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April 13, 2004

Indian tycoon pays $128M for house

LONDON (AP) -- An Indian steel tycoon reportedly paid $128 million for a mansion in the British capital, breaking the world record for the most expensive house purchase.

The Sunday Times said Lakshmi Mittal, named by Forbes magazine as one of the richest people in the world, bought the 12-bedroom house in London's Kensington district from Formula One car racing boss Bernie Ecclestone.

The Times said the sale of the property near Kensington Palace, the former home of Princess Diana, broke the record for the world's most expensive house sale. It said the previous record was set in Hong Kong in 1997 when a property sold for $101.6 million.




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