Billionaire Fredriksen Sells Chelsea Mansion, Daughters Step Up

Norwegian-born shipping tycoon John Fredriksen, the UK's ninth richest billionaire, has put his 30,000 sq ft Chelsea manor, The Old Rectory, up for sale for an estimated £250 million ($337–$517 million) after criticizing the UK's economic policies and the abolition of the non-dom tax regime. Fredriksen, who has moved to the United Arab Emirates and closed his London headquarters, cited the UK's unfavorable tax environment and declining prospects as reasons for his departure. The 300-year-old Georgian mansion, featuring 10 bedrooms, a ballroom, and two acres of gardens, is being shown by private appointment and is expected to be sold confidentially off-market. More than a dozen domestic staff have been let go, according to local residents. Fredriksen’s exit is part of a broader trend of wealthy individuals leaving the UK due to increased taxation, raising concerns about the nation's appeal to high-net-worth residents. His twin daughters are now expected to take greater control of the family business as he manages operations from abroad.