Russian tycoon named as mystery buyer of the world's most expensive house - sold for £395 million - News

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The 43-year-old oligarch - who was arrested in France last year suspected of running a prostitution racket - paid 395 million pounds for the Villa Leopolda near the exclusive Cote d'Azur enclave of Cap Ferrat.

Prokhorov, worth around ten billion pounds and the world's 24th richest man, was arrested along with 25 other people in a raid on his hotel suite in the French ski resort of Couchevel in January 2007.

Big spender: Russian billionaire Mikhail Prokhorov has been named as the new owner of the world's most expensive pad Villa Leopolda

Police suspected eight women in their 20s were prostitutes procured for Prokhorov's guests, but the tycoon claimed the girls were models invited on his holiday to the French Alps and charges were never brought.

But the scandal is still said to have caused 'immense damage' to his image in Russia.

The billionaire sold Russian platinum and Nickel conglomerate Norilisk last year and now runs the investment fund group Onexim.

One in a million: An aerial view of the luxury Villa Leopolda on the French Riviera

The Villa Leopolda, one of the most spectacular properties on the riviera, was previously owned by Lebanese banker Edmond Safra, who died in a 1999 arson attack on his Monaco apartment started by his American bodyguard.

The property has 19 bedrooms and a double swimming pool over seven hectares of terrain.

It was sold to Prokhorov earlier this month for the world record sum by Safra's widow Lily, local paper Nice-Matin said.