Former Italian Prime Minister Silvio Berlusconi is likely to sell his 168-acre estate called Villa Certosa in Sardinia to the the Saudi royal family for a staggering £350 million ($542 million), a report said.

The estate includes a 68-room mansion,  six swimming pools, an amphitheatre and even an artificial volcano. It is is situated on Sardinia's Costa Smeralda, said the Mailonline, citing a Corriere della Sera newspaper report.

Berlusconi has hosted many high-profile guests, including former UK Prime Minister Tony Blair and his wife Cherie, George W Bush and Russian President Vladimir Putin at the estate.

Guests can enter the luxurious retreat by sailing from the Mediterranean through a gated entrance and into a semi-submerged cave, the report said.

According to the Corriere della Sera newspaper, Berlusconi recently gave Prince Mohammed bin Nayef, the Saudi Prime Minister, five-hour tour of the estate.