Tom Ford is making headlines again, this time in the real estate arena, where he’s known as a regular buyer and seller of extraordinary homes.
The billionaire fashion designer, who sold his eponymous label to Estée Lauder for $2.8 billion, has now broken a record for the priciest home sale in the U.K. this year after snapping up a London residence for a staggering £80 million ($104 million), The Times reported. The trophy dwelling, which is “believed to be a white stucco-fronted mansion,” is located in the city’s affluent Chelsea neighborhood near Hyde Park and the River Thames. However, further details regarding Ford’s new digs are still largely under wraps—other than it was last purchased for £16 million ($20 million) about two decades ago.
According to the British newspaper, the deal comes not long after Ford, the former creative director of Gucci, offloaded another of his residences, this one in tony Regent’s Park, for an impressive eight figures, and this latest transaction brings the value of his vast property portfolio to an eye-watering £270 million (or $351.6 million). One of Ford’s most notable holdings is Jackie Kennedy’s childhood summer home in the Hamptons, which he scooped up last summer for $52 million. The palatial East Hampton estate, known as Lasata, sits on a sprawling seven acres of land and features an eight-bedroom main residence, a guest house, a caretaker’s cottage, and a three-car garage. The Texas native bought the place from media producer David Zander, and before that, the big spread belonged to fashion designer and retail executive Reed Krakoff and his interior designer wife Delphine (who are currently selling another historic estate in New Canaan, Connecticut).
So far, London has experienced a bit of a slump in the luxury real estate market in 2024 with a decline in high-end deals. It was previously reported that only 149 homes valued at £10 million (roughly $13.2 million) or more have traded hands in the past 12 months, compared with 192 in the prior period. In terms of who’s doing the buying, wealthy expats have been snapping up the city’s high-end properties thanks to favorable exchange rates. In fact, Knight Frank found that the percentage of U.S. buyers purchasing homes in London rose to 6.1 percent in the first six months of this year from 3.3 percent in the second part of 2023.
“There are obvious risks at the moment, but the super-prime market is still functioning, just at a reduced level,” Paddy Dring, global head of prime sales at Knight Frank, said in a statement. “It’s sometimes easy to forget just how attractive London is on the global stage.”
Authors
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Abby Montanez
