A playboy billionaire racked up a whopping £2million (NZ$4.16m) bill in just three hours when he splurged on expensive jewellery.

The Russian businessman managed to spend the huge amount at a private nightclub in Mayfair.

He spent so much his bill for Luxor champagne alone reached £20,000, (NZ$41,596) but staff at the Playboy Club's Salvatore's Bar waived his drinks tab.

But the mystery big spender in his mid-40s still left paying an eye-watering £2,042,520 (NZ$4,245,000).

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The seven-figure final total included £980,000 (NZ$2m) for Art Deco Asscher necklace, £356,000 (NZ$740,408) for one diamond tennis bracelet and £109,500 (NZ$227,738) for a second.

He also paid another £145,000 (NZ$301,571) for an Emerald cut tennis bracelet and £111,600 (NZ$232,091) for a pair of 14ct Pear Drop earrings.

And after splurging on the jewels at the Vashi Dominguez Fine Jewellery Salon Prive, the billionaire also had a colossal VAT bill of £340,420 (NZ$707,960) to pay.

Salvatore's Bar at the Playboy Club is described as 'sophisticated' and welcoming, and features a pianist and world-class cocktail mixer.

It not only boasts some of the most expensive bottles of champagne imaginable, but also claims to store a collection of rare vintage cognacs dating back to the 1700s.

When the wealthy Russian came to pay up at the end of the night, jeweller Vashi Dominguez picked up the tab for the 10 magnums of gold-flecked Luxor champagne he had ploughed through.

The luxury event saw models parading millions of pounds of diamonds and jeweller perused by guests - one of whom turned up in £1.4m (NZ$2.9m) Pagani Huayra that he parked outside.

One onlooker from the event said: "The room had about 40 of the most wealthy men in London but this was still a huge surprise that just one of them spent over £2m (NZ$4.15m) in less than three hours."

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It was one of the most luxurious events I've ever been to, and all of the guests were billionaires - not millionaires, or multi-millionaires, the guest were the crème de la crème of London's wealthiest elite.

"There were some Arab royal families, Russians and very high net worth Europeans. There were as many personal bodyguards as there were guests.

"The models were milling in and out of the guests and when the drinks started flowing you could tell it was only a matter of time for one of them to drop a seven figure sum."

"When the sale was done it was arranged very quietly and not at all in a showy way.

"The Russian simply gestured to his PA that he wanted the necklace and the bracelets worn by a particular model and the sale was arranged on the spot."

When contacted a representative for diamond jeweller Vashi Dominguez said: "Our Salon Prive event at the Playboy club was a hugely successful and enjoyable event, but it is our company policy not to comment regarding the identities of our customers."

- The Daily Mail