Billionaire Ambani splurges $163m on priciest Dubai villa

Billionaire Ambani splurges $163m on priciest Dubai villa

Dubai: India’s second-richest man is building upon his Dubai property empire with another beach-side villa purchase, smashing his prior record for the city’s most expensive residential real estate deal within a matter of months, according to people familiar with the matter. Mukesh Ambani bought the Palm Jumeirah mansion last week for about $163 million from the family of Kuwaiti tycoon Mohammed Alshaya, said the people, asking not to be named as they’re not authorized to speak publicly. Alshaya’s conglomerate owns the local franchises for retail brands including Starbucks, H&M and Victoria’s Secret. Ambani is chairman of Reliance Industries, India’s largest company by market value, and has a net worth of $84 billion. The billionaire has been snapping up properties overseas, increasingly looking westward for second homes. Reliance spent $79 million last year to buy iconic UK country club Stoke Park and Ambani is also scouting for a property in New York, Bloomberg has reported. Ambani’s latest purchase in Dubai is a short stroll from the $80 million home he bought earlier this year. That deal was the city’s biggest-ever residential sale until another mansion on the palm-shaped island sold for $82.4 million. The Dubai Land Department reported a property deal