Saudi's Princess Latifa dishes out $79m for Geneva estate

GENEVA (AFP) - A Saudi princess has bought a historical Geneva estate that once belonged to a former Swiss president for 57.5 million Swiss francs (S$78.8 million).

Princess Latifa Bin Fahd bin Abdulaziz Al Saud, who is 54 and a daughter of former king Fahd, bought the 202,362 sq ft estate from the wealthy Nordmann family that co-owns upscale department store chain Manor and the maker of Lacoste clothing.

The purchase price for the property, which once belonged to Mr Gustave Ador, who served as Swiss president early in the 20th century, is the second-highest on record in the city.

The daughter of Kazakhstan President Nursultan Nazarbayev, Ms Dinara Kulibayeva, holds the current record after she bought a property on the posh southern shores of Lake Geneva in 2009 for 74.7 million Swiss francs.

Princess Latifa, who like Ms Kulibayeva has settled nearby, has committed to "preserving the heritage", the Tribune de Geneve daily reported.

She joins a number of other Saudi royals who already live in luxurious settings in the Swiss city.