India's second richest man and Reliance Industries chairman Mukesh Ambani has brought a new lavish mansion for a whopping USD 163 million (estimated Rs 1,349.60 crore) at Dubai's Palm Jumeirah island. He smashed his own record of the most expensive residential real estate deal in the city, as per a Bloomberg report.

According to people familiar with this matter, who asked not to be identified as they are not authorised to make it public, Mukesh Ambani purchased the Palm Jumeirah property last week for approximately USD 163 million from the family of Kuwaiti tycoon Mohammed Alshaya whose business conglomerate owns local franchises for retail brands like Starbucks, H&M and Victoria's Secret.

Dubai Land Department confirmed that the mansion was sold for USD 163 million, but the identity of the purchaser was kept a secret. The city's real estate market is bouncing back from the Covid-19 pandemic-induced depression.

Ambani’s latest purchase is just a walk away from the USD 80 million home he bought for his younger son Anant this year. This was the biggest residential sale until another mansion on the palm-shaped island sold for USD 82.4 million, Bloomberg reported.

These recent purchases show that Ambani has been increasing his presence in Dubai. According to the Bloomberg report, Reliance paid USD 79 million to purchase Stoke Park, a renowned country club in the UK, last year.

Apart from this expensive Palm Jumeirah property, Reliance Industries chairman owns other luxury properties as well. The grand luxurious hotel situated in Mandarin Oriental in New York was finalised at USD 98.15 million at the beginning of this year. Antilia, the most popular property which is also the residence of Ambani, is counted among the world's most expensive residential spaces.

Hamleys, the 259-year-old British toy store chain, is known globally for its premium range of toys and other children's products and is also owned by the Reliance group in a USD 88.5 million deal.

(With inputs from agencies)