"Putin's Palace" (Russian: "Дворец Путина"), also known as the Residence at Cape Idokopas, is an Italianate palace complex located on the Black Sea coast near Gelendzhik, Krasnodar Krai, Russia, which is claimed to have been constructed for President Vladimir Putin at a reported cost of over 100 billion rubles ($1.35 billion). Subsequent to these claims, ownership of the palace was asserted by Russian businessman Arkady Rotenberg, a close friend and confidant of Putin.