Mukesh Ambani’s Reliance Industries Limited purchased an $80 million beach-side villa in Dubai, the city’s biggest ever residential property, reported Bloomberg citing sources.

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The Palm Jumeirah property was acquired earlier this year for Anant Ambani, according to Bloomberg. the beach-front mansion is located in the northern portion of the palm-shaped artificial archipelago and features 10 bedrooms, a private spa, and indoor and outdoor pools.

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Dubai is growing as a preferred market for the ultra-rich, whom the government has campaigned vigorously by giving long-term “golden visas” and removing restrictions on foreigner homeownership. Some of Ambani’s new neighbours will include British footballer David Beckham and his wife Victoria, as well as Bollywood superstar Shahrukh Khan. According to the Bloomberg Billionaires Index, Anant is one of three heirs to Ambani’s $93.3 billion wealth. After a diversification drive that expanded his company into green energy, technology, and e-commerce, the world’s 11th richest person, at 65 years old, is gradually passing over the keys to his children.

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Reliance spent $79 million to acquire Stoke Park Ltd. in the UK, which features a Georgian-era estate reported to be for  Akash Ambani last year.  His twin sister, Isha, is looking for a home to reside in New York, according to Bloomberg.

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Ambanis will spend millions of dollars customising it and ensuring its security. The purchase of the Dubai property was secret and will be held by one of Reliance’s offshore businesses, according to Bloomberg. Parimal Nathwani, a director of corporate affairs at the firm and a member of parliament, will oversee the property. Antilia, a 27-story Mumbai skyscraper with three helipads will remain the Ambanis’ primary residence.

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Meanwhile, Mukesh Ambani addressed the shareholders through video conferencing on Jio’s website at the 45th Annual General Meeting of Reliance Industries Limited (RIL) on Monday.  During the AGM, Mukesh Ambani identified the youngest son Anant as a leader of the new energy business in the succession plan at Reliance. He introduced his daughter Isha as leader of Reliance group’s retail business. Ambani had previously named son Akash as chairman of the group’s telecom arm, Reliance Jio.