
Billionaire to list £250m Chelsea manor as ‘UK's gone to hell'
They'll just need to have at least £250 million to spare to buy one of the capital's most intriguing and desirable residences.
Rather than merely shutter the Old Rectory, the 300-year-old Georgian manor, or hand it to one of his two daughters, Fredriksen, 81, is eyeing a sale. Local residents say the mogul has already let go of more than a dozen domestic staff and arranged for discreet viewings.
A listing on RightMove is unlikely. Homes of this grandeur are usually sold in confidential 'off-market' deals, which are brokered by a select band of specialist agents.
Tucked away on the oldest street in Chelsea, southwest London, the Old Rectory boasts its own ballroom and a garden of nearly two acres, one of the biggest belonging to a private house in central London.
The Duke of Wellington is said to have drawn up his plans for the Battle of Waterloo on the Old Rectory's lawns because his brother, Gerald Valerian Wellesley, a rector, lived in the property for 27 years. Charles Kingsley, the Victorian writer who wrote The Water-Babies, is another former resident.
Secluded behind high brick walls, the property is barely visible from the street, offering the secrecy the very wealthy often crave. A renovation during the 1990s added two wings, leaving the property with ten suites and about 30,000 square feet of living space.
A spokesman for Fredriksen declined to comment on whether the Old Rectory was for sale or how many domestic staff had been let go earlier this year.
John Waters, a director of the independent buying agency Robert Bailey Property, said: 'Many of the wealthy owners we have seen leave the UK recently have not in fact chosen to sell their London homes — instead deciding to rent overseas in the hope that the UK tax system will in the future become less unfavourable.
'Often they are very sad to be leaving, but 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.'
• Why the super-rich are leaving Britain
For centuries, the non-dom regime allowed wealthy people, who were domiciled overseas for tax purposes, to only pay UK tax on income earned here, until it was scrapped by the chancellor in April.
Fredriksen bought the Old Rectory from the Greek businessman, Theodore Angelopoulos, for £37 million in 2001, making his debut on The Sunday Times Rich List two years later with an estimated wealth of £475 million. He appeared at No 9 in this year's Rich List with wealth estimated at £13.7 billion.
• The Sunday Times Rich List 2025
Born in Norway to a welder and his wife, Fredriksen started his oil trading career in his twenties. In the 1970s he began assembling a vast tanker fleet, profiting handsomely by transporting oil at high risk amid the Iran-Iraq war during the 1980s.
As well as shipping, his financial interests include oil drilling, salmon farming and commercial property. Fredriksen's wife, Inger, died in 2006 from cancer. The couple's twin daughters, Cecilie and Kathrine, 41, have spent much of their lives in London. The Old Rectory has been Fredriksen's main home since 2001.
It was the high taxes of his homeland that inspired Fredriksen to leave Norway for the UK, and later renounce his Norwegian citizenship. He is now a Cypriot national.
At an event in Oslo last month, he was asked about his views on the UK. 'It's starting to remind me more and more of Norway,' the billionaire told the business newspaper E24. 'Britain has gone to hell, like Norway … I try to avoid Norway as much as I can.'
He added that the 'the entire western world is on its way down', describing Donald Trump's trade policy as 'completely hopeless'. 'People should get up and work even more, and go to the office instead of having a home office,' he said.
• Non-dom changes have 'lost the Treasury £400m in stamp duty'
The closure of his office in Sloane Square, near the Old Rectory, earlier this year, and his decision to spend much of his time in the United Arab Emirates suggests he will not feature in future editions of the Rich List.
Rob McGibbon, the editor of the online local newspaper The Chelsea Citizen, described the Old Rectory as a 'prized jewel' that 'comes with excellent bragging rights'.
He said: 'My hope is that the next owners are a family who will actually live in the house full-time and are people who care about the Chelsea community. Too many homes in our area are lived in for a few weeks a year. They're just places to park money. Please, don't let this amazing house go to another billionaire who uses it like a luxury hotel. Make it a permanent home.'
Would-be buyers will find themselves pitted against a wily negotiator, one who previously thwarted another billionaire with local connections.
In 2004 Roman Abramovich, the former Chelsea FC owner who invested heavily in property in the area, offered Fredriksen £100 million for the Old Rectory. The Russian's unsolicited bid was turned down.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


BBC News
15 minutes ago
- BBC News
Work on £12m leisure hub in Northampton to begin after delays
Works to build a £12m entertainment hub in a town centre will get under way next month following delays, a developer Stack Leisure venue will be built in the old Peacock Place building in Northampton, overlooking the Market on delivering the project was due to start in October, but will now begin in August.A spokesperson for Stack said the "hugely complex" project had "required a great deal of work behind the scenes before we can begin work on site". The venue had originally been slated for completion in 2025, but is currently estimated to open in 2026.A spokesperson for Stack added: "We are at a stage now where we are ready to progress and we are looking to begin the work next month." Stack Leisure said it planned to invest £8m into the project, with a further £4.2m of funding coming from the Reform UK-led West Northamptonshire Council. Newcastle-based Stack Leisure submitted plans for a retail, food and performance centre in 2023 and the council approved the project at a meeting in March last year. According to plans, the lower ground floor will largely be given to leisure ventures, such as children's entertainment, fitness events and live areas, food hall operators and retail units will also have a place in the proposed opening hours for the centre are 08:00 to 02:30 every day and the venue will create about 250 jobs, according to the Leisure has already opened similar projects elsewhere in England, including in Lincoln and Seaburn, Sunderland. Follow Northamptonshire news on BBC Sounds, Facebook, Instagram and X.


Scottish Sun
38 minutes ago
- Scottish Sun
Donald Trump meets John Swinney for private talks before star-studded golf match on final day of Scotland trip
The US President is welcoming a host of A-listers for a star-studded golf match to open his new Aberdeenshire course DON THE COURSE Donald Trump meets John Swinney for private talks before star-studded golf match on final day of Scotland trip Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) DONALD Trump has officially opened his new Scottish golf course - his final stop in Scotland before Air Force One departs later today. Last night he flew from Turnberry to the North East and hosted a private dinner with dignitaries including the Prime Minister, First Minister, and high profile business people. Sign up for Scottish Sun newsletter Sign up 3 Donald Trump has officially opened his new course in Aberdeenshire Credit: AFP 3 The US President and Sir Keir Starmer after their crunch talks at Turnberry on Monday Credit: Reuters 3 Donald Trump and Keir Starmer wave as they board Air Force One at Prestwick Airport ahead of a flight to north-east Scotland Mr Trump and Sir Keir landed at Menie aboard Marine One, the president's helicopter, which was seen circling the new course before it touched down on Monday evening. Before teeing off at Trump International, the US President met with John Swinney for a private one-to-one. It was the first time the pair have met since they clashed in November last year when the SNP leader called on US voters to back his Democratic rival Kamala Harris in the US Presidential election - leading his UK-based business to slam the endorsement as an 'insult'. The President opened the 'new course' at Trump International in Menie, just north of Aberdeen, at a 'grand opening' ceremony shortly before 11am. He thanked his son Eric, who he said had "worked so hard" on creating the New Course at the resort. Trump International's 'new course' is the second at the venue since the newly named 'old course' opened in 2012. The new 18 holes measures 7,589 yards - with Trump International now self-styled as the 'greatest 36 holes in golf'. Mr Trump made a short speech on the first tee of the course before playing a round. It comes after Mr Trump yesterday hosted an 80-minute televised press conference with the Prime Minister after meeting with Sir Keir Starmer at his other golf course at Turnberry, Ayrshire. In it, he blasted wind power - slamming wind turbines as 'ugly monsters' - and urged more drilling in the North Sea. Furious Trump says he'll CUT Putin's 50-day peace deadline and says he's 'disappointed' after latest ruthless Kyiv blitz And he poured cold water on the possibility of a second independence referendum within the next '50 or 75 years'. He also spoke of his love for Scotland due to his late mother's birthplace being in the Isle of Lewis and said: 'My mother loved Scotland. This is a part of the world I want to see thrive.' The second course at Trump International is expected to be dedicated to the president's mother, Mary Anne MacLeod, who was born on the Isle of Lewis.


The Independent
2 hours ago
- The Independent
Trump showed ‘willingness' to move on whisky tariffs during meeting
US President Donald Trump has showed a 'willingness' to move on tariffs for Scotch whisky, John Swinney said. Scotland's First Minister met the President ahead of the opening of a second course at his Aberdeenshire golf club, where he pressed him on the 10% levy on Scotland's national drink. The tariff, it is believed, costs the sector £4 million per week, with distillery bosses keen to reach an agreement as part of the US-UK trade deal. Speaking to the PA news agency after the opening of the course, the First Minister said: 'I think there's a willingness for President Trump to look at the issues that I've set out to him. 'I don't think that was the position a few days ago, because I think President Trump was of the view that the trade deal was done and dusted and that was an end of the matter.' Mr Swinney told Mr Trump Scotch whisky was 'unique' to Scotland and the tariff was a 'significant impediment'. 'I think there is an opportunity for us to make progress,' he added. 'I wouldn't have expected to be able to get an outcome in the course of the discussion I had yesterday and this morning with President Trump, but we will follow this up with the US administration, follow up with the United Kingdom Government, to make the progress that I think Scotland would expect on this matter.' The president was asked about whisky tariffs by journalists at his Ayrshire golf course on Monday, where he appeared not to know there was an issue. 'We'll talk about that, I didn't know whisky was a problem,' Mr Trump said. 'I'm not a big whisky drinker but maybe I should be.' Scottish Labour leader Anas Sarwar said that the Prime Minister will not need much pressure to push the President on whisky tariffs. 'The great thing is, here, this is not a matter of putting pressure on the Prime Minister, because the Prime Minister already agrees and the Prime Minister recognises that we want to go even further on the deal we've already negotiated. 'It's a good deal for Scotland and the UK, but we want to go even further – and that's the conversations that continue.'