Britain richest man Lakshmi Mittal is looking for tenants for his 'Summer Palace' in Hampstead

Britain’s richest man is putting his house up for rent after struggling to sell it.
Steel magnate Lakshmi Mittal is looking for tenants for his ‘Summer Palace’ in Hampstead, North London.
With 11 bedrooms, 12 bathrooms and six reception rooms, a glass lift to a swimming pool, Jacuzzi and steam room, the property has failed to attract an offer close to the estimated £40million it was worth before the credit crunch hit.

'Summer Palace': Lakshmi Mittal couldn't find a buyer for his £40m home, above

Mr Mittal bought the house, which is set in an acre of land, in 1996 for £6.75million.

Credit crunched: Steel tycoon  Mr Mittal

A source said: ‘Mr Mittal has put a lot into the property and doesn’t want a cheap sale. He’s in no hurry to sell.’
In 2004, Mr Mittal and his family relocated to Kensington, West London, buying Formula 1 tycoon Bernie Ecclestone’s 15-bedroom home for a record £57million.
Trevor Abrahmsohn, of Glentree Estates, estimates that Summer Palace could yield £10,000 a week in rent.
He said: ‘Post credit-crunch rents are down 20 per cent but a long-term tenant could be willing to pay up to £10,000 a week.’
In recent years, however, a number of multimillion-pound properties street the house is on have been left in disrepair, with squatters moving in.
Developers such as Barratt Homes have also angered some well-heeled residents by building flats on the road.

: A gilded double staircase and chandelier in Mr Mittal's mansion

Source: dailymail
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2012年8月15日