The world's most expensive home has been bought in London with a record £80million price tag.
The buyer of the large five-storey detached house in Kensington, South-West London, is thought to be Ukrainian businesswoman and philanthropist Elena Franchuk, a friend of Sir Elton John.
The sale smashes the previous high of £67million for steel magnate Lakshmi Mittal's home in Kensington Palace Gardens. Scroll down for more...
Grand design: The £80m home has five floors and features a gym, sauna and cinema
Contracts for the house in Upper Phillimore Gardens are believed to have been exchanged in recent weeks and suggests that the global credit crunch is yet to hurt the high end of the property market.
However, the record may soon be broken by another London home in a matter of weeks.
A six-storey house in Belgrave Square is due to come on the market in the spring for around £90million.
For her money, Ms Franchuk owns a Victorian villa, which has been rebuilt and refurbished at an estimated £10 million, but is not yet ready for occupation.
Builders have for the past 18 months been installing an underground swimming pool, gym, sauna and cinema.
Due to be completed in April, the house has at least ten bedrooms and a secure "panic room". Scroll down for more...
Developers spent £10m doing up the house which included installing a pool
The whole of Upper Phillimore Gardens currently resembles a building site, with diggers, cranes and delivery trucks clogging the road.
Two other massive construction projects are also under way.
The property, number 17, was bought for £20million in June 2006 by a company called Coll Hill Spink 2, controlled by developer Mike Spink, who specialises in top-end properties.
The previous owners, thought to be Chinese, bought it in 1997 and, before that, it was a girls' preparatory school.
The work is said to have upset neighbours, who include the Mayor of Moscow and his wife.
The complaints centre around noise and disturbance from the cranes and lorries which have been driving over the pavements, cracking flagstones and damaging public areas.
Ms Franchuk, the daughter of a former Ukrainian president and married to oligarch industrialist Viktor Pinchuk, has long been involved in charitable activities in her home country.
In 2003, she established the first and sole foundation in Ukraine committed to fighting HIV and Aids, aimed at making opinion makers, government and business leaders aware of the problem.
Ukrainian businesswoman buys world's most expensive home in London for £80m | the Daily Mail