Princess Latifa bin Fahd bin Abdulaziz Al Saud, daughter of former Saudi monarch Fahd, bought the 18,800-square-meter estate for USD 62 million (57.5 million Swiss francs).

The purchase price for the property is the second-highest on record in the city. The daughter of Kazakh President Nursultan Nazarbayev, Dinara Kulibayeva, holds the current record after she bought a property on the posh southern shores of Lake Geneva in 2009 for 74.7 million Swiss francs, AFP reported.

Saudi princess bought the estate from the wealthy Nordmann family that co-owns upscale department store chain Manor and the maker of Lacoste clothing.

The estate once belonged to Gustave Ador, who served as Swiss president early in the 20th century.

Princess Latifa, who lives in the nearby municipality of Cologny, has reportedly said that she is committed to preserving the estate’s heritage.

HM/KA