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Britain's richest man is putting his house up for rent after struggling to sell it. Steel magnate Lakshmi Mittal, 58, is looking for tenants to stay at Summer Palace in a road called billionaires' row.
Neighbours in The Bishops Avenue in Hampstead include members of the Saudi Arabian and Brunei royal families.
With 11 bedrooms, 12 bathrooms, six reception rooms and a glass lift descending to a basement with a swimming pool, Jacuzzi and steam room, the property is seen as one of the finest in the road.
But it has failed to attract a buyer willing to make an acceptable offer. Mr Mittal bought Summer Palace, set in an acre, in 1996 for £6.75million. Shortly before the credit crunch it was estimated to be worth £40million and Mr Mittal is unwilling to let it go for significantly less.
A source close to Mr Mittal told the Standard: "We haven't had an offer for Summer Palace for a suitable price and we have been told that it is going on rent. Mr Mittal has put a lot into the property and doesn't want a cheap sale. He's in no hurry."
In 2004 Mr Mittal and his family moved to Kensington, buying Formula 1 tycoon Bernie Ecclestone's 15-bedroom home for a record £57million.
In January last year, Toprak Mansion - the property next door to Summer Palace - was sold for £40million. A month later Mr Mittal put Summer Palace up for sale. Trevor Abrahmsohn of Glentree Estates, the company behind several deals in the Bishops Avenue, says Summer Palace could yield £10,000 a week in rent.
He said: "Post credit-crunch rents are down about 20 per cent but a long-term tenant could be willing to pay up to £10,000 a week.
"Summer Palace is a lovely property and is one of the most impressive mansions on the road."
Mr Abrahmsohn brokered the sale of Toprak Mansion and was one of two agents instructed by Mr Mittal to sell Summer Palace.
The Bishops Avenue was once regarded as London's most exclusive road but in recent years a number of properties have been abandoned and left in disrepair. This month, a group of squatters moved into a £4million house in the avenue.
Reader views (4)
If I toddle of to Calais and return as an asylum seeker, would local council affect my rights under xenophobia by refusing me this as suitable accommodation?
- William, Hay~Heath UK, 30/07/2009 04:34
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Couldn't have happened to a nicer guy.
- Ted, London, 29/07/2009 14:59
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The Bishops Avenue is no longer such a jewel in the crown. The most serious buyers now look at Kensington Palace Gardens, Kensington, Knightsbridge, Regents Park and Chelsea. Also, there aren't alot of buyers with £40m spare cash - Mittals company Arcelor Mittal just posted a £700m loss today for the year - he's feeling the pinch just like most - just add more zero's!
- Raj, London, England, 29/07/2009 14:33
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I'll put up £100 a week - who else is in?
- David, Guildford, 29/07/2009 12:08
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