TLDR:
- Kulechov secured the five-story Victorian mansion £2 million below the original broker guidance price.
- December 2025 saw 40% fewer £5 million-plus London property sales compared to the previous year’s figures.
- The purchase occurred one week before UK budget changes that introduced higher stamp duty and tax reforms.
- Notting Hill demonstrated the strongest price growth among prime central London districts in Q4 2025 data.
Stani Kulechov, the Estonian-born founder of decentralized finance protocol Aave, has purchased a five-story Victorian mansion in London’s Notting Hill for £22 million.
The November transaction stands as one of 2025’s most expensive residential deals in the capital’s struggling luxury property sector.
The purchase price came in approximately £2 million below the earlier broker guidance, reflecting broader market conditions.
Major Crypto Figure Enters London Real Estate Market
The sprawling Victorian property spans five floors and provides panoramic views across the Notting Hill neighborhood. Kulechov completed the acquisition in November, approximately one week before the UK government announced its autumn budget.
According to Bloomberg report, “the purchase price was about £2 million below the guidance published earlier by one of the brokers involved in the sale.” A spokesperson for Kulechov declined to provide additional comment on the transaction.
Born in Estonia and raised in Finland, Kulechov established the Aave lending platform in 2017. The protocol has become a cornerstone of decentralized finance infrastructure.
As chief executive officer of parent company Avara, he oversees multiple blockchain initiatives. These projects include the Lens Protocol for social media applications, the GHO stablecoin project, and a cryptocurrency wallet named Family.
The property purchase represents a substantial investment in London real estate at a challenging time for the market. Luxury home sales have declined significantly throughout 2025.
The transaction demonstrates continued confidence in prime central London property from successful crypto entrepreneurs.
The timing of the purchase, just before the budget announcement, proved advantageous. Subsequent tax changes have further dampened market activity.
The acquisition secured a notable discount from the initial asking price, suggesting skilled negotiation in a buyer-friendly environment.
London Luxury Market Faces Sustained Pressure
The high-end London property market has experienced severe headwinds from recent government policy changes. The Labour government implemented stamp duty increases that affect expensive properties.
Additionally, authorities abolished the non-domiciled tax status previously enjoyed by wealthy foreign residents. These measures have significantly reduced transaction volumes in the luxury segment.
December 2025 saw 40% fewer sales of properties priced above £5 million compared to December 2024, according to property researcher LonRes.
Further taxation measures scheduled for implementation in 2028 are expected to maintain downward pressure on activity. The market outlook remains challenging for sellers of premium properties.
West London neighborhoods have emerged as relative bright spots despite broader market weakness. Holland Park and Notting Hill recorded many of 2025’s most significant residential purchases.
According to broker Savills Plc, in the final quarter, Notting Hill “held up strongest” in terms of price growth out of all prime central London districts.
The resilience of select neighborhoods reflects their enduring appeal to international buyers and successful entrepreneurs. Properties offering views and period features continue attracting premium prices.
However, overall transaction volumes remain substantially below historical averages, indicating persistent market challenges ahead.
