Roman Abramovich is committing to Contemporary art in a big way taking the lead in St. Petersburg’s new museum and culture district, according to the Telegraph:

He has now splashed out 12 billion roubles (about £250 million) buying the crumbling buildings on New Holland island, a 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 centre in Russia’s old imperial capital. […]

The bid to run the island was won by Abramovich less than a fortnight ago through a new venture called New Holland Development. The newly formed company will now invite architects to bid for the contract to transform the 18-acre island, which will take about six years to complete.

Abramovich’s spokesman John Mann said: “It will be a multi-functional complex of offices, housing, retail, galleries and hotels. We are now working on partners and architects.

“It is great for the city of St petersburg. It is a new centre of business, commerce and culture right in the middle of town.. It’s great for the city. It is a great project for us to involved in.”

Roman Abramovich to spend £250 million on St Petersburg art museum project (Telegraph)