The lucky buyer of Villa Buonaccordo is Zhang Liang Johnson, a former coal magnate who now runs one of China’s biggest semiconductor companies.

The luxurious villa is perched on a verdant hilltop and overlooks the bay of Portofino, a fishing village and holiday resort located on the Italian Riviera.

The pastel-coloured coastal village is famous for its picturesque harbour and historical association with celebrities and artists.

Renowned for its yellow hue, Villa Buonaccordo is present in any photo which captures Portofino’s skyline.

Known to locals as Villa Pagani, the lavish mansion was built in 1900 and once belonged to the family of artist Herbert Pagani, before being purchased by an Italian businessman.

Spread across 8072 square feet, the renovated five-storey residence has four bedrooms and five bathrooms. 

Every bedroom boasts breathtaking views of the bay.

Draped in vines and surrounded by lemon trees, the estate also features two kitchens, two elevators, indoor and outdoor pools, a massage area, a gym, a cellar and an outdoor dining area.

Villa Altachiara, another historic villa in Portofino which belonged to Contessa Francesca Vacca Agusta, was sold a year ago to a Russian for a similar price.