The Change Mariner

London Mansion Sells for $128 Million

Local6.com (London):

An Indian steel tycoon paid $128 million for a mansion in the British capital, breaking the world record for the most expensive house purchase, according to a report.

The Sunday Times said Lakshmi Mittal, named by Forbes magazine as one of the richest people in the world, bought the 12-bedroom house in London's Kensington district from Formula One car racing boss Bernie Ecclestone.

Mittal's spokesperson was unavailable for comment Monday and a call to Ecclestone's Formula One Management company went unanswered.
The Sunday Times reported that three real estate agencies were involved in the sale. The offices of all three companies were closed for Easter Monday.

Guinness Publishing also could not be contacted for comment on the report. The Sunday Times said the sale of the property near Kensington Palace, the former home of Princess Diana, broke the record for the world's most expensive house sale. It said the previous record was set in Hong Kong in 1997 when a property sold for $101.6 million.

Posted by Bob King at April 12, 2004 08:12 PM | TrackBack
Related Categories: Quadrant - Economic

Investing in Real Estate, Fourth Edition
Wiley

Amazon Price: $13.57

What Every Real Estate Investor Needs to Know About Cash Flow...And 36 Other Key FInancial Measures: Guidelines, Formulas, and Rules of Thumb for Making Money in Real Estate
McGraw-Hill

Amazon Price: $13.97

The Beginner's Guide to Real Estate Investing
John Wiley & Sons

Amazon Price: $10.17

The Weekend Millionaire's Secrets to Investing in Real Estate: How to Become Wealthy in Your Spare Time
McGraw-Hill

Amazon Price: $10.17