Ecclestone spends fortune on houses for daughters

Ecclestone's two hot daughters – Petra (L) the younger one, and Tamara (R)

(GMM) With F1 in its off-season, two of the sport's most prominent figures have been busy on the property market.

Bild newspaper in Germany reports that years after moving into his EUR 35 million designer dream home in Switzerland, Michael Schumacher has finally sold his former home near Lake Geneva.

The old residence, sold for 13 million euros, featured a helipad, pool, home theatre and tennis court.

Meanwhile, F1 chief executive Bernie Ecclestone has spent an incredible 110 million British pounds (US $176 million) on a London house apiece for his daughters Tamara (26) and Petra (22).

Tamara's mansion is in Kensington Palace Gardens while Petra will now live in the eight-bedroom Sloane House in Chelsea.

"I'm very proud of them. They're good girls. They're not stupid when it comes to money," the 80-year-old told the Sunday Times.