Lakshmi Mittal Acquires Third Property on London's "Billionaire's Row"
Indian steel magnate Lakshmi Mittal has purchased his third significant property on Kensington Palace Gardens, London's most exclusive and expensive street, for a staggering seventy million pounds. This prestigious address was also home to Princess Diana during her final years. Mittal, whose wealth is estimated at twenty-seven billion pounds, already possesses two substantial residences on this illustrious street, often referred to as "Billionaire's Row."
This latest acquisition, the former embassy of the Philippines, was purchased from hedge fund tycoon Noam Gottesman. The purchase comes just a month after the steel tycoon acquired Britain's most opulent residence on the same street for one hundred and seventeen million pounds, purportedly for his son, Aditya, and his family.
The seventy-million-pound price tag for the former Philippine Embassy is particularly noteworthy given that the property requires modernization, according to sources. While the 16,250-square-foot residence isn't the largest on Kensington Palace Gardens, it boasts a prime location overlooking Kensington Palace itself.
Britain's wealthiest individual, the 58-year-old Mittal, resides in a home on Kensington Palace Gardens that he acquired for fifty-seven million pounds four years prior, a property three times larger than his most recent purchase. The Mittal family has undertaken substantial renovations to their primary residence, which is possibly the largest private residence in central London, second only to Buckingham Palace. It's also believed that Mittal previously offered two hundred million pounds for a property on the same road owned by Foxtons founder Jon Hunt.
As of March 2008, Forbes Magazine ranked Lakshmi Mittal as the world’s fourth wealthiest person. His family holds a forty-four percent stake in the global steel giant, ArcelorMittal.