Billionaire Lakshmi Mittal set to lose money on £117m mansion

City A.M. Reporter
STEEL billionaire Lakshmi Mittal, one of Britain’s richest men, is set to buck London’s trend for rising house prices and lose money on the sale of his Kensington Gardens mansion.

Mittal, who bought 6 Palace Green for a reported £117m in 2008, is now thought to be willing to sell the property for just over £100m.

The Georgian-style property comes with extensions, bedroom suites and servants’ quarters.

It was originally bought from hedge fund boss Noam Gottesman to provide a base for Mittal’s son Aditya. However, it is thought that he never moved in and the property has sat unoccupied for five years.

Mittal lives in a smaller property on the same street. He has also bought another neighbouring building, the former Israeli embassy, for his daughter.

Although the Mittals do not own the house directly, it is thought they control the Virgin Islands-registered Tamzen Ltd. which possesses the deeds.