Mysterious Russian buys world's priciest property for $750m

An unidentified Russian billionaire has spent $750 million to buy a villa on the French Riviera, demolishing the previous global record, which was set by Indian steel magnate Lakshmi Mittal's $114 million purchase of his London mansion in 2004.

The unnamed Russian bought La Leopolda, a sumptuous villa on the Cote d'Azur 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, which has a commanding view of Cap Ferrat and the Mediterranean and is often listed as one of the world's most desirable residences. The villa, between Nice and Monaco, was acquired by King Leopold II of Belgium in 1902.

It was rumoured a few years back that Bill Gates had bought it and then Russian billionaire Roman Abarmovich's was said to be the new owner.

According to rumour, Lily Safra held out for months as the eager mystery buyer kept raising the price for the historic villa, which was also once owned by Fiat tycoon, Gianni Agnelli. Frank Sinatra and Ronald Reagan are among the guests who are said to have attended parties at the villa when it was owned by Agnelli. The mystery billionaire is now the owner of a turreted mansion and two guest houses on 20 acres of grounds with hundreds of olive, cypress and lemon trees tended by 50 gardeners.

"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... and you should see how they do it," Times Online quoted high-end agent Jean Pierre as telling Le Parisien newspaper.