Aave founder buys £22M Notting Hill mansion amid market slump

Aave founder Stani Kulechov bought a Notting Hill mansion for £22M ($30M), marking one of London’s top property deals this year despite a sluggish luxury market.

Stani Kulechov, founder of the DeFi platform Aave, has acquired a five-story Victorian mansion in London’s Notting Hill for approximately £22 million (about $30 million). This purchase ranks among the city’s most expensive residential transactions in the past year. The deal, finalized in November, closed at roughly £2 million below the initial asking price. Kulechov’s acquisition comes during a challenging period for London’s luxury real estate market, which has seen declining sales and higher taxes due to recent UK Labour government policies, such as increased stamp duty and the removal of tax benefits for wealthy foreign buyers. Despite these challenges, Notting Hill has remained more resilient than other prestigious London neighborhoods. There is no confirmation that digital assets were used in the transaction, and Kulechov has not commented on the purchase. The deal stands out as a rare bright spot in a subdued market.