$128 million spent for London house

A good deal? This 12-bedroom mansion in London's Kensington Palace Gardens reportedly cost $128 million.Stefan Rousseau / AP
/ Source: The Associated Press

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

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.

Mittal, 53, owns the LNM Group, one of the world’s biggest steelmaking companies, and is based in Britain. In February, Forbes magazine ranked him 62nd in its list of the globe’s richest billionaires with a fortune worth $6.2 billion.

The Sunday Times reported that Mittal exchanged contracts with Ecclestone for the house earlier this month. It said the property has garage space for 20 cars, Turkish baths, a ballroom, an oak-paneled picture gallery and an ornate basement pool.