Lakshmi N Mittal, Chairman and CEO, of the LNM Group, has bought a central London house for a stunning £70 million ($128.25 million or about INR 560 crore). The Non-Resident Indian steel magnate's new house has walked into the Guinness Book of Records as the world's most expensive house. The previous record for the most expensive house was £62.7 million ($114.89 million) for a 1997 sale in Hong Kong. The 12-bedroom mansion located at the prestigious Kensington Palace Gardens has garage space for 20 cars. Bernie Ecclestone-the Formula One racing boss, who sold the house to Mittal-had bought it for his wife three years ago. The Kensington Palace Gardens mansions are dubbed the "Billionaires' Row." Nearby Mittal's home are the Kensington Palace and the London residence of the Sultan of Brunei, and also close to where Princess Diana lived. Mittal, whose personal wealth is put at £3.5 billion, is the richest Asian in the United Kingdom. He also owns a £9-million mansion on London’s Bishop Avenue, and a house on New Delhi’s Prithviraj Road that is said to have cost him Rs 40 crore. LNM also has a penthouse at Hyde Park and houses in Surabaya, Indonesia, and in Trinidad.