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, 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 home ownership 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.
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