Now THAT'S how to renovate a house!! Russian tycoon, Leonid Blavatnik's London home worth an estimated £200m

What do you do if you're the second richest man in Britain? Why, give your grade II-listed Victorian mansion on Kensington Palace Gardens - London's most expensive street - a thorough revamp, that's what...

It seems that not a week goes by without one multi-millionaire or another leaving their (very expensive) mark on the inflated London property scene.

This week it's the turn of Russian-born tycoon, Leonid Blavatnik whose grade II-listed Victorian extravaganza could now be worth a phenomenal £200million, according to estate agents in the know.

Mr Blavatnik - who comes in at a very respectable second on Britain's rich list - is just months away from completing a two-year renovation project on his west London property, sending ripples of excitement through the property sector.

white london villa with front yard garden

(Image credit: TBC)

Will he sell? Will he keep the property on Kensington Palace Gardens as his London des res? The capital's high-end property brokers are on tenterhooks...

Self-made millionaire, Blavatnik - owner of the Warner Music Group, paid £41million for 15 and 15b on the exclusive street in 2004 after a rumoured bidding war with rival Roman Abramovih and Lakshmi Mittal.

Once his extensive modernisation is complete, the 13-bedroom, nine-bathroom property will feature an impressive 25-metre swimming pool with indoor and outdoor sections, a gym, cinema and spacious wine cellar as well as a multi-story underground car park complete with a lift so guests can avoid troublesome traffic wardens.

And for the security conscious the property is protected by armoured glass and will also house a two-bedroom security post once complete.

red villa with front yard garden

(Image credit: TBC)

Giles Hannah of Mayfair-based agents VanHan told the Evening Standard: 'It is one of the best [properties] on the street, wiht a particularly large garden and fantastic views overlooking the lawns of Kensington Palace.

'He's doing it to a phenomenal stardard. It has vast ceiling heights...'

One thing's for sure, he probably doesn't need the money. According the Sunday Times Rich List, Mr Blavatnik's wealth is estimated at around £11billion.

If he does sell, 15 Kensington Palace Gardens will still be some £50million shy of the asking price for a property on Carlton House Terrace. If it sells for £250million, the terrace property overlooking St James' Park will smash the record for the UK's most expensive home.