Market News

John Fredriksen, a Norwegian marine tycoon, is reportedly selling his 300-year old Georgian manor in Chelsea just weeks after criticising Rachel Reeves, the Chancellor, for abolishing the non-dom regime.

The property, known as the Old Rectory, is one of Britain’s most expensive houses with two acres of gardens and 10 bedrooms across 30,000 sq ft.

It is set to be put on the market with a £250m price tag – with viewings already taking place, The Times reported.

Mr Fredriksen, who was the UK’s ninth richest man with a £13.7bn fortune before he announced his departure, bought the property in 2001 for around £40m.

The 81-year-old businessman, who is originally from Oslo, Norway, last month said that Ms Reeves’s tax raid had encouraged him to leave the UK and move to the United Arab Emirates.

“The entire Western world is on its way down,” he said, while the UK is “starting to remind me more and more of Norway. Britain has gone to hell, like Norway”.

The sale comes amid predictions that the UK is poised to lose more millionaires this year than any other country, which may fuel more high end property sales.

Last year Ms Reeves raised taxes on the global elite, abolishing the non-dom status and tightening inheritance tax rules. Non-dom rules had allowed foreigners to only pay tax on their UK income – largely shielding their global income from any taxation.

According to Henley & Partners, the UK will lose 16,500 millionaires this year because of the changes, up from 10,800 last year.

Among those who have left or are leaving include Richard Gnodde, who is one of London’s best-known bankers who became Goldman’s vice chairman in January, as well as the steel magnate Lakshmi Mittal and property tycoon brothers Ian and Richard Livingstone.

Mr Fredriksen made his fortune building up a fleet of oil tankers and other ships around the world.

Since leaving the UK, he has shrunk his presence including closing the London headquarters of his shipping group Seatankers Management, which was based in Sloane Square.

He has also blasted the US under Donald Trump, saying the president’s trade war was “completely hopeless” and said Norway was “dull”.

“I gave up on them a long time ago,” he said. “I gave up in 1978, when I moved. It has only gotten worse. Norway is completely uninteresting,” he said, adding that “Norway is good for those who work for the state.”