Family buys $167 million weekend home in Mumbai

HAPPmahresiThe billionaire Poonawalla family is paying $167 million for a former maharajah’s residence in Mumbai that was till recently the US consulate. The family plans to use it as a weekend getaway.

Chief executive of Serum Institute of India Adar Poonawalla said they regularly visited Mumbai from their home in Pune (120 Kms away) on weekends and they have a lot of their horses racing in Mumbai on the weekend.

The sea facing Lincoln House, as the building was known during its US ownership is on a 2 acre plot in Breach Candy. Because of its heritage the landmark status can’t be altered but that does not deter Poonawalla who said they hope to open up the rooms and will probably need to demolish some areas internally and redo the residence with the permission of the government.

The property was built in 1938 by the Maharajah of Wankaner and sold to the US government in 1957 on a 999-year lease.

Poonawalla said the decision to buy Lincoln House was not a business one. It offered a great opportunity as getting a two-acre plot in Mumbai is virtually impossible.

Adar’s father Cyrus has $8.5 billion in assets and is the country’s 7th richest person, according to the Bloomberg Billionaires Index.