Mittal makes it three-in-a-row on London Billionaire’s Row

June 24th, 2008 - 4:20 pm ICT by IANS  

A file-photo of Princess Diana

London, June 24 (IANS) Only a month after buying Britain’s most expensive home for his son, Indian-origin billionaire Laxmi Niwas Mittal has reportedly bought a third house on London’s costliest street for 70 million pounds (Rs.6 billion). The house in Kensington Palace Gardens is the former Philippine embassy and looks on to Kensington Palace, home of the late Princess Diana, the Evening Standard reported.

This is the third acquisition in the street for Mittal, chairman of steel giant ArcelorMittal with a fortune of 27 billion pounds.

Mittal paid 117 million pounds (nearly Rs.10 billion) a month ago for a home for his son Aditya in Palace Green, an extension of Kensington Palace Gardens.

The industrialist himself lives in a large house in Kensington Palace Gardens that he bought for 57 million pounds (about Rs.5 billion) in 2004.

The paper quoted a spokesman for a top-end estate agent in London as saying that Mittal had already raised the value of his main property.

“The Mittals have carried out substantial improvements to their main home, which is probably the largest private house in central London after Buckingham Palace. I would put its current value at close to 250 million pounds,” said Noel de Keyzer, a director at Savills.

Mittal also owns a 40 million pound property on The Bishops Avenue - a north London road that is also home to a mansion owned by the Sultan of Brunei.

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