Mittals to have costliest mansion in London

By Staff

Monday, May 26, 2008, 15:26

A London mansion that is about to be sold for a record 117 million pounds may be bought by Indian billionaire Lakshmi Niwas Mittal's son Aditya Mittal, according to media reports.

The lavish property on Palace Green - one of the most expensive houses in the world - is close to Kensington Palace Gardens, where steel tycoon Mittal lives.

There have been reports that 32-year-old Aditya has been looking for a property near Mittal's house, which the steel maker bought for 57 million pounds from Formula One chief Bernie Ecclestone in 2004.

Noam Gottesman, the American-born hedge fund mogul, is close to exchanging contracts on the detached residence on Palace Green, an extension of Kensington Palace Gardens, where a number of billionaires have their London homes.

It works out at more than 8,000 pounds per square foot. The price would smash the previous record of 80 million pounds for a London home, set only three months ago for a property in nearby Upper Phillimore Gardens.

According to The Times, the family of Lakshmi Mittal, had made an approach for Mr Gottesman's home, which is next door to the Israeli Embassy.

Mr Gottesman's fortune is estimated at 460 million pounds, according to The Sunday Times Rich List.