12/07/2010 05:00 pm ET | Updated May 25, 2011

Roman Abramovich Buys An Island For His Art [UPDATED]

Let's go over some quick facts about Roman Abramovich -- he's Russian, he's a self-made steel and investments entrepreneur, he owns England's Chelsea Football Club, he was #50 on Forbes' 2010 list of the World's Billionaires (cashing in at $11.2 billion), he is dating art-world-darling Dasha Zhukova, and today it was announced that he's pouring $400 million into a new museum on New Holland Island (outside of St. Petersburg in his native Russia) to house his private collection. This museum won't just be for him to admire his own stellar taste. According to the Telegraph, Abramovich's investment plans include the building of offices, retail spaces, hotels, restaurants, and galleries. Zhukova is said to be Abramovich's main inspiration for acquiring such a prized collection of contemporary art - she is the force behind Moscow's Garage Center for Contemporary Culture and will be instrumental in the development of this island/museum. ARTINFO reports that in 2008, Abramovich snapped up Lucian Freud's "Benefits Supervisor Sleeping" at a Christie's auction and Francis Bacon's "Triptych" at Sotheby's - giving us a glimpse into what this island/museum might hold.

So what do you think - booking your flights?