By Julie Clothier for CNN
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(CNN) -- A Russian businessman has bought what is believed to be the world's most expensive cell phone.
The tycoon will be given the 1 million euro ($1.2 million) phone during the Millionaire's Fair at Cannes, France, on on Saturday, when the Guinness Book of World Records was to bestow the title of most expensive phone.
The "Piece Unique" handmade phone is constructed out of solid gold, is studded with diamonds and comes with a customized insurance policy.
The phone is one of three that have been produced by Swiss company GoldVish.
One of the phones has been bought by a businessman in Hong Kong, the other remains unsold.
The company has also created 15 other models of luxury cell phones, which start at 18,900 euros ($24,000) and go up to 150,000 euros ($192,000).
It also has 100 limited edition "Plato" phones, which are encrusted with 35-carat diamonds and have a 190,000 euro ($244,000) price tag.
GoldVish CEO Michel Morren told CNN that he came up with business plan for the company three and a half years ago and began working with global distributors in March this year.
The Cannes fair will be the first time the collection had been shown to the public but the company had received pre-orders for phones, which will be delivered at the end of October.
Morren said several people who had bought the phones worked in the film and music industries.
"Many are celebrities and captains of industry," he said
"They are both male and female because our cell phones are unisex. I don't want to say who they are but I expect to see our phones very soon in pictures of celebrities."
Exhibitors at the three-day Millionaire's Fair will be peddling a range of luxury goods from antiques, private jets, yachts, fashion, cars and even pets.
Three of the $1.2 million phones have been made.