Prince Alwaleed bin Talal, ranked #29 on the list of global billionaires by Forbes magazine, has sold off his Airbus A380 jet plane, according to media reports.

Prince Alwaleed, whose net worth in March 2012 was estimated at $18 billion, ordered the A380 way back in 2007, and had ordered multi-million-dollar customisations to it, which made the media dub his aircraft as ‘the flying palace’.

The 57-year-old used the proceeds from the sale to expand his investments in Saudi Arabia and the greater Middle East, Sanbar said in an e-mail.

Alwaleed’s fortune has surged $8.5 billion since April 2012 as Kingdom shares have almost doubled in value. The diversified investment company, which controls stakes in Citigroup, News Corporation and the George V hotel in Paris, accounts for more than two-thirds of Alwaleed’s net worth.