BUSINESS

$230 Million: World's Most Expensive Home Sells In London

A MANSION in London is set to sell for £117million - making it the world's costliest home. The palatial residence, on a street dubbed Billionaires' Row, is believed to have been bought by Britain's richest man, steel tycoon Lakshmi Mittal.

He is believed to be close to exchanging contracts with owner Noam Gottesman, 47, a US-born financier.

The home in Kensington Palace Gardens, West London, Princess Diana's former street, is being sold furnished and with an art collection. It works out at an astonishing £8,000 per square foot.

Mr Mittal, 57, who denies being the buyer, has been looking to splurge some of his £27.7billion fortune on a home for son Aditya, 32. Mr Mittal moved into the half-mile, tree-lined private avenue four years ago after paying £67million for a 12-bedroom home.

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The Times also reported Mittal approached Gottesman:

Property sources told The Times that the family of Lakshmi Mittal, the billionaire steel magnate and Britain's richest man, had made an approach for Mr Gottesman's home, which is next door to the Israeli Embassy.

Mr Mittal's son Aditya, 32, has been searching for a London house of his own over the past few months but wants to stay near his family. Mr Mittal lives in Kensington Palace Gardens, having paid £57 million in 2004 to buy the house from Bernie Ecclestone, the Formula One chief.

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The home:

It's good to be Lakshmi Mittal: