By Sayan Guha

Sergei Polonsky, the controversial Russian billionaire with a fortune of $4.35 billion and ranked Russia’s 40th richest person by Forbes magazine in 2008, is negotiating with British property developer Irvine Sellar to buy the 52 storey tower  One Blackfriars. Located near the Tate Modern gallery in London, the tower has 64 luxury apartments and a 261 bedroom hotel. The scheme was developed by Liverpool based developer Beetham Organisation and Mr. Polonsky’s Mirax Group.