Tom Ford buys London townhouse for £80m in Britain’s greatest property deal this yr as dressmaker continues worldwide mansion-buying spree after cashing in on Estee Lauder for £2.2bn
Tom Ford continues to add to his growing collection of worldwide mansions, having recently purchased a London townhouse for £80million.
The American billionaire’s procurement of the mansion in Chelsea is believed to be Britain’s biggest property deal this year.
It brings Mr Ford’s total spend on his global property collection to about £270million, as he continues to add to his collection of homes since selling his fashion brand to Estée Lauder for £2.2billion.
According to The Times, his most recent purchase is believed to be a white stucco-fronted mansion in a garden square and was acquired after he decided to sell another home in Regent’s Park.
The 63-year-old is believed to have saved about £1.6million in tax, as he managed to get his deal over the line before last week’s budget.
Rich buyers across the capital rushed to complete their luxury purchases before Rachel Reeves increased the stamp duty surcharge for buyers of second homes by two percentage points.
Tom Ford’s (pictured in 2023) procurement of the mansion in Chelsea is believed to be Britian’s biggest property deal this year.
His most recent purchase is believed to be a white stucco-fronted mansion in a garden square in Chelsea (file image)
Ford was revealed as the secret purchaser of a famed New York City home where industry icon Halston hosted wild soirees in the 1970s (file image)
Before the Chancellor announced her massive £40billion ‘tax bomb’ last week, American buyers made up a disproportionately large portion of the UK’s luxury home market, which was heightened by the concern in liberal circles of a potential Donald Trump presidency.
Paul Finch, a director at Beauchamp Estates, which sells some of London’s most luxurious homes, said: ‘A significant number of these are American buyers of which Tom Ford is the most famous.
‘I think part of it is these American buyers wanting a second home away from the US mainland if Trump does come to power, and the urgency of the sales has also been fast-tracked because American buyers have wanted to avoid anticipated tax rises.’
Other deals that were rushed through were an Asian billionaire’s purchase of a six-bedroom mansion in Lygon Place, Belgravia, for £21.5million.
In that agreement, the buyer saved £430,000 in stamp duty compared with if he had bought it after the budget.
Meanwhile, an American businessperson saved £125,000 in stamp duty after they paid £6.75million for a house once owned by Doris Saatchi in Mayfair.
Mr Ford, a former creative director of Gucci and Yves Saint Laurent, founded his fashion label in 2006
American buyers made up a disproportionately large portion of the UK’s luxury home market, which was heightened by the concern in liberal circles of a potential Donald Trump (pictured) presidency
Jackie Kennedy’s Summer Estate in the Hamptons was bought by Tom Ford for $52million
But even before Ms Reeves’s budget plans were announced, many of the super-rich were put off buying a new property as they feared a potential tax rise.
This has meant it had been a subdued year for the ultra-luxury market in London so far. According to estate agency Knight Frank, there were ten transactions above £30million in the year to July, compared with 38 in the preceding 12-month period.
The biggest sale of last year saw Indian billionaire Adar Poonawalla part with £138million for Aberconway House, a grade II listed mansion in Mayfair.
Sources within the luxury property sector believe the market will remain sluggish until at least the spring because of the stamp duty increase and the abolition of preferential tax status enjoyed by non-doms.
In the last two years, Ford has bought three properties in rapid succession as he builds his mansion empire in the United States, Britain and Italy – which cost him an estimated £193million ($250 million).
Mr Ford snapped up a new $51million Palm Beach property from private-equity businessman Rob Heyvaert (file image)
Mr Ford’s property empire includes a includes a $42.25million mansion in Aspen, Colorado (file image)
This includes a $42.25million mansion in Aspen, Colorado, a $52million home in the Hamptons, New York and an $18million Manhattan townhouse.
Mr Ford, a former creative director of Gucci and Yves Saint Laurent, founded his fashion label in 2006.
He has had a rocky relationship with Mr Trump ever since getting into a row with the former president during his election campaign in 2016.
After reports in 2017 that he refused to dress Melania Trump when she became first lady, Mr Trump later said he was ‘not a fan of Tom Ford, never have been’.
The Wynn Las Vegas hotel, whose owner, Steve Wynn, was friends with Mr Trump, stopped selling Ford’s cosmetics and sunglasses as a result.
