Saturday, June 18, 2022

A bit of a steel

The Mittal family market one of their three “Billionaires Row” homes for £7 million less than they paid for it

 

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One of the world’s richest men, Indian steel magnate Lakshmi Mittal paid £117 million in 2008 for No. 6 Palace Green in Kensington. He bought the property for his son, Aditya, from an Israeli-American banker named Noam Gottesman but is now selling the property for £110 million.

 

No. 6 Palace Green, which at times has been known as Westbury House and Hyderabad House, was designed by architects Read and MacDonald and built in red brick and Portland stone between 1909 and 1910. It has variously been owned by Louis Julius Reversbach, Lord Glendyne and HEH The Nizam of Hyderabad.

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No. 6 Palace Green, Kensington, London, W8 4QA
No. 6 Palace Green, Kensington Palace Gardens, London, W8 4QA
The house has an outlook across Kensington Gardens and towards Kensington Palace
The house has an outlook across Kensington Gardens and towards Kensington Palace
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The property's dining room
The property’s dining room
Aditya Mittal with his father Laskshmi Mittal and President George H. W. Bush and President William J. Clinton
Aditya Mittal with his father Lakshmi Mittal and President George H. W. Bush and President William J. Clinton

In 2004, Ross Clark of The Telegraph reported that it had been on the market at a price of offers in excess of £18 million for 18 months. In the article, the selling agent Peter Stevenette of DTZ Residential commented:

 

“We’ve had good interest in it, generally from private individuals wanting to use it as a home… But the market for houses of this type is limited. It was last occupied as a home two years ago”.

 

Aditya Mittal, chief financial officer of ArcelorMittal, and his wife, Megha, owner of the German fashion company Escada, supposedly never moved into the 12-bedroomed 14,736 square foot neo-classical Grade II listed house. According to the Evening Standard, it includes a special storage room for art, a flower room and a silver room. The first floor is entirely dedicated to the master bedroom quarters.

 

A planning application to make various internal alterations to the house and for the construction of a subterranean room and swimming pool was submitted to Kensington & Chelsea Council in August 2012.

 

For someone, no doubt, No. 6 Palace Green will indeed be a bit of a steel.

 

 

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