The building, named Antilla after a mythical island, will have a total floor area greater than Versailles and be home for Mr Ambani, his mother, wife, three children and 600 full-time staff.
Draped in hanging gardens, the building will have a floor for a home theatre, a glass-fronted apartment for guests, and a two-storey health club. As the ceilings are three times as high as a normal building's, the 173m (570ft) tower will only have 27 floors.
The building will replace his existing 14-storey home.
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