The body of US national Eva Rausing, 48, a member of the family behind the Tetra-Pak cartons empire, was found at Cadogan Place, Belgravia.
The death is being treated as unexplained.
A 49-year-old man has been arrested in connection with the woman's death and on suspicion of possession of drugs, the Metropolitan Police said.
A spokesman said he was no longer at a police station and was currently receiving medical attention.
In a statement, her family described her as a "devoted wife for 20 years and mother of four much loved and wonderful children".
Drug charges
A post-mortem examination at Westminster Mortuary did not establish how Mrs Rausing died and further tests are being carried out.
The Met spokesman added: "Officers from the Homicide and Serious Crime Command are investigating and the death continues to be treated at this time as unexplained."
Police said they searched the address and found the body after making the drugs arrest on Monday.
Officers could be seen guarding the front door of the Cadogan Place home, which was taped off.
The large terraced house is in one of London's most expensive areas just off Sloane Street, between Knightsbridge and Chelsea.
In 2008 Mrs Rausing and her husband Hans Kristian Rausing faced drug charges after crack, heroin and 52g of cocaine were found in their home.
Mrs Rausing had been arrested after she allegedly tried to smuggle small amounts of crack cocaine and heroin into the US embassy in London.
Charges were then dropped and a caution issued instead.
In 2010 Forbes ranked Mr Rausing's father, Hans Rausing Senior, as the 64th richest man in the world, worth an estimated $10bn (£6.45bn).
The family made their fortune from the Tetra Laval milk carton, patented by Ruben Rausing in the 1960s.
Mrs Rausing was the daughter of a wealthy Pepsi executive. Source
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