Russian tycoon demolishes £5m home which doesn’t ‘suit his aspirations’

A £5m home on Dorset’s exclusive Sandbanks peninsula has been demolished by its Russian owner so he can build a bigger house in its place.

The mansion was only built five years ago, but the unnamed businessman has said it does not 'suit his aspirations'.

It is thought he bought the house for its location, which includes a private beach and helicopter landing rights.

Sandbanks is ranked as the fourth most expensive place in the world to buy real estate, and plots of land there are often worth more than the homes already on them.

Robert Dunford, of estate agents Tailer Made, which dealt with the sale, said that a planning application has been registered for a new house on the site.