Mr. Mittal, Britain's richest man, is understood to be in negotiations to buy the property in Kensington Palace Gardens, one of the most prestigious addresses in London. When the deal goes through, the house will be the magnate's second property in the tree-lined private avenue near the Royal residence that was home to Diana, Princess of Wales.

Mr. Mittal is close to an agreement with the owner, Noam Gottesman, a 47-year-old Israeli-American financier with a reputation as one of the most formidable traders in the City.

Yesterday, both men were saying nothing about the transaction, but it is predicted the property will change hands for £117 million, achieving a British record. The previous highest price for a residence was reached in March this year when a flat in nearby St James's Square sold for £115 million.

Mr. Gottesman's detached residence is next to the Israeli embassy on Palace Green, an extension of Kensington Palace Gardens.

The four-storey house has at least five bedroom suites plus extensive servants' quarters and is described as an institutional neo-Georgian building typical of a type built from the 1920s onwards.

It is being sold furnished and with an art collection. "It is the limited opportunities to acquire such a house as this, the rarity of these houses coming on the market, that makes it so expensive," a property industry insider said.

The house is thought to be for Mr. Mittal's son Aditya, 32, the chief financial officer of the world's largest steel company, Arcelor Mittal. Lakshmi Mittal is the majority owner.

It is believed Aditya wants to be near his father, whose fortune has been estimated at £27.7 billion and who lives in another property in Kensington Palace Gardens. That home was bought for £57 million from the Formula One boss Bernie Eccleston in 2004.

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