Siliconindia.com
March 13 2010

11 year old boy buys $44 Million property

By siliconindia news bureau
Friday,12 March 2010, 21:20 hrs

Dubai: An 11-year-old boy from Azerbaijan bought nine waterfront
mansions in Dubai, worth almost $44 million. The price tag is roughly
10,000 years’ worth of salary for the average citizen of Azerbaijan.
But for the preteen, who owns several expensive properties in Dubai,
this seems to be anything but average.

The boy’s name, according to Dubai Land Department records, is Heydar
Aliyev, which happens to be the same name as that of the son of
Azerbaijan’s President, Ilham Aliyev. The owner’s date of birth,
listed in property records, is also the same as that of Aliyev’s son.
Aliyev’s spokesmen declined to comment on how the President’s son or
his namesake managed to came to own mansions on Palm Jumeirah, a
luxury real estate development popular with multimillionaires.

Ilham Aliyev’s annual salary as president is the equivalent of
$228,000, far short of what is needed to buy even the smallest Palm
property. Azerbaijan, a former Soviet republic having many oil and gas
reserves, has long had a reputation for corruption. Apart from
recording nine properties owned by Heydar Aliyev, Dubai’s Land
Department also has files in the names of Leyla and Arzu Aliyeva.
President Aliyev has two daughters with the same names and roughly the
same ages.

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