New York City - Russian billionaire and owner of Chelsea football club Roman Abramovich now owns the most expensive piece of residential property in New York for a record US$75 million (S$95 million), said UK news site Daily Mail.

Steel magnate and self-made tycoon Abramovich purchased three of the units of the decadent Berwind Mansion, a prestigious five apartment mansion on 828 Fifth Avenue, which was previously owned by the Ronson family, said to Daily Mail.

The US$75 million price tag reportedly set a new market record, said The Real Deal, as that amount is almost US$20 million more than the current market rate of US$54 million for a co-op in New York City.

British publication The Observer also said the 46-year-old billionaire is going to fulfil the late property developer Howard Ronson's dream of 'restoring the colossal mansion' into a single family residence.

After Howard's death in 2007, The Wall Street Journal reported that the Ronson family has been trying to complete the late property developer's wish of putting the mansion together but they have given up buying and restoring the building. The family who are based in Monaco decided to let someone else fulfil their late patriarch's dream, reported The Observer.

According to sources, The Observer said that the Russian tycoon is in negotiations to purchase the remaining units as well.

A deal has been made with a female owner of the remaining units, said the sources, who spends most of her time in South America. Her unit will allow Abramovich to own the triplex on the second, third and fourth floors together with the six floor penthouse.

The same report also said another negotiation is in the talks between Abramovich and fashion designer Adolfo Sardina, who owns a duplex maisonette unit facing Fifth Avenue.

By doing so, Abramovich will be able to connect the units which have been amassed by the Ronson family, which include a triplex, a penthouse and a duplex maisonette, into a single residence.

The decadent mansion boasts 'an interesting mix of classic and model' look and feel, and even has a ballroom with 17-foot high ceilings, described BusinessInsider.com and The Observer.

Photos: AFP, Reuters, Streeteasy.com

Click here to view the photos of the luxurious Berwind Mansion.