Indian billionaire Mukesh Ambani, whose net worth has outperformed Tesla Inc TSLA CEO Elon Musk and Amazon.com Inc AMZN founder Jeff Bezos, just purchased a massive new property.
Ambani-led Reliance Industries Ltd has recently bought a beach-side villa in Dubai worth $80 million, a report quoting sources said. It is considered the city’s biggest ever residential property deal.
According to the report, the villa at Dubai’s Palm Jumeirah was purchased earlier this year for Anant Ambani, the youngest son of Mukesh Ambani.
The beach-side mansion is located in the northern part of the palm-shaped artificial archipelago. Bloomberg reported that it has ten bedrooms, a private spa, and indoor and outdoor pools.
So far, the property deal in Dubai has been kept secret and will be held by one of Reliance’s offshore entities, Bloomberg quoted a source saying.
Ambani will reportedly spend millions of dollars to customize it and ensure the property’s security.
With this new purchase, Anant will become the neighbor of celebrities, including David Beckham, his wife Victoria, and Shah Rukh Khan.
Mukesh Ambani is slowly handing over the reins of his businesses to his children following a diversification of his empire.
Anant is one of the heirs to Ambani’s $93.3 billion fortune, along with his sister Isha and brother Akash.
Dubai has always been a favorite destination for wealthy people around the world. The Dubai government has encouraged many rich people to come to the country by giving them “golden visas” and relaxing curbs on homeownership for foreigners.
Dubai’s real estate market contributes around a third of the country’s economy and is recovering from a seven-year decline due to the Covid-19 pandemic.
Photo: Courtesy of World Economic Forum via Flickr
Image and article originally from www.benzinga.com. Read the original article here.