When the Kazakh mining oligarch Alijan Ibragimov died in 2021, he left his family a fortune worth over $3 billion. For the first time, we can reveal some of the luxury properties and assets that the family owns outside Kazakhstan.
This includes luxury mansions estimated to be worth hundreds of millions of dollars, race horses, and a new $70m private jet acquired in June.
The family’s primary asset is the 20% stake they hold in Eurasian Resources Group (ERG), formerly ENRC – the Kazakh mining giant. Shukhrat Ibragimov, the third of Alijan Ibragimov’s four sons, became chairman of ERG in June.
Shukhrat Ibragimov has courted controversy already following his €600 million acquisition of the Forte Village hotel resort in Sardinia from Musa Bazhaev, a sanctioned Russian oligarch. The timing of the Forte Village deal has led to allegations of possible sanctions evasion by Ibragimov.
In addition, Shukhrat Ibragimov holds a $23 million investment in Borealis Foods, a Nasdaq-listed maker of Ramen noodles. He is co-invested with Kenes Rakishev and there has been speculation that this investment in Borealis was an attempt by Shukhrat to curry favour with Rakishev. In return, Rakishev is reported to have helped Shukhrat gain political support from the Kazakh Government for him to take over running ERG.
Shukhrat and Rakishev recently completed another deal together taking over control of the Shubarkol Premium coal mine in Kazakhstan.
The rest of the Ibragimov family includes brothers Dostan, Furkhat and Davron as well as their mother Mukadaskhan Ibragimova.
Property
Belgium
The Ibragimov family own a huge mansion in Belgium worth tens of millions of euros. The property at Avenue de la Tendrai 28, Braine-l’Alleud sits on a large plot of land measuring 31,792 square metres and features a palatial mansion as well as several smaller buildings on its grounds.
Although property ownership records are not publicly available in Belgium the address has been used by Shukhrat Ibragmov for two Belgian companies that he is a director of: DDSF Holding SPRL and DDSF Management SPRL. Both companies have been registered to this address since 6 June 2011. Furkhat Ibragimov is also a director of DDSF Holding.
Dubai
Shukhrat Ibragimov appears to own a property at Bluewaters Residences 6, 364 1-0, Dubai, UAE.Although property records are not publicly available in Dubai, Shukhrat used this address to register his appointment as a director of Singapore-based Guggenheim Investment Holding on 27 September 2023.
Bluewaters Residences 6 is a luxury high-rise apartment building on Bluewaters Island in Dubai and features five-bedroom penthouse apartments. Amenities available to residents include a gymnasium, swimming pools, landscaped gardens and basketball courts.
London
Furkhat Ibragimov has used the address 82 Sussex Square, London to register his appointment with Luxembourg and UK companies in April 2024 and November 2021 respectively.
HM Land Registry records show that the freehold title for the property was acquired by Furkhat’s father Alijan Ibragimov for £6,250,000 on 8 March 2017. Comparable properties in the same area are currently on the market for £9.5 million.
82 Sussex Square is a six-bedroom house in Bayswater north of Hyde Park measuring 393 square metres.
HM Land Registry data shows that Furkhat Ibragimov also owns the freehold title for a property at 89 Winnington Road, N2 0TT, London. The property was purchased for £35.1 million on 29 March 2022.
89 Winnington Road, which is also known as Hillcrest or Kirpa, is an eight-bedroom detached house which is 32,754 square feet in size and boasts an underground swimming pool and fitness centre, underground garage and car lift, private cinema and cold room.
France/Monaco
A Monaco-based company called SCP Villa Christophe is the owner of 67 avenue Cap de Croix, Quartier de Cimiez, 06000 Nice.
67 avenue Cap de Croix is a large luxury mansion with walled garden and an outdoor swimming pool and pool house, located on the northern outskirts of Nice.
French property records show that Villa Christophe acquired the property on 17 December 2013 for €6.5 million. The property was previously owned by a company co-owned by all four Ibragimov brothers and Mukadaskhan Ibragimova.
Monaco corporate records show that Villa Christophe’s sole director works for Jefferson Capital Ltd, which is owned by Khofiz Shakhidi. Shakhidi is a director of several companies linked to the Ibragimov family and appears to operate as a trustee or nominee for them. The Nice property is therefore likely still owned by the Ibragimov family.
Switzerland
Swiss property records show that Mukadaskhan Ibragimova owns two adjoining condominiums on the shore of Lake Zurich.
Bächerstrasse 35 was designed by Im Architektur AG and built in 2011. The property consists of three separate residential units arranged in a terraced formation with a parking garage on the ground floor. The property is approximately 100 metres away from the shore of Lake Zurich.
I Dynasty Superyacht
Shukhrat Ibragimov is a director of a BVI-registered holding company that owns the $200 million superyacht I Dynasty. The 86-meter-long I Dynasty was designed by Monaco-based naval architects The A Group and built by Dritte Kusch Yacht Bau GmbH in Germany.
Capable of hosting 22 guests, I Dynasty is served by a crew of 33. The yacht features glamourous interiors, including an indoor swimming pool which also serves as a tender dock.
The ship has a range of 6,500 nautical miles (12,000 kilometres), making it particularly suitable for journeys between the Mediterranean and the Caribbean. It is valued at around 200 million dollars, with maintenance costs estimated at 15 to 20 million dollars a year.
Records held by the Cayman Islands Shipping Registry show that the vessel is wholly owned by BVI-registered VegaYachts & Partners Limited.
Leaked corporate documents from 2017, published by the International Consortium of Investigative Journalists (“ICIJ”), show Alijan Ibragimov as the ultimate beneficial owner of the company at the time those documents were published. According to Vegayachts & Partners’ current list of directors Shukhrat Ibragimov is a director of the company.
Private Jet
In June 2024, Shukhrat Ibragimov replaced his old Dassault Falcon 8X with a new version of the private jet worth approximately $70 million.
The new Falcon 8X was manufactured in 2024 and has the tail number OO-FOI. It was registered in Belgium on 26 June 2024, 12 days after Ibragimov’s old jet was de-registered. Ibragimov reportedly thought his previous jet was too old and wanted an upgraded version.
Like the previous Falcon, the new 8X is owned via Infield Ltd, an Anguillan company controlled by Shukhrat Ibragimov.
Since its registration at the end of June, OO-FOI has made more than 30 trips and appears to have had a very busy summer. On 30 June 2024 it was spotted in Madrid.
Ibragimov’s previous Falcon 8X is currently on sale for $46 million. It had the registration number OO-FAI and was operated by Flying Service N.V., a business aviation charter company based at Antwerp Airport.
The aircraft was first registered with the Belgian Aircraft Registry on 25 April 2018 and logged a total flight time of 2,505 hours and 932 landings.
Race Horses
Furkhat Ibragimov is a director and the sole owner of Luxembourg-based JDL Capital, which owns a number of race horses. He is also a member of The Playgate, which appears to be a horse-owning syndicate.
Racing media has linked Furkhat to numerous horses directly and via The Playgate syndicate.
| # | Name | Owner |
| 1 | Pacific Duke | Furkhat Ibragimov |
| 2 | Van Gogh | Furkhat Ibragimov |
| 3 | Al’s Lass | Furkhat Ibragimov |
| 4 | Sun Lark | Furkhat Ibragimov |
| 5 | Rock City Falls | Furkhat Ibragimov |
| 6 | Nariko | Furkhat Ibragimov |
| 7 | Arrogate Filly (unnamed) | JDL Capital |
| 8 | Suryavarman | Owned via The Playgate Sa |
| 9 | Cat’s Meow | Owned via The Playgate Sa |
| 10 | Blackberry Breeze | Owned via The Playgate Sa |
| 11 | Peach Daiquiri | Co-owned via The Playgate Sa and Sharon Kotzen Racing (Pty) Ltd |
| 12 | Glory Days | Co-owned in his own name alongside Laura De Haast, Yvette Bremner, and AJ Van Huyssteen. |
| 13 | Captain Clever | Owned via The Playgate Sa |
| 14 | Crimson Cloud | Co-owned by The Playgate Sa with P A Peter |
| 15 | To Be Free | Owned via The Playgate Sa |
| 16 | Bavarian Beauty | Owned via The Playgate Sa |
| 17 | William Iron Arm | Owned via The Playgate Sa |
| 18 | Willie John | Furkhat Ibragimov |
| 19 | Alix James | Furkhat Ibragimov |
| 20 | Orange world | Owned via The Playgate Sa |
| 21 | Éclair | Owned via The Playgate Sa |
| 22 | Oranjemund | Owned via The Playgate Sa |
Received from whistleblower by email.
