Behdad Eghbali, co-owner of Chelsea Football Club and founder of Clearlake Capital, has purchased a luxury penthouse in London’s exclusive Mayfair district for more than £56 million ($70 million), making it the most expensive apartment transaction in the UK this year, Bloomberg reports.
The deal, finalized at the start of the summer, highlights the deepening ties of the American tycoon to the British capital.
The opulent apartment, located in a building boasting amenities such as a cinema, swimming pool, and spa, represents a significant investment for Eghbali. This purchase comes after Eghbali bought another apartment in the same neighborhood for approximately £34 million in 2023, suggesting his increasing presence and commitment to London.
While a representative for Eghbali declined to comment on the recent purchase, his increased time spent in the UK, attending Chelsea matches both home and away, hints at a growing personal connection to the city.
Eghbali’s Expanding Presence in London
Eghbali’s Clearlake Capital holds a majority stake (over 60%) in Chelsea FC, with the remainder owned by investors led by Todd Boehly. Boehly, who initially served as the public face of the club following the 2022 acquisition, has reportedly scaled back his direct involvement after the team’s disappointing 12th place finish in the 2023 English Premier League season. However, the team’s recent performance improvements this season may be a contributing factor to Eghbali’s increasing presence in London.
Luxury Market Slump Defied
Eghbali’s purchase comes at a time when London’s luxury property market is experiencing a downturn. Hikes in stamp duty and the elimination of tax breaks for wealthy foreign residents have contributed to a 23% drop in residential sales above £5 million in the first three quarters of 2024, marking the worst year for the market since 2020.
Despite the broader slowdown, some high-profile deals have defied the trend. American billionaire Tom Ford acquired a mansion in Chelsea for over £80 million, and Abu Dhabi’s ruling family purchased a property in Holland Park for £61.5 million.
While it is unclear if Eghbali negotiated a discount on the £56 million penthouse, recent data indicates that over a third of properties sold in Mayfair and the neighbouring St James’s have seen price reductions, with some sellers resorting to discounts of around 30%.
