How Chelsea is the new Silicon Valley: America’s tech billionaires become the new Sloane Rangers

Chelsea has traditionally been a playground for the wealthy, but young, tech-savvy American billionaires are the latest clientele snapping up property in the exclusive London borough.

As the number of European buyers and Russian oligarchs With home buying in the capital dwindling, there’s a new breed of buyer in town: Silicon Valley tech moguls looking to profit from the strong dollar and invest wisely the fortunes amassed during the pandemic.

Rupert des Forges, who runs major central London developments at Knight Frank, said “the bright young people of Silicon Valley” are boosting the foreign buyer market in the capital.

said M. des Forges The times: ‘These are different from the American buyers of years gone by, traditionally wealthy middle-aged CEOs from the East Coast.

Young, tech-savvy American billionaires are the latest clientele snapping up property in London’s exclusive borough of Chelsea (file photo)

“Many of them made a lot of money during Covid and sometimes in 2022 benefited from a hugely beneficial exchange rate. The fortunes being made at such a young age are remarkable.

This hugely lucrative new client base is also fueling competition among luxury estate agents, who host glamorous events to attract potential clients.

Among them is Tedworth Property, which has an office near Sloane Square and hosts breakfast gatherings in fancy restaurants like The Wolseley and backgammon tournaments at the private members’ club 5 Hertford Street in Mayfair.

Properties for sale likely to catch the eye of this new clientele include a three-bedroom apartment in a Grade II-listed redbrick mansion in Cadogan Gardens, Chelsea.

The house, close to popular Chelsea hangouts of Sloane Square and King’s Road, is for sale with Tedworth Property for a listing price of £6.25m.

The private members club 5 Hertford Street in Mayfair is just one of the places where wealthy clients are catered for.

Meanwhile, Sotheby’s International Realty is introducing newcomers to its auction business and helping clients source luxury items like art, wine, watches and jewelry.

Among those who have recently bought property in London’s most exclusive boroughs is online gambling billionaire J Russell DeLeon, who bought a seven-bedroom property near Notting Hill in July.

The new influx of foreign buyers is becoming the new Sloane Rangers, typically well-dressed, well-educated, upper-class young men living in the more expensive parts of the capital.

The man who coined the term, Peter York, previously said that wealthy heirs and heiresses, popularized by the likes of Princess Diana and Pippa Middleton, were on the decline, giving way to super-rich oligarchs and foreign bankers.

York said the latest generation of Sloane Rangers is unlikely to be able to afford a home in the area after Russian, Indian and Chinese businessmen hiked prices.

But now the figures reveal that there has been a shift in the number of American buyers buying houses in the most sought after areas of London.

Hamptons found that the proportion of American buyers in London’s most desirable neighborhoods had risen from two to seven percent of purchases in the past year, while EU buyers had fallen from 13 to 12 percent, The Times added.

Meanwhile, St John’s Wood is a favorite location among those with young families, due to its proximity to a private American school.