Real Estate

Mukesh Ambani Buys Dubai’s Most Expensive Beach Side Villa For USD 80 Million

Dubai: Mukesh Ambani’s Reliance Industries Ltd is the mystery buyer of an $80 million beach-side villa in Dubai, the city’s biggest ever residential property deal, two people familiar with the deal said.

The property on Palm Jumeirah was purchased earlier this year for Ambani’s youngest son, Anant, according to sources, asking not to be named as the transaction was private. The beach-side mansion has 10 bedrooms, a private spa, and indoor and outdoor pools, Indian media reports said.

Dubai is emerging as a favourite market for the ultra-rich as curbs on foreign home ownership become more relaxed. British footballer David Beckham with his wife Victoria and Bollywood mega star Shah Rukh Khan will be some of Ambani’s new neighbours.

Anant is one of three heirs to Ambani’s $93.3 billion fortune, according to the Bloomberg Billionaires Index. The world’s 11th richest person, now 65-years-old, is slowly handing the reins to his children after a diversification push that expanded his empire into green energy, tech and e-commerce.

The family has been increasing its real estate footprint overseas, with all three siblings looking Westward for second homes, one of the people said. Last year, Reliance spent $79 million to buy Stoke Park Ltd in the UK, which houses a Georgian-era mansion said to be for older son Akash, who was recently named chairman of telecom operator Reliance Jio Infocomm Ltd. His twin sister, Isha, is scouting for a home in New York, the person added.