the latest high-profile exit following Labour’s controversial abolition of the non-dom tax regime, which came into effect on 6 April 2025. The centuries-old system had allowed wealthy foreign-born British residents to shield overseas assets and income from UK tax.
Fredriksen purchased the riverside mansion from Greek shipping magnate Theodore Angelopoulos in 2001 for £37 million. The property’s value has soared over the decades, with the tycoon famously turning down a £100 million offer from former Chelsea FC owner Roman Abramovich in 2004.
Historic Property With Royal Connections
The Old Rectory’s history stretches back to 1725, having once served as home to the rector of Chelsea parish church. Former residents include George Valerian Wellesley, brother of the Duke of Wellington, who served as rector from 1805 to 1832. According to historical accounts, the Battle of Waterloo was allegedly planned in the property’s gardens in 1815.
The mansion underwent major renovations between 1990 and 1994, with the addition of two wings expanding the accommodation to its current 30,000 square feet. The property features ten bedroom suites, a vast ballroom, swimming pool and tennis court, alongside its famous gardens.
In 2015, Tatler included The Old Rectory in their list of “The best private ballrooms,” cementing its status as one of London’s most prestigious private residences. The secluded two-acre gardens remain among the largest of any private home in the capital.
Billionaire Exodus Accelerates
Fredriksen’s departure comes as Britain faces its sharpest decline in billionaires on record. The Sunday Times Rich List 2025 revealed that the number of UK billionaires dropped from 165 to 156 – the steepest fall in the list’s 37-year history.
“Our billionaire count is down and the combined wealth of those who feature in our research is falling,” said Robert Watts, compiler of the Rich List. “We are also finding fewer of the world’s super rich are coming to live in the UK.”
Research by New World Wealth suggests the UK has lost 18 dollar billionaires over the past two years – more than any other country globally. Advisers Henley & Partners forecast that Britain will lose 16,500 high-net-worth individuals this year alone.
The abolition of non-dom status has been particularly controversial. Under the previous system, qualifying individuals could claim the “remittance basis” of taxation, effectively exempting foreign income and gains from UK tax unless brought into the country. The regime also offered protection from inheritance tax on non-UK assets.
New Tax Regime Takes Effect
The Labour government’s new residence-based regime, which replaced the 200-year-old non-dom system, allows new arrivals to elect not to pay UK tax on foreign income and gains for their first four years of residence. However, those who have been UK tax resident for any of the 10 consecutive years prior to arrival are ineligible.
Chancellor Rachel Reeves tightened the policy further in her first Budget, though later softened some aspects in an attempt to prevent capital flight. The changes are expected to raise £12.7 billion over five years but have sparked warnings from business leaders about Britain’s competitiveness.
John Waters, director of independent buying agency Robert Bailey Property, told The Times that many of the UK’s wealthiest homeowners who have left the country have chosen to rent overseas rather than sell their properties “in the hope that the UK tax system will in the future become less unfavourable.
He added: “They feel they have little choice due to the end of non-dom status and the prospect of all their global assets being subject to UK inheritance tax.”
From Welder’s Son to Shipping Magnate
Fredriksen, the son of an Oslo welder, first entered oil trading in the 1960s in Beirut before buying his first tankers in the 1970s. He made his fortune during the Iran-Iraq War in the 1980s, when his tankers transported oil at great risk and huge profits. His biographer described him as “the lifeline to the Ayatollah.”
The tycoon left Norway in 1978 and has since built the world’s largest tanker empire, with more than 70 oil tankers and major interests in oil rigs and fish farming. He owns properties in Oslo, Cyprus and Marbella, alongside his London mansion.
Another Norwegian shipping billionaire, Peter T. Smedvig, 78, reportedly moved to Stavanger in March after living in London since 1991, according to Norwegian newspaper VG. Steel tycoon Lakshmi Mittal is also among the wealthy Londoners who have reportedly decided to quit the capital.
Since April, employers have faced higher National Insurance contributions for staff, whilst the Autumn Budget included changes to capital gains tax and inheritance tax that have drawn criticism from business leaders.
As Britain’s ultra-wealthy continue their exodus, questions mount about the long-term impact on London’s status as a global financial centre and the broader economic consequences of policies designed to increase tax revenues from the country’s richest residents.
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