The Times of London reports that Lakshmi Mittal, an Indian steel magnate, is purchasing a $230 million London home from U.S. hedge fund manager, Noam Gottesman.
Mittal is Britain's richest man who is spending about $16,000 a square foot for the detached residence on Palace Green, an extension of Kensington Palace Gardens, where several billionaires have their London homes. The $230 million price is 40% more than the previous record of $160 million for property in London's nearby Upper Phillimore Gardens.
Gottesman is fairly well off. His net worth has been estimated at $920 million. But if this sale goes through, he will be a billionaire.
Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter
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