Glencore mining tycoon Telis Mistakidis pays £46m for London Belgravia flat

Belgravia street — General view of street in Belgravia, where average property prices are among London's highest Amanda Slater/Flickr

A billionaire mining chief has paid more than £46m for a flat in London's Belgravia in the UK capital's latest property mega deal.

Telis Mistakidis, who runs copper mining at commodities behemoth Glencore, purchased the six bedroom property under his own name, rather than through a business venture.

Glencore head of copper mining Telis Mistakidis paid £46m for Belgravia flat

In addition to the £46m price, Mistakidis paid £3.2m in stamp duty. That figure would be significantly higher under the current stamp duty system introduced by UK Chancellor George Osborne in last year's Autumn Statement but the deal actually went through in October.

The massive purchase was revealed this month, when Land Registry papers were made available to the public.

The sale is the second biggest property deal to be made public in the past year and is a rare case of an individual buying a multi-million pound property, rather than a company.

The purchase bucks the recent trend in London's high-end property market, where buyers have held off from acquiring homes as UK elections loom in May.