NRI Lakshmi Niwas Mittal, who is the richest man in UK, has just bought his third property for 70 million pounds on London's most expensive street, Kensington Palace Gardens. The Mittals own 44 per cent of steel giant ArcelorMittal and already have two substantial sized homes on the street Kensington Palace Gardens, where Princess Diana spent the last few years of her life. LN Mittal’s newest purchase from Hedge fund tycoon Noam Gottesman happens to be the former embassy of the Philippines.

It follows Mittal’s buying of an ostentatious house for a whooping 117 million pounds a month ago on the street popularly called ‘Billionaire's Row’ for his son Aditya and his family. This particular house is regarded as Britain’s most expensive one. However, even the recent buy of LN Mittal is remarkable as the former embassy of Philippine is in need of revamp. Spread over an area of 16,250 square feet, it is the largest structure the road facing the Kensington Palace. The Forbes Magazine has named Lakshmi Mittal as the world's fourth wealthiest person in March 2008.