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London’s calling. Former Google boss Eric Schmidt has spent over $55 million on a London mansion in the swanky Holland Park area, The Financial Times reported. It marks the latest in a string of high-priced purchases in the capital by American billionaires.

Schmidt, who headed Google from 2001 to 2011, actually closed on the double-fronted, stuccoed residence last May, just before he sold his Silicon Valley home for $22.5 million after only two months on the market. A spokesperson for the ex-CEO  confirmed the London deal, telling the FT, “Eric invests in high-end real estate properties around the world.” Schmidt plans to rent out the home.

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The Latest Big Money Deal

The Grade II-listed building includes a mews at the back and was last traded for about $48 million in 2022. The latest transaction follows that of a 40-bedroom residence —  The Holme — inside Regent’s Park in January, which was formerly owned by the Saudi Royal family and sold for $184 million in one of London’s most expensive property sales. The buyer was a secretive U.S. tech billionaire.

Not so secretive was Oracle $(ORCL)$ Chair Larry Ellison’s $202 million purchase of a London townhouse earlier this year—though the building is used for office rather than residential purposes.

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According to Forbes, Schmidt is worth just over $22 billion. Since quitting the board of Google’s parent company, Alphabet (NASDAQ:GOOG, GOOGL)), in 2019 and his role as technical advisor in 2020, he has dedicated his time and money to tech investing and philanthropy. He has invested in Uber $(UBER)$, SoFi $(SOFI)$, and Zymergen through Innovation Endeavors, a company he co-founded. 

U.S. Billionaires Buying Big In London

Another American, fashion billionaire Tom Ford also recently bought in London paid  $104 million for a Chelsea mansion close to Hyde Park and the River Thames.

Wall Street icon and former New York Mayor Michael Bloomberg, who is estimated to be worth $104 billion, has long been an anglophile. He owns an apartment in London and $25 million mansion in Chelsea, purchased in 2015.

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Coincides With Applications For British Citizenship

Last year, Americans took over the Chinese as the largest demographic of foreign buyers in the U.K.’s capital, accounting for 9.3% of non-British purchasers, according to research by the real estate agency Knight Frank. The sales numbers coincide with a heightened number of Americans applying for British citizenship. Over  6,100 US citizens applied for U.K. citizenship, marking a 26% increase from 2023 and the highest number since data collection began in 2004, according to The Guardian.

Tax Loopholes

The U.K.’s tax rules differ from America’s because U.S. citizens pay U.S. taxes on their worldwide earnings. In contrast, U.K. citizens only pay taxes on the money they earn in the U.K. This favors wealthy U.S. investors who can still claim pricey British properties on their U.S. taxes, factoring in the tax breaks the U.S. offers, like depreciation, which the U.K. does not offer. However, according to the BBC, this rule will likely change soon, which might have accelerated Americans’ desire to buy British real estate.

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This article Former Google Boss Eric Schmidt Joins List Of U.S. Billionaires Buying In The U.K. As He Spends $55 Million On A London Mansion originally appeared on Benzinga.com