Recession: Mittal to rent out palace he can't sell

Posted By: Staff
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London, Jul 30: The global economic slump that has not spared the biggies in industries, has not managed to hit the big names behind the industries. Britain's richest man, Lakshmi Mittal who is finding it tough to sell his 'Summer Palace' has reportedly planning to rent it out

The Steel Titan who could not find a buyer for his palatial 11-bed room house due to the recession, is expecting a tenant to pay a heft 10,000 pounds rent per week.

According to the British Tabloid, the Daily Mail, the house located in Hampstead, North London cost him 6.75 million pounds when he brought it in 1996.

The report quoted a source as saying, "Mr Mittal has put a lot into the property and doesn"t want a cheap sale. He"s in no hurry to sell."

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