117 Euro Million-Mansion Most Expensive in World

28 May 2008 @ 03:00 pm EDT

Luxury Real Estate: The Bishops Avenue in Hampstead, dubbed "Billionaires' Avenue," is going to have to be renamed to "Multibillionaires' Avenue," if prices for homes keep brimming. The Sun recently reported that the latest development has Britain's richest individual, steel tycoon Lakshmi Mittal, ready to purchase a 14,000-plus-square-foot-estate in Kensington Palace Gardens, West London, for &euro117 million. Mittal, who also owns a 12-bedroom house on the private avenue, is denying that he is the buyer.

The highly coveted area, which is close to the center of the capital, is flanked by two golf courses and 1,000 acres of parkland. The 66 residences along the half-mile avenue are occupied by some of wealthiest people on the planet, making the area one of the most prestigious neighborhoods anywhere.

Home prices are continuing to rise, as the China Post reported that In early January billionaire Russian-Israeli Lev Leviev bought a villa on The Bishops Avenue for a then-record-setting &euro47 million ($68 million U.S.). Weeks later that high mark was shattered by a billionaire from Kazakhstan, Horelma Perama, who paid &euro50 million to buy the 28,000 square-foot "Toprak Mansion." The massive structure also features a 28-car garage.

London currently is a tax haven for foreigners who made their fortunes abroad. Most of the citizenry of "Billionaires' Avenue" are non-domiciled residents who receive substantial tax breaks. However, it may not be a good time to draw from a home-equity line of credit, as there is a new controversial proposal that would revise the advantageous tax status of non-domiciled residents if approved.

Glentree Estates is the real estate firm that facilitated most of the transactions occurring on The Bishops Avenue.

For LxM James Rothaar

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