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. Last Updated: 07/27/2016

Report: Blavatnik Buys $75M Mansion

If money can't buy you blue blood, British papers are saying that for Russian oligarchs, living on the sovereign's property is the next best thing.

The Sunday Times of London reported that Russian-American oil and metals mogul Leonard Blavatnik purchased a lease to one of the city's priciest properties -- belonging to Queen Elizabeth -- in Kensington Palace Gardens for a massive 41 million pounds ($75 million).

The unconfirmed report, which said that Blavatnik had outbid fellow oligarch Roman Abramovich, was also picked up by Britain's The Daily Telegraph, Daily Mail and London Evening Standard.

Representatives of both Blavatnik and Abramovich said the reports were untrue.

"A lot of times agents put out the word that Abramovich is bidding to boost the price or increase publicity," said John Mann, spokesman for Abramovich's oil firm Sibneft.

Peter Thoren, executive vice president of Blavatnik's firm Access Industries, said from New York that his boss, a major shareholder in TNK-BP, had no property in London whatsoever and that the reports were wrong.

British media have run a slew of Russian oligarch-related stories since Abramovich bought up London's Chelsea Football Club last summer, often jumping the gun with reports about potential further acquisitions by Russians in the country.

London real estate, in particular, is becoming very popular among affluent Russians. Abramovich already owns two houses in and around the city, self-exiled tycoon Boris Berezovsky lives in town and a number of others are seen as on the market for living space, as the upscale real estate firm Knight Frank can attest.

"In the past two or three years there has been increased demand because people in Russia are making a lot more money than they were a few years ago," said the company's head of residential property, Patrick Ramsay.

If the reports were to prove true, it would mean some of Blavatnik's estimated $6 billion fortune would go to the British public, as with the rest of the property in Kensington Palace Gardens, the home belongs to the British monarch's Crown Estate.

Its profits go to the British taxpayer under an 18th-century agreement through which the monarch's living requirements are covered by the state.

Blavatnik is an equal partner in aluminum giant SUAL and oil major TNK with Viktor Vekselberg, who in February bought nine Faberge eggs for over $100 million at a Sotheby's auction.

The Crown Estate, custodian of much of the queen's real estate, bills the Kensington Palace Gardens area as "a most private address," so not surprisingly the firm was not willing to confirm whether Blavatnik was its newest resident.

Leases on the queen's property are never longer than 120 years and the purchaser cannot sell the property on, a representative of the Crown Estate said from London.

The house at 15a Kensington Palace Gardens was put on the market in 1999 for 35 million pounds on a 99-year lease, The Daily Telegraph reported.