Tycoon plans to name coastal town after himself

LONDON - When considering extravagant purchases, most millionaires might settle for a fast car or large mansion - but not Scott Alexander.

The irrepressible tycoon has bought an entire town, which he plans to rename after himself.

The 31-year-old has bought the Bulgarian coastal resort lock, stock and barrel for £3 million ($8.9 million) and insists that its 1000 residents are "quite excited".

Alexander, an entrepreneur who has devoted one wall of his Manchester penthouse to a £10,000 portrait of himself, spent £55,000 on a new set of teeth and was recently dubbed "Britain's vainest man", has laughed off suggestions it is a tad egotistical to name an entire town (the identity of which he refuses to disclose) after himself.

"I've decided to call it Alexander, which I suppose is quite cheeky. It is just a bit of fun," he said. "The reason behind it is that the Bulgarian name is difficult to pronounce."

The lifestyle and property tycoon is certainly no stranger to extravagance.

As well as properties in London, Manchester and Marbella, he owns a Rolls-Royce Phantom, a Lamborghini, an Aston Martin and a Porsche and admits to spending £15,000 a month on clothes as well as £2000 a year on Botox. Twice a day, he injects himself with a growth hormone at an annual cost of up to £100,000.

"I once bought a hundred apartments in one day. My motto has always been to never give up. If you really want something, you have to work hard," he said, adding: "Everything I do has a business agenda."

He sees his latest Bulgarian purchase on behalf of his company - Ultimate Lifestyle Group - as a sound investment.

He plans to turn the coastal spot into a holiday resort, seeing the property as good value and destined to boom in price once Bulgaria joins the European Union next year.

"Bulgaria is definitely an up-and-coming country. I think there will be a property boom over there. It has golden beaches, the weather is hot between May and October, the food is fantastic and cheap too.

"I'll be building apartments, hotels, casinos and a lifestyle centre. There will be a regeneration programme for the town itself too.

"We will be regenerating housing and building a hospital."

And he says the locals could not be happier even with the name change.

"They are quite excited by it. They are keen on the business and responsive to change. They are accommodating and pleasant," he said.

Alexander certainly has no plans to settle into obscurity in his new Bulgarian home.

Future projects include a fitness DVD and marketing new cosmetic surgery techniques.

"What I earn at the moment isn't really important to me. Making money isn't the hard part. Keeping it is. I'm a millionaire at 31 but I could be broke by 41.

"But I guess I would say I would aim one day to reach the £100 million point. When you get to that point I think you can start boasting."

- INDEPENDENT