Mittal to acquire £117 million London home to keep family near

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Mittal, world's fourth richest man (with a reported fortune of about £27.7 billion or $54.5 billion) and chief of world's biggest steel producer ArcelorMittal is believed to have signed a definitive agreement with the home's current owner Noam Gottesman, a US-born hedge fund mogul.

The new home at Palace Green, which Mittal is buying for his son and CFO of ArcelorMittal, Aditya Mittal, who expressed interest in living close to his father, comes furnished, together with an art collection for £8,000 per square foot.

Mittal's own 12-bedroom home, half-a-mile away in Kensington Palace Gardens, was bought by him four years back from Formula One chief Bernie Ecclestone for £57 million (now valued at £100 million).

At £117 million, the property will be the most expensive home ever sold in the world, beating the previous record of £80 million for a London home, set only three months ago for a property in nearby Upper Phillimore Gardens.

Kensington Palace Gardens in London boasts the capital's most imposing residences and home to some of Britain's richest people.

According to loacl real estate agents, the most poshest address in Britain have few private homes whose owners are regularly "deluged with unsolicited offers but few have the need or desire to sell."

Last month, Aditya Mittal had made an unsolicited offer of £200 million to one of the residents of Kensington Palace Gardens. However, the owner of the eight-bedroom heritage home, Jon Hunt, founder of the Foxtons estate agency, flatly refused to sell. About a year ago, Aditya had also shown interest in the Nepalese Embassy and doubling up as the Ambassador's residence also located on Kensington Palace Gardens. However, they declined Mittal's offer.

Following the sale, Gottesman, whose fortune is estimated at £460 million according to The Sunday Times Rich List, is certain to make it to the dollar billionaires' list released by Forbes every year.

Gottesman is the founder-partner of GLG Partners Inc., a global investment company, which he set up 10 years ago after a stint with Lehman Brothers and Goldman Sachs during which time he become one of the most sought-after traders.

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