Aave founder buys $30 million mansion in London’s Notting Hill amid luxury market slowdown: report

Cryptocurrency entrepreneur Stani Kulechov, the founder of the decentralized finance (DeFi) platform Aave, has reportedly finalized the purchase of a lavish mansion in London’s exclusive Notting Hill district. The property acquisition, valued at approximately $30 million (£24 million), underscores the continued investment of crypto wealth into traditional high-value assets, even as global real estate markets face turbulence.

Sources familiar with the transaction indicate that the Grade II listed residence is a multi-story house featuring extensive private gardens, state-of-the-art security, and bespoke interior finishes. Notting Hill remains one of London’s most desirable postcodes, attracting high-net-worth individuals from the tech and finance sectors globally.

The deal is particularly notable given the current climate. The broader luxury housing market in central London has experienced a noticeable slowdown over the last year, driven by rising interest rates, stamp duty hikes, and general economic uncertainty. Analysts suggest that ultra-high-net-worth buyers from the crypto sphere often operate outside standard market metrics, utilizing liquidity generated during the recent cryptocurrency booms to secure prime properties.

Kulechov, a prominent figure in the DeFi space, founded Aave, one of the largest lending protocols in decentralized finance. His move into London’s traditional real estate market mirrors a trend observed among other successful crypto founders seeking stability and diversification for their substantial fortunes.

Source: Aave founder buys $30 million mansion in London’s Notting Hill amid luxury market slowdown: report