Daily Telegraph, By Matthew Moore, 28.04.2008

The eight-bedroom "palatial" conversion in Knightsbridge, London is expected to be worth around ¸150 million when complete.

It will boast a cinema room, indoor swimming pool, steam room and entertainment room, all set across eight stories - three of them underground.

His planned development in Lowndes Square is currently two adjoining townhouses, which were split into nine separate apartments in 1998.

Mr Abramovich bought one of the flats in the late 1990s to use as his London home, and has since bought up the other apartments as they came on the market.

He bought the freehold for the properties for ¸1.8 million last September, and has now submitted plans for the ambitious development to Kensington and Chelsea council.

The Russian émigré intends to maintain the properties' beautiful stucco exteriors, but reportedly plans to redevelop the interior after his own opulent style.

If the plans are approved, the value of the single property has been estimated at ¸150 million by estate agents, which represents a substantial profit for the Russian. Buying up the individual apartments is thought to have cost him around ¸20 million.

The current record for the most expensive private residence in Britain is ¸80 million, set in March this year.