Agencies

• Villa Leopolda in French Riviera was built for King Leopold II of Belgium & was later bought by Italian founders of Fiat

Nice (France), Aug 12: Steel tycoon Laxmi Mittal’s record of buying the most expensive house has been broken by a mystery Russian billionaire, who splashed out £392 million ($750million) on one of the most expensive villas on the French Riviera along the Mediterranean Sea. The sale of La Leopolda, a sumptuous villa on the Cote d’Azur, has fuelled worries over the invasion of Russian money.

Despite the inevitable publicity surrounding the deal, the identity of the buyer is a closely guarded secret. Rumours that the owner of Chelsea football club, Roman Abramovich, was adding another home to his property empire were swiftly denied.

The unnamed Russian bought the villa from Lily Safra, the widow of Edmond Safra, a Lebanese banker who was killed by an arsonist’s fire in Switzerland in 2003. The villa, between Nice and Monaco, was acquired by King Leopold II of Belgium in 1902.

“It’s completely surreal and we are really uneasy. We don’t dare any more to propose any price below 100 million euros for these clients. Anything below and they throw you out,” Times Online quoted agent Jean Pierre as telling Le Parisien newspaper.

According to Nice Matin newspaper, “At this price tag, we are beyond luxury and even reality.” The huge price tag is just the start of the expense for its new owner. The grounds take 50 full-time gardeners to look after estate which includes 1,200 olive, orange, lemon and cypress trees.

Villa Leopolda, which once belonged to the late Fiat tycoonGianni Agnelli, has been rumoured to be on and off the market ever since last owner Edmond Safra was murdered. Wife Lily was expected to sell it to Microsoft Bill Gates but the reports came to nothing.