British tycoon buys world's most expensive house

One of the richest tycoons in Britain has bought the world's most expensive house.

Steel magnate Lakshmi Mittal has paid £70 million ($195 million) for the 12 bedroom-mansion in Kensington Palace Gardens, West London. The previous record was £62.7 million in 1997 for a property in Hong Kong.

The London property is 55 times bigger than an average British house and has garage space for 20 cars. It is next to Kensington Palace and the London home of the Sultan of Brunei.

The house was sold by Formula One racing boss Bernie Eccleston, who bought it for £50 million three years ago but never lived in it.