One of the United Kingdom’s wealthiest residents is selling his prized London home after leaving the country, saying the UK has “gone to hell.” Billionaire shipping magnate John Fredriksen, ranked ninth on the UK’s rich list, is putting his 300-year-old Chelsea estate up for sale after relocating to the United Arab Emirates.

The mansion, known as The Old Rectory, is reportedly valued at $337 million (£250 million), making it one of the most expensive private residences in the UK. Spread over 30,000 square feet, the estate features 10 bedrooms, two acres of landscaped gardens, and a ballroom. It is the third-largest private home in the country, behind only Buckingham Palace and Witanhurst.

Fredriksen, 81, who has held Norwegian and later Cypriot citizenship, purchased the property in 2001 and had made it his primary UK residence until his recent move. Speaking to Norwegian outlet E24, Fredriksen said, “Britain has gone to hell. It’s starting to remind me more and more of Norway. I try to avoid Norway as much as I can.”

His departure follows sharp criticism of recent economic changes introduced by Chancellor Rachel Reeves, particularly the scrapping of the long-standing non-domicile tax regime that allowed wealthy individuals to limit UK tax liability on overseas income. Fredriksen has since moved substantial business operations to the UAE.

According to a report in The Times, the billionaire has already let go of over a dozen domestic staff and is arranging private viewings of the property. The sale is expected to take place through discreet “off-market” channels, avoiding public listings.Fredriksen’s exit is part of a broader trend of high-net-worth individuals reconsidering their ties with the UK in the wake of policy changes targeting foreign wealth domiciled in Britain.