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The iconic Harrod's department store, has been sold by owner Mohammed Al Fayed for a whopping 1.5 billion pounds to the Qatari royal family. Septuagenarian Al Fayed took the decision to sell the store he helmed for over 25 years so that he could retire peacefully and spend more time with his children and grandchildren, Sky News reports. Ken Costa, chairman of Lazard International, which advised Al Fayed on the deal, said in a statement, "In reaching the decision to retire, he wished to ensure that the legacy and traditions that he has built up in Harrods would be continued, and that the team that he has built up would be encouraged to develop the foundations that he has laid. Qatar Holding will become only the fifth owner of Harrods since its creation, in 1840. Qatar Holding was specifically chosen by the Trust as they had both the vision and financial capacity to support the long term successful growth of Harrods." The flagship luxury store that had humble beginnings as a small shop in the year 1834, now sprawls over 4.5 acres of land. Its motto is Omnia Omnibus Ubique - All Things for All People, Everywhere. Several of its departments, including the seasonal Christmas department and the Food Hall, are world famous.

Mohammed Al Fayed sells iconic Harrod's for 1.5 billion pounds