Indian billionaire Mukesh Ambaniits network value has surpassed himself Tesla Inc TSLA chairman Elon Musk and Amazon.com Inc AMZN founder jeff bezosjust bought a huge new property.

Ambani-led Reliance Industries Ltd recently bought an $80 million beachfront mansion in Dubai, a report Citing sources said. It is considered the largest residential real estate deal in the city.

According to the report, the mansion on Dubai’s Palm Jumeirah was bought earlier this year for Anant Ambanithe youngest son of Mukesch Ambani.

The Beach Villa is located in the northern part of the palm-shaped artificial archipelago. Bloomberg reported that it has ten bedrooms, a private spa, and indoor and outdoor pools.

So far, the Dubai property deal has been kept secret and is being held by one of Reliance’s offshore entities, a source quoted Bloomberg as saying.

Also read: Mukesh Ambani regains the title of ‘Asia’s Richest’ as he accumulates his wealth

Ambani will reportedly spend millions of dollars to customize it and keep the property safe.

With this new acquisition, Anant becomes the neighbor of celebrities, including david beckham, his wife Victoriaand Shah Rukh Khan.

Mukesch Ambani is slowly handing the reins of his business to his children after diversifying his empire.

Anant is one of the heirs to Ambani’s $93.3 billion fortune along with his sister Isha and brother Akash.

Dubai has always been a popular travel destination for wealthy people around the world. The Dubai government has encouraged many wealthy people to come to the country by granting them “golden visas” and less homeownership restrictions for foreigners.

Contributing around a third to the country’s economy, Dubai’s real estate market is recovering from a seven-year decline due to the Covid-19 pandemic.

Photo: Courtesy of the World Economic Forum via flickr