Negotiations are reportedly in the final stages for the sale of Villa Certosa, the historic Sardinian summer residence of the klate three-time ex premier and media mogul Silvio Berlusconi, founder of Mediaset and Forza Italia, according to media reports Monday that said an unnamed "rich Arab" was the potential buyer.

Overlooking the Gulf of Porto Rotondo in Punta Lada, the 4,500-square-meter villa boasts 126 rooms and a 120-hectare park, as well as an artificial volcano the businessman-turned -politician was fond of turning on to wow his prestigious guests.

The property, estimated at between €300 and €500 million, has reportedly attracted the interest of a wealthy Arab, according to the newspaper La Nuova Sardegna.

The closing, according to the newspaper, is still to be determined, as the former Prime Minister's heirs are in no hurry to sell this little corner of paradise just steps from the Costa Smeralda, which over the years has hosted, among others, former US President George W.

Bush, former British Prime Minister Tony Blair, and current Russian President Vladimir Putin.