Britain's richest man Lakshmi Mittal rents out the £10,000-a-week palace he can't sell

Earlier we reported about Updown Court, the world’s most expensive houseand Donald Trump’s Florida Mansion, the most expensive house in the USA. Although these two mansions have the titles of being the most expensive houses, they still have to be sold. No body has ever paid that much ($139 million and $125 million respectively) for a residential building. Then who was the person that forked over the most amount of money in a residential real estate transaction?

The answer is Lakshmi Mittal, the Indian steel tycoon and the world’s fifth richest billionaire. His London residence at 18-19 Kensington Palace Gardens was bought from Formula One Boss Bernie Ecclestone in 2004 for a staggering $114.89 million (£62.7 million). And for while the house held the Guinness World Record for the world’s most expensive house. The Mittal/ Ecclestone deal still hold the record as the biggest of its kind.

Another interesting fact: Prince Talal Bin Waleed's palace racked up a construction bill of over $200 million when it was build in the late 80’s. But the palace belongs to his country and not to him per se, so his residence cannot be counted as a “private residential house”.

Lakshmi Narayan Mittal is an Indian steel magnate. He is the chairman and chief executive officer of ArcelorMittal. Lakshmi Mittal is the richest man in the United Kingdom, second richest man in Europe.

Lakshmi Mittal’s wife Usha Mittal holds equal stake in the LNM group. The 31 year old Lakshmi Mittal’s son heads the company’s financial operations. Lakshmi Mittal’s house in Kensington, London is decorated with marble taken from the same quarry that supplied the Taj Mahal. It has 12 bedrooms, an indoor pool, Turkish baths and parking for 20 cars.

Lakshmi Mittal with family

Lakshmi Mittal with son Aditya Mittal

Lakshmi Mittal with wife Usha Mittal

Aditya Mittal and Lakshmi Mittal

Lakshmi Mittal house

Britain’s richest man is putting his house up for rent after struggling to sell it.

Steel magnate Lakshmi Mittal is looking for tenants for his ‘Summer Palace’ in Hampstead, North London.

With 11 bedrooms, 12 bathrooms and six reception rooms, a glass lift to a swimming pool, Jacuzzi and steam room, the property has failed to attract an offer close to the estimated £40million it was worth before the credit crunch hit.

'Summer Palace': Lakshmi Mittal couldn't find a buyer for his £40m home, above

Mr Mittal bought the house, which is set in an acre of land, in 1996 for £6.75million.

Credit crunched: Steel tycoon Mr Mittal

A source said: ‘Mr Mittal has put a lot into the property and doesn’t want a cheap sale. He’s in no hurry to sell.’

In 2004, Mr Mittal and his family relocated to Kensington, West London, buying Formula 1 tycoon Bernie Ecclestone’s 15-bedroom home for a record £57million.

Trevor Abrahmsohn, of Glentree Estates, estimates that Summer Palace could yield £10,000 a week in rent.

He said: ‘Post credit-crunch rents are down 20 per cent but a long-term tenant could be willing to pay up to £10,000 a week.’

In recent years, however, a number of multimillion-pound properties street the house is on have been left in disrepair, with squatters moving in.

Developers such as Barratt Homes have also angered some well-heeled residents by building flats on the road.

A gilded double staircase and chandelier in Lakshmi Mittal's mansion

Luxury: A gilded double staircase and chandelier in Mr Mittal's mansion

For the billionaire steel tycoon Lakshmi Mittal, money is no object when it comes to the marriage of his daughter. This is why the Indian born businessman has hired Vaux le Vicomte in France for the marriage ceremony of 23 year old Vanisha Mittal and her banker fiancé Amit Bhatia.

The cost of the wedding is expected to exceed £30 million ($78 million), including expensive gifts for family and friends. This would eclipse the £10 million spent by the Indian diamond dealer Vijay Shah transforming Antwerp, Belgium, into a bollywood fantasy.

Lakshmi Mittal and his wife Usha Mittal had promised their daughter her wedding would be truly wonderful & expensive and they are keeping their promise. An estimated 1200 guests, including family members, close friends and business figures from across the world, have been told to clear dates when the ceremony was going to be held.