If the current world’s richest man, Warren Buffett, chooses to stay frugal and live in his $30,000 house bought back in the 50s, some people decided to do the extreme.

Mukesh Ambani, who was listed the 5th richest man in the world in 2008 after Buffett, Carlos Slim Helu, Bill Gates and Lakshmi Mittal, is now in the midst of constructing the world’s largest and most expensive house in Mumbai, India.

The 27-storey house, which is expected to be completed in January 2009, will cost a staggering $2 billion. Once finished, the gigantic building will offer a total interior space of over 400,000 feet, more than 100 times an average-size bungalow house does.

Called the Antillia, the high-rise home will come with expensive and most luxurious facilities that include 6-storey parking lots, 4-storey garden, nine elevators, crystal covered ballroom, state-of-the-art health center, ice room, and glorious entertaining space.

The architects and designers, who are team members behind the Mandarin Oriental hotels, design and build the house as they go, and making alteration to the creation as the building is constructed.

London-based Mukesh is the chief of India’s largest company by market capitalization, Reliance Industries, which was founded by his late father, Dhirubhai Ambani some 40 years ago.

Reliance has major interest in oil, petrochemicals and other diversified operations. Forbes estimated Mukesh to have a net worth of over $40 billion.

Currently, the most expensive home is located in France, owned by Chelsea Football Club owner, Roman Abramovich. Roman purchased the house, called La Leopolda villa for a price of $500 million, not more than a month ago, 4 times less the cost of Mukesh’s house.

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