The house will be completed by this summer.

Sir Richard Branson is building himself a luxury holiday home in one of the most scenic and unspoilt parts of Majorca's west coast. The Virgin tycoon, with a fortune estimated at 1.5 billion pounds, will be spending most of his summer holidays at the three-bedroomed house which has its own private beach. A spokesperson for the Virgin Group in Majorca said “the house will be completed by this summer.” The Virgin tycoon was in Majorca two weeks ago with his family and parents, celebrating his father's birthday staying at the Hotel La Residencia, which is owned by the British tycoon. A hotel source said yesterday “Branson would come to Majorca more often but he has trouble getting a room at La Residencia because it is always fully booked.” His new home is set in the grounds of the Son Bunyola estate in Banyalbufar which he bought for five million dollars in the early 1990s. Branson still wants to convert Son Bunyola's manor house and grounds into a luxury five star hotel, but the project has run into all sort of planning difficulties. At the moment the fate of this project lies in the hands of the Council of Majorca and the Council of Banyalbufar. The view from his two storey house, valued at close to 500'000 pounds, is quite breath-taking with a sea view and with the Sierra de Tramuntana as its back-drop. The Son Bunyola estate consists roughly of about three kilometres of olive and almond trees. It was here that Branson wanted to produce Virgin olive oil.