Aave founder Stani Kulechov has snapped up a £22 million ($30 million) mansion in London’s Notting Hill, sealing one of the most expensive residential deals of the past year in a luxury housing market under pressure from higher taxes and weaker demand.
Key Takeaways:
- Aave founder Stani Kulechov bought a £22 million Notting Hill mansion, one of London’s priciest home deals of the past year.
- The purchase came at a discount amid weaker demand in the city’s luxury property market amid higher taxes.
- The deal comes as Kulechov remains a central and controversial figure in Aave’s governance.
Property filings show the purchase was completed in November, just days before the UK government delivered its latest budget, according to Bloomberg.
The agreed price came in roughly £2 million below earlier guidance circulated by brokers involved in the sale, reflecting the softer conditions facing prime London real estate.
Aave Founder Stani Kulechov and His Expanding Crypto Empire
The five-story Victorian home offers sweeping views across Notting Hill, one of the capital’s most sought-after neighborhoods.
Kulechov, who was born in Estonia and raised in Finland, founded decentralized finance platform Aave in 2017.
He currently serves as chief executive of Avara, the parent company behind a growing suite of crypto-focused projects, including the Lens Protocol social network, the GHO stablecoin and a digital wallet product called Family.
Aave has grown into one of the largest DeFi lending platforms by total value locked, making Kulechov one of the sector’s most prominent figures.
The deal stands out in a year that has been challenging for London’s high-end property market.
Sales of homes priced above £5 million fell sharply in 2025, weighed down by higher stamp duty and the removal of tax advantages previously enjoyed by wealthy foreign residents.
Data from property researcher LonRes shows transactions in that bracket were down around 40% in December compared with a year earlier, with further tax changes expected to dampen demand in the coming years, per the report.
Aave Governance Dispute Rekindles Debate Over Founder Power
In December last year, Kulechov faced renewed criticism after purchasing roughly $10 million worth of AAVE tokens shortly before a key governance vote, prompting accusations that the move was designed to boost voting power rather than reflect long-term alignment.
The controversy came amid a broader dispute within the Aave ecosystem over control of the protocol’s brand and assets.
A proposal submitted in December to address ownership of domains, social media accounts and naming rights sparked backlash after one of its authors said it was pushed to a vote without consent.
Contributors also raised concerns that certain product decisions and fee changes have benefited private entities more than the DAO.
Governance data has further fueled tensions, with observers noting that voting power is highly concentrated.
Snapshot figures show the top three wallets control more than half of the vote, intensifying concerns about whale dominance and conflicts of interest.
On December 16, Kulechov disclosed that the U.S. Securities and Exchange Commission had concluded its multi-year investigation into the protocol without recommending enforcement action, ending nearly four years of uncertainty.
Aave Labs has also secured MiCA authorization in Europe and is preparing for the launch of Aave V4.
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