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  1. Wealth
July 15, 2009

Times: ‘Billionaires’ Row’ mansion occupied by squatters

By Spear's

Squatters have moved into a London super-mansion in a road dubbed “Billionaires’ Row”, a few doors from a house owned by the steel magnate Lakshmi Mittal.

From the Times:

Squatters have moved into a London super-mansion in a road dubbed “Billionaires’ Row”, a few doors from a house owned by the steel magnate Lakshmi Mittal.

Mr Mittal, the head of ArcelorMittal, put his home, the nine-bedroom Summer Palace, on the market last year at £40 million before deciding not to sell it, according to local estate agents.

The squatted-in house is in The Bishops Avenue, in North London, a favoured address among international businessmen and heads of state, where it is not uncommon for mansions to have heated driveways, security guards and their own beauty parlours.

However, this property, like many others in some of London’s most prestigious streets, was left empty and run-down years ago, according to its new occupants. High-profile neighbours include the Saudi royal family and the Brunei royal family.

The squatters have been told that the property is worth £30 million. Trevor Abrahmsohn, of Glentree Estates, the estate agent responsible for some of the biggest sales in The Bishops Avenue, agrees with that valuation. Mr Abrahmsohn told The Times: “The land that the house is on has planning permission for a 50,000 sq ft property to be developed. I would not be surprised if it were worth £30 million.”

To read the full story, visit timesonline.co.uk
 

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