THEY say the property market is shrinking - but try telling that to the wealthy of Poole's Sandbanks.

A Russian tycoon has defied the property crash by splashing out nearly £10 million to have a six-year-old mansion demolished to make way for a bigger one.

The super-rich businessman snapped up the luxury home for nearly £5m.

It has a private helicopter pad, five luxury bedrooms, five bathrooms, three sun balconies and a private beach that overlooks the harbour.

Yet, incredibly, the unnamed multi-millionaire is having it knocked down because it doesn't "suit his aspirations".

He will now build a three-storey house with one more bedroom. It will have four bathrooms, a playroom, a lavish master bedroom with a huge sun terrace and a lift.

By the time it is complete it is understood the new owner will have spent nearly £10m.

It is thought he only bought the house for its stunning location and helicopter landing rights.

Sandbanks is the fourth most expensive place in the world to buy real estate and plots with building potential are worth more than the homes already on them.

Robert Dunford of estate agent Tailor Made, which dealt with the sale, said: "The property the client has bought was only completed in 2002 and is just heavenly inside.

"It is a beautiful blue-roofed American colonial style house and is gorgeous. But at that end of the market it comes down to a matter of choice.

"The property did not suit the client's aspirations so it is being pulled down and will be replaced by one that does.

"He has spoken to developers who have registered a planning application for a new house. Essentially he bought the house for the land and the location.

"He also liked the fact that the property has its own rights to have a helicopter land there. It is the only one on the peninsula with that feature."

Mr Dunford said the sale is a record for the most money paid for a plot of land on Sandbanks.

Eddie Mitchell, of Seven Developments, which is designing and building the new home, said: "The new owner approached us because he wanted an ultra-modern home on Sandbanks.

"The plot of land is one of the best spots on the peninsula in terms of its views and privacy."

When the Russian buyer eventually moves into the house he will become a neighbour of Portsmouth FC manager Harry Redknapp, who has a mansion a few doors down.

Neighbour Jon Hooker said: "The property being demolished was only built six years ago and it is inappropriate that it should now be demolished and neighbouring properties subjected to further extensive disruption.

"We went through 18 months of building work and now we are going to have it all over again."

The Sandbanks Association, which represents the local residents, wrote a letter of objection to Poole council when the plans were submitted earlier this year.

Member June Topham wrote: "We can see no reason to replace a currently pleasant looking house which blends happily into its environment."