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.
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Indians have emerged as the largest property buyers in the UK thereby contributing to economic development of the country, as per the data compiled by real estate firms and British Government research. Indian companies in UK has pushed corporate activity to a great extent and the Reserve Bank of India (RBI) move to allow investments abroad to the scale of $100,000 are some major factors listed by broking firms.In 2005-06, India emerged as the third largest investor after the US and Japan. The country moved ahead to 2nd position with the $7.6 billion takeover of Corus Steel by the Tatas in October 2006.Real estate projects from India increased to 76 per cent from mere 11 per cent thereby making India the UK’s third largest investor.Today, the UK houses more than 400 Indian companies. Of this, around 23 per cent have begun their UK operations in 2006. Officials estimated that India’s business operations in the UK are now worth nearly $35 billion.Parking money in London real estate is serving as a status statement for most successful Indian entrepreneurs. Rich Indians prefer to invest in exclusive central London areas since its financial climate is more stable than India.For more view- realtydigest.blogspot.com
Steel magnate Lakshmi Mittal is planning to invest in the company behind upmarket country hotels in Europe that include the luxurious Cliveden in Oxfordshire and the Royal Crescent in Bath — founded by Queen Elizabeth 1. They also own property among surrounding hills and in the valley of the River Avon around hot springs where the Romans built baths and a temple.