Credit crunch forces Britain’s richest man Lakshmi Mittal to rent property


If you think only you are struggling to sell your property during this tough credit crunch, think again. Even the richest man of Britain has found no success in finding a buyer for his luxurious property. Steel magnate Lakshmi Mittal, is now looking to rent his property after failing to sell it. The lush property known as Summer Palace is located in Hampstead, North London and was valued at £40 million ($65.5 million) before the credit crunch hit. A home fit for a king, it boasts of 11 bedrooms, 12 bathrooms and six reception rooms, a glass lift to a swimming pool, Jacuzzi and steam room! Mr. Mittal had purchased this lovely abode in 1996 for £6.75million. Since he has relocated to Kensington, West London in 2004 he is looking to sell off the lovely Summer Palace. But due to the credit crunch, he has put all plans on hold and is now offering it on rent instead. According to estimates by Trevor Abrahmsohn, of Glentree Estates the Summer Palace could yield up to £10,000 ($16,300) a week!

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We are sure if Mr. Mittal manages to earn £10,000 ($16,300) per week in the form of rent, he might just abandon all plans for selling the property. So, do we have any prospective tenants for this lush residence?
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