Kuwait: Late Emir’s palace sells for $198m

Dubai: A Kuwaiti businessman has bought a palace that belonged to the late Emir of Kuwait, Sheikh Jaber Al Ahmad, for KD60 million ($198 million), local media reported.

According to Al Rai newspaper, Ibrahim Al Asfoor bought the palace at its initial price of KD60 million, despite the fact that many people had submitted their bids but withdrew just before the auction began.

The newspaper said the palace is located in the south of Surra, Al Zahra district, on an area of about 63,000 square metres. It was built on a high plateau, fenced and planted with palm trees. It is designed in the shape of an island.

Sheikh Al Sabah passed away last September at the age of 91.