NRI steel tycoon Lakshmi Mittal has bought his third major property for seventy million pounds in Kensington Palace Gardens, London’s most expensive street.
Mittal, whose fortune is estimated at twenty seven billion pounds, already owns two big homes in Kensington Palace Gardens where Princess Diana spent her last years.
The most recent purchase of the former embassy of the Philippines from Hedge fund tycoon Noam Gottesman came a month after Mittal bought Britain’s most luxurious house for one hundred seventeen million pounds on the street nicknamed “Billionaire’s Row”, ostensibly for his son Aditya and his family.
The seventy million pounds price tag for Mittal’s latest property is all the more amazing as the former Philippine Embassy is in need of modernization, the source said.
The 16,250 sq feet home is also not the biggest in the road but it looks on to Kensington Palace.
58-year-old Mittal, Britain’s richest man, himself lives in a home in Kensington Palace Gardens which he bought for fifty seven million pounds 4 years ago and is three times-bigger than his latest acquisition.
The Mittals have carried out considerable improvements to their main home which is perhaps the largest private house in central London after Buckingham palace.
Mittal is believed to have offered two hundred million pounds for a property owned by Foxtons founder Jon Hunt on the street.
In March 2008, Mittal was named as the world’s fourth wealthiest person by Forbes Magazine. His family owns forty four per cent of steel giant ArcelorMittal.