Mukesh Ambani buys $80 million Home for son Anant in Dubai.
According to two sources, Mukesh Ambani’s Reliance Industries Ltd. is the purchaser of a $80 million beachfront mansion in Dubai, the largest residential real estate transaction in the city’s history.
Anant, the youngest son of Mukesh Ambani, was the buyer of the Palm Jumeirah home earlier this year, one of the people said, declining to be identified because the deal was personal.
Local media did not identify the buyer of the beachfront property, which includes 10 bedrooms, a private spa, and indoor and outdoor pools and is located in the northern section of the artificial island structured like a palm tree.
Dubai is quickly becoming a favorite destination for the ultra-rich, whom the government aggressively courted by granting long-term “golden visas” and easing restrictions on foreigners being able to purchase homes.
Some of Ambani’s new neighbours will be Shahrukh Khan, a Bollywood superstar, and David Beckham, a British footballer, along with his wife Victoria.
According to the Bloomberg Billionaires Index, Anant is one of the three heirs of Ambani’s $93.3 billion fortune.
After a push for diversification that saw his company grow into green energy, technology, and e-commerce, the 11th richest man in the world, who is now 65 years old, is gradually relinquishing the keys to his offspring.
All three of the siblings are searching for second houses in the West, according to one of the persons, since the family has been expanding its real estate holdings abroad.
Reliance paid $79 million last year to acquire Stoke Park Ltd. in the UK, which has a Georgian-era estate thought to belong to older son Akash, who recently assumed the chairmanship of telecom provider Reliance Jio Infocomm Ltd.
The individual also said that Isha, his twin sister, is looking for a house in New York.
One of the persons added that the Ambanis will spend millions of dollars customising it and ensuring its security.
The deal for the Dubai property was secret and will be held by one of Reliance’s offshore businesses.
The mansion will be managed by Parimal Nathwani, a longtime associate of Anil Ambani and a director of corporate affairs for the organisation.
The 27-story Mumbai skyscraper Antilia, which has three helipads, 168 spaces for parking, a 50-seat movie theatre, a large ballroom, and nine elevators, will continue to be the Ambanis’ primary residence.
Along with wealthy residences, Palm Jumeirah’s chain of islands is home to opulent hotels, flashy clubs, spas, restaurants, and flamboyant apartment complexes with stunning views of the Persian Gulf’s azure waters.
Its development started in 2001, and the initial occupants moved in about 2007.
Due to the city’s quick response to the Covid-19 outbreak and steps intended to increase the economic participation of ex-pats, Dubai’s property market, which accounts for almost a third of the country’s GDP, is emerging from a seven-year depression.
A 10-year visa is now available to investors who purchase real estate valued at least 2 million dirhams.
More than 80% of the people living in the United Arab Emirates are foreigners, and they have long supported the country’s economy by working primarily in the private sector, buying real estate, and shopping in some of the biggest malls on earth.
Particularly in terms of buying real estate in Dubai, Indians have constantly been among the top buyers.
The world real estate industry has recently been booming. The Financial Times reported earlier this month that an estate 20 miles west of London sold for €125 million.
Swiss billionaire Ernesto Bertarelli was rumoured to be purchasing a mansion in London’s exclusive Belgravia neighbourhood for roughly €92 million ($108 million) in June.
While Asia’s most expensive apartment per square foot sold in Hong Kong for HK$640 million ($82 million) in November, Joe Tsai’s Blue Pool Capital recently paid $188 million for a New York penthouse that had previously belonged to Dan Och.
Maharashtra: Mukesh Ambani’s son Anant Ambani seen at Prime Minister Narendra Modi’s public rally venue in Mumbai. pic.twitter.com/NODbOHi084
— ANI (@ANI) April 26, 2019
