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Billionaire Mordashov Buys Yeltsin Dacha to Create Tourism Hub

Russian billionaire Alexei Mordashov bought a country home near Finland that was used by the late President Boris Yeltsin for $10 million.

Mordashov, majority owner of steelmaker OAO Severstal, bought the property from the Kremlin administration and plans to make it the centerpiece of a tourist resort, the billionaire’s S-Group investment company said in a statement.

Mordashov agreed to pay 291 million rubles ($10.3 million) for the residence, the Vedomosti newspaper reported today, citing Kremlin adviser Viktor Khrekov.

-- Editors: Brad Cook

To contact the reporters on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net;

To contact the editors responsible for this story: Brad Cook at bcook7@bloomberg.net;

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