PTI

London, Feb 29: Indian steel tycoon Lakshmi Mittal has decided to sell off his 40-million-pound house on Bishops Avenue here after one of his neighbours got permission to build flats next door.

Mittal's Summer Palace on Bishops Avenue -- the ultimate Billionaires' Row in London -- is one of Britain's most expensive homes. His neighbours include the Sultan of Brunei and members of the Saudi Royal Family.

But, the world's largest steel maker has placed his property on the market with an asking price of 40 million pounds after the Barratt family's plans to construct luxury apartments were approved by authorities, the British media reported on Friday.

Mittal, whose fortune is estimated at 51 billion pounds, had earlier led an unsuccessful attempt to prevent the builder getting the permission from the local city council.

However, according to the media reports, there has been no comment on the issue by the steel magnate.

But, Trevor Abrahmson of Glentree Estates, one of the two agents selling the Mittal's steel and glass house, has welcomed the apartments. "Because the buyers are local people, community spirit is coming back.

"The Bishops Avenue is a global name. It is well known to the international wealthy and for them to have a house here is the ultimate status symbol. But the Bishops Avenue will not become flats from end to end as planning laws are draconian.

"There is still strong demand from international buyers who want a second home in a political and economic safe haven, and also want a statement of their wealth."