A house in London worth $1.58 billion has taken the very first place as the most expensive house in the world, beating the Buckingham Palace, the $1.55 billion royal residence of British kings and queens, according to a report.

It is owned by Elena Franchuk, an Ukranian oligarch at Kensington, said the Comparecamp.com report.

In the infographic gathering the world’s 10 most expensive homes, it’s no coincidence that three are from Kensington Gardens in London, a favourite among billionaires.

The other homes are in the usual luxurious spots, such as, Beverly Hills, Monte Carlo, and Aspen. But one home on the list, owned by an Indian tycoon, caught the analysts by surprise. It’s located in the middle of an impoverished Mumbai neighbourhood, yet it managed to snatch the third spot for sheer structural size and complexity.

Sometimes, a house is also valuated based on who lives in it. The Buckingham Palace, for instance, is luxurious, but it’s not the most opulent residence.

The Arab sheikhs are known to beat European royals in residential extravagance. However, the Buckingham Palace’s resident, the Queen of England, lends to the property value more than the structure itself, the study said. - TradeArabia News Service