A sprawling seaside mansion in Mumbai, whose former owners include the US government and an Indian Maharaja, has been sold for Rs7.5 billion ($113 million) in the most expensive residential property deal in India's history.
Lincoln House, a 50,000 square-foot heritage mansion located in the heart of the country's financial capital, was bought by pharmaceutical mogul Cyrus Poonawalla, who plans to use it as a family residence.
The purchase is likely to exacerbate a sense of yawning inequalities in Mumbai, a city where a handful of prominent plutocrats own homes with price tags to rival London or New York, while roughly half of its 21 million population still live in slums.
It also marks the latest foray into super prime property for the Poonawalla family, which attempted to acquire London's Grosvenor House hotel last year.
Its plush new residence, named after the 16th American president, until recently housed Mumbai's US Consulate. It was previously known as Wankaner House, after the Maharaja of Wankaner, a minor aristocrat, who sold it in 1957.