Russian oligarch Roman Abramovich is splashing out around $400 million to buy a private island in the heart of historic Saint Petersburg with plans to build an art museum there housing his incredible collection, the London Daily Telegraph reports. Abramovich, one of the richest men in the world, has quietly established himself as the world's leading collector of modern and contemporary art thanks to the influence of his beautiful young girlfriend Dasha Zhukova, the paper notes. New Holland island, which he has just acquired, is a crumbling 300-year-old former military base which belonged to the Russian admiralty. Abramovich plans to transform the 18th century warehouses into a cultural and commercial center in Rusia's old imperial capital, including space for his amazing art collection, starring the record-breaking $86.3 million Francis Bacon triptych he bought in 2008, monumental works by Lucien Freud, Pablo Picasso and more.
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