Businessman to demolish £5m house

The businessman is planning to spend £7.5m on the project

A Russian businessman has ignored the slump in the housing market and splashed out £5m on a Dorset seaside mansion he intends to demolish.

The multi-millionaire wants to build a new property - with just one extra bedroom - on the land in Sandbanks.

The mansion includes a helicopter pad, five luxury bedrooms, and a private beach that overlooks the harbour.

A planning application for the redevelopment, which will cost a further £2.5m, has now been submitted.

The new three-storey property in the pipeline will have larger windows to bring in more light along with six bedrooms including a luxurious master bedroom with a sun terrace.

'Record price'

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.

The mansion even has its own private helicopter pad

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."

Mr Dunford added that he believed the sale was a record price paid essentially for a plot of land on Sandbanks in Poole.

The exclusive peninsula is ranked as the fourth most expensive place in the world to purchase properties and is home to the likes of Portsmouth Football Club manager Harry Redknapp.