London, May 23 (PTI): Lakshmi Mittal is said to have spent £117 million on a new mansion here — making it possibly the world’s costliest home.

The Indian steel tycoon and Britain’s richest man, Mittal, bought the palatial home on Kensington Palace Gardens, a street dubbed Billionaires’ Row in west London, fully furnished and with an art collection for his 32-year-old son Aditya, The Sun reported today.

However, according to the tabloid, Mittal — who moved into the half-mile, tree-lined Private Avenue four years ago after paying £67 million for a 12-bedroom house — has denied buying the mansion.

The price of the mansion works out to £8,000 per square foot.

Mittal had recently put his 11-bedroom summer palace — one of Britain’s most expensive homes at £40 million — on Bishops Avenue on sale after his neighbours, the Barratt family, got approval from the civic authorities to build luxury apartments next door.

Mittal, the world’s largest steel maker whose fortune is estimated at £51 billion, had earlier tried to prevent them from getting permission from the local city council. The council had rejected his appeal.