12 year old buys £30m worth of luxury Dubai property
Mar 8th, 2010 | By Les Sheppard | Category: Property InvestingWelcome back! Have you made sure you never miss a new property? Subscribe to updates with your best email address in the sidebar to the right.You see everything new at least 48 hours before the crowd!
The 12-year-old son of the Azerbaijan president has gone on a multi-million pound property spending spree, buying up a series of luxury Dubai waterfront mansions.
Heydar Aliyev, the son of Ilham Aliyev, the oil-rich country’s president, allegedly spent almost £30 million (US$44 million) on nine waterfront mansions in the southern Gulf emirate earlier this year, reports said.
The boy, who was 11 at the time, made the purchase in the Palm Jumeirah development over two weeks, the Washington Post reported on Friday.
Heydar’s name and his date of birth appeared on Dubai Land Department records, which were obtained by the paper.
The details listed on the property records were the same as those of the son of the former Soviet Republic’s president, whose annual salary is about £150,000 ($228,000).
The purchases are about the equivalent to 10,000 years’ worth of salary for the average citizen of the country.
Industry sources with knowledge of the transactions told the paper the purchases were made by a buyer representing Azerbaijan’s ruling family, with the properties paid for “upfront”.
It remains unclear whether the boy was given the property as a gift or how he could have bought into the development, after officials in Baku, the country’s capital, refused to comment on the claims.
“I have no comment on anything. I am stopping this talk. Goodbye,” Azer Gasimov, the president’s spokesman, told the paper when contacted for comment.
He did not respond to repeated further requests for comment.
The luxury real estate scheme is popular with multimillionaires, British footballers and celebrities and is also home to the world’s biggest artificial island.
The island off the coast of Dubai has become a symbol of the emirate’s reputation for luxury and extravagance.
Related posts:
