Connect with us

World

Saudi prince who led anti-corruption purge revealed as owner of ‘world’s most expensive home’

Published time: 18 Dec, 2017 01:44

The Saudi crown prince who led a recent royal crackdown on cor..

The Saudi crown prince who led a recent royal crackdown on corruption and lavish spending has reportedly been revealed as the buyer of “the world’s most expensive home.”

Crown Prince Mohammad bin Salman was identified as the owner of the 50,000sq ft (4,645 sq m) Chateau Louis XIV following a report by the New York Times Saturday. The paper found that the heir to the Saudi throne bought the $300 million property in 2015 – one of a number of symbols of the royal’s largesse along with a $500 million yacht and a $450 million painting by Renaissance master Leonardo da Vinci.

READ MORE: As Yemen burns, Time readers vote Saudi Crown Prince person of the year

The prince was said to have acquired the palace through a number of shell companies in France and Luxembourg that are all owned by Eight Investment Company, a Saudi firm run by his own personal foundation. The claims in the report were based on information from the Paradise Papers, a trove of more than 13 million documents relating to offshore investments that were leaked to an alliance of news media.

The revelations seem particularly ironic in Mohammad bin Salman’s case, as he has been leading a campaign promoting austerity and railing against self-enrichment in the oil-rich state in recent times. The effort has resulted in the arrest of more than 200 princes, ministers and businessmen and their imprisonment in the Ritz Carlton in Riyadh.

The Kingdom’s deficit reached $79 billion last year. To cut the deficit, Riyadh has tried to implement fiscal measures, including spending cuts, raising taxes, bond sales and even raised the prospect of a floating a part of its oil monopoly Armco on the stock exchange.

READ MORE: Saudi prince freed from Ritz-Carlton 'prison' after $1bn settlement with authorities

Salman’s 620-acre palace was built in 2009 in Louveciennes, west of Paris, after developer Emad Khashoggi, the nephew of a billionaire arms dealer, bulldozed a 19th-century castle to make way for his vision of a Versaille-style palace. The home, which features a wine cellar, movie theatre and a moat with transparent underwater chamber, is entirely modern, with fountains, lights and air conditioning all remotely controlled via iPhone.

There are also 10 bedroom suites in the house, indoor and outdoor pools, a squash court, two ballrooms and a nightclub. Fortune magazine described the property as “the world’s most expensive” in a feature piece in December 2015.

Original Article

RT

The post Saudi prince who led anti-corruption purge revealed as owner of ‘world’s most expensive home’ appeared first on News Wire Now.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

World

Over 21,000 People Killed since UN Global Ceasefire-Resolution

At least 21,347 people have been killed in conflict, including more than 5,800 civilian adults and c..

At least 21,347 people have been killed in conflict, including more than 5,800 civilian adults and children who were directly targeted[i], despite the adoption of a UN Security Council resolution calling for a global cessation of hostilities some 90 days ago. Instead of a ceasefire, allowing countries and humanitarian organisations to focus on battling the COVID-19 pandemic, ongoing violence is pushing millions to the brink of conflict-induced famine and hindering the battle against the outbreak. (more…)

Continue Reading

World

COVID-19 could reverse gains made for African children, warns Save the Children

The COVID-19 pandemic threatens to reverse progress made for children in Africa by years or even dec..

The COVID-19 pandemic threatens to reverse progress made for children in Africa by years or even decades, witheconomic aftershocks risking to push an additional 33 million children into poverty, according to Save the Children. (more…)

Continue Reading

World

COVID-19 threatening global peace and security, UN chief warns

Following are UN Secretary-General António Guterres remarks to the Security Council on the COVID-19 ..

Following are UN Secretary-General António Guterres remarks to the Security Council on the COVID-19 pandemic, in New York, today: (more…)

Continue Reading

Trending