The founder of decentralized finance protocol Aave has completed a high-profile real estate purchase in London, acquiring a multimillion-dollar mansion in Notting Hill at a time when the city’s luxury housing market has been under pressure from tax changes and reduced demand.
Stani Kulechov Buys Prime London Property
Stani Kulechov, founder of Aave purchased a five-story Victorian mansion in London’s Notting Hill district for approximately £22 million, or $30 million. The transaction took place in November, shortly before the UK’s autumn budget, and closed at around £2 million below the initial asking guidance.
The deal stands out amid a slowdown in high-end property sales, particularly for homes priced above £5 million. Market data shows that luxury transactions declined toward the end of last year, driven by higher stamp duties and the removal of favorable tax treatment for wealthy foreign buyers. Notting Hill, however, has remained more resilient than several other prime London neighborhoods.
It remains unclear whether cryptocurrencies or other digital assets were involved in the purchase. No public confirmation has been made regarding the payment structure of the transaction.
Aave’s Position in DeFi Markets
The purchase comes as Aave continues to lead the decentralized lending sector by total deposits, even as overall DeFi activity has softened. While lending deposits across the industry declined during recent risk-off market conditions, active loans continued to rise, with Aave maintaining a dominant position and generating some of the highest protocol fees in the sector.
At the same time, Aave is navigating governance discussions and long-term plans aimed at scaling onchain financial activity to significantly larger levels.
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