Mukesh Ambani, India’s second richest man and Chairman and Managing Director of Reliance Industries Limited (RIL), has bought Dubai’s most expensive villa for a record-breaking $163 million, reported Bloomberg citing people familiar with the matter.

The Indian billionaire had bought the beach-side mansion last month from the family of Mohammed Alshaya, a Kuwaiti tycoon whose business conglomerate owns local franchises for retail brands like Starbucks, H&M and Victoria’s Secret, stated the report. The 10-bedroom plush residence, with a private spa, indoor and outdoor pools, is near the $80-million home that Ambani had reportedly bought for his son Anant earlier this year.

The Dubai Land Department had reported a property deal worth $163 million on Palm Jumeirah last month, without disclosing the buyer’s identity, said Bloomberg. A spokesperson for Reliance declined to comment, while Alshaya representatives didn’t respond to requests for comment, it said.