Russian tycoon to raze new £5m mansion

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A businessman has shown the property market crash has not reached all corners after spending more than £7.5 million to demolish a seaside mansion and build a new one with just one extra bedroom.

The Russian multi-millionaire paid £5 million for the mansion on the Sandbanks peninsula in Poole, Dorset, which has a private helicopter pad, five luxury bedrooms, five bathrooms, three sun balconies and a private beach that overlooks the harbour.

But the new owner was not happy with the American colonial-style property, which was only built in 2002, and is now planning to spend an extra £2.5 million to build a three-storey bespoke mansion in its place.

The new property will have a more modern feel with larger windows to bring in more light.

It will also have four bathrooms, a large playroom, a lift and six bedrooms including a luxurious master bedroom with a massive sun terrace.

Robert Dunford, of estate agents Tailor Made, said that his client had viewed the property more as a plot of land than a home to live in.

Sandbanks is ranked as the fourth most expensive place in the world to purchase properties and the land is often worth more than the buildings on them.

He said: "The property the client has bought was only completed in 2002 and is just heavenly inside.

"It is a beautiful blue-roofed American colonial style house and is gorgeous.

"But at that end of the market it comes down to a matter of choice.

"The property did not suit the client's aspirations so it is being pulled down and will be replaced by one that does.

"Instead he has gone for a complete contrast with lots of glass allowing a lot of light to come into the bedrooms. He has spoken to developers who have registered a planning application for a new house.

"Essentially he bought the house for the land and the location. He also liked the fact that the property has it's own rights to have a helicopter land there. It is the only one on the peninsular with that feature."

Mr Dunford added that he believed the sale was a record price paid essentially for a plot of land on Sandbanks, which is home to Portsmouth Football Club manager Harry Redknapp.