Mukesh Ambani is the mystery buyer of an $80 million beachside 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, one of the people said, asking not to be named as the transaction is private.
The beach-side mansion sits in the northern part of the palm-shaped artificial archipelago and has 10 bedrooms, a private spa, and indoor and outdoor pools, local media reported without saying who the buyer is.
Dubai is emerging as a favorite market for the ultra-rich, whom the government has actively courted by offering long-term “golden visas” and relaxing curbs on homeownership for foreigners. British footballer David Beckham, with his wife Victoria, and Bollywood mega star Shahrukh Khan will be some of Ambani’s new neighbors.
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, the family 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. His twin sister, Isha, is scouting for a home in New York, the person added.
The Dubai property deal has been covert and will be held by one of Reliance’s offshore entities, said one of the people, adding that the Ambanis will spend millions of dollars to customize it and ensure its security. Longtime Ambani associate Parimal Nathwani, a director of corporate affairs at the group and member of parliament, will manage the villa.
The Ambanis’ primary residence will remain Antilia, a 27-story skyscraper in Mumbai with three helipads, parking for 168 cars, a 50-seat movie theater, a grand ballroom and nine elevators.
In addition to luxury homes, Palm Jumeirah’s string of islands comprises posh hotels, glitzy clubs, spas, restaurants and splashy apartment towers with breathtaking views of the Persian Gulf’s blue waters. Its construction began in 2001, with the first residents moving in around 2007.
