(MENAFN- Khaleej Times) E 2850ft-high Blencathra mountain was put on the market by Earl of Lonsdale Hugh Lowther in May with an 1.London: ArcelorMittal chairman and CEO Lakshmi Mittal has sparked a row in the UK after bidding for an iconic mountain range which locals believe could now become a playground for the super-rich.
The 2850ft-high Blencathra mountain was put on the market by Earl of Lonsdale Hugh Lowther in May with an 1.75 million pounds asking price.
Funds from the sale of the 2676-acre plot will go towards paying off the reported 9 million tax he owes from his father's inheritance who died eight years ago.
Concerned that the announcement of the sale would see the mountain become a playground for the super-rich 'the Friends of Blencathra' local residents group put in a bid for the mountain and applied to Eden District Council to make the area a community asset to secure it from private hands the 'Independent' newspaper reported.
But on Friday John Robson director of selling agents H&H Land and Property confirmed the Friends of Blencathra were unsuccessful. The Blencathra mountain range. Source:www.mountain-forecast.com
He explained in a statement that the Lonsdales had accepted an offer from an unnamed party which exceeded the guide price for the mountain.
It has now emerged the unnamed party is the London-based Mittal.
The agent's statement read: 'Prior to reaching this decision we had discussions earlier today with representatives from The Friends of Blencathra. We have taken into account both their offer and the fact that there is a significant shortfall between this and the successful offer.'
'The reason behind the sale of Blencathra is to realise capital for inheritance tax following the death of the 7th Earl of Lonsdale in 2006. The Estate's solicitor has been instructed to proceed with the sale and we expect the matter to be completed reasonably quickly' the statement said. For more news from Khaleej Times follow us on Facebook at facebook.com/khaleejtimes and on Twitter at khaleejtimes Follow khaleejtimes -->
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