World's most expensive property finds a buyer

Russian businessman pays a record £397 million for 20-acre estate on the French Riviera

Mikhail Prokhorov has been named as the mysterious Russian tycoon who paid a record amount for his new residence - the luxurious Villa Leopolda near Cap Ferrat.

The villa, which is built on a patch of land known as the Domaine of La Leopolda, was assembled by the King of Belgium Leopold II, who intended to build a villa there but died before he could start.

The property was completed in 1902, and has since been owned by the late Fiat patriarch, Gianni Agnelli, and also by Lily Safra, wife of the deceased Syrian businessman Edmond Safra, a famous Jewish philanthropist.

Thought to be one of the richest men in Russia, Mr Prokhorov made his fortune in the nickel, copper and platinum trade, and now runs the Onexim group, an investment fund specializing in new technologies.

Prokhorov made headlines last year when his chalet in the French ski resort of Courchevel was raided by local police and he was taken in for questioning over a suspected prostitution ring.

The Daily Telegraph newspaper said, "The purchase suggests Mr. Prokhorov has made peace with France, having previously threatened to boycott the country after being arrested in connection with a prostitution ring."