London home goes for new world record

12 April 2004
A 12-bedroom mansion in London has been sold for £70 million to Lakshmi Mittal, an Indian-born steel tycoon.

Mr Mittal, owner of LNM, the world's second largest steel producer, was embroiled in a cash-for-favours scandal in 2001.

He donated £125,000 to Labour after Tony Blair wrote a letter to Adrian Nastase, the Romanian prime minister, backing LNM's successful bid for Sidex, the country's state-owned steelworks.

The sale of the house sets a new world record. The previous record paid for a property was £62.7 million for a home in Hong Kong in 1997.

The property is located at 18/19 Kensington Gardens, on so-called billionaires' row.

The 9,000 sq ft luxury property has Turkish baths, a jewelled swimming pool and an oak-panelled picture gallery, according to The Sunday Times.

Mr Mittal bought the property from another controversial Labour donor, Formula One racing chief Bernie Ecclestone.