The man who rates himself so highly he is giving his name to town he bought

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When considering extravagant purchases, most millionaires might settle for a fast car or another mansion - but not Scott Alexander.

The irrepressible tycoon has bought a town, which he plans to rename, rather modestly, after himself.

The 31-year-old has bought an entire coastal resort in Bulgaria for £3m, and insists that its 1,000 residents are "quite excited".

Mr Alexander, an entrepreneur who has devoted one wall of his Manchester penthouse to a £10,000 portrait of himself, bought a new set of teeth for £55,000 and was recently dubbed "Britain vainest man", laughed off suggestions yesterday that it was egotistical to name a town (the identity of which he will not reveal) after himself.

"I've decided to call it Alexander, which I suppose is quite cheeky. It is just a bit of fun," he said. "The Bulgarian name is difficult to pronounce."

The lifestyle and property tycoon is certainly no stranger to extravagance.

As well as properties in London, Manchester and Marbella, he owns a Rolls Royce Phantom, a Lamborghini, an Aston Martin and a Porsche and admits to spending £15,000 a month on clothes and £2,000 a year on botox. Twice a day he injects himself with a growth hormone, at an annual cost of up to £100,000.

"I once bought a hundred apartments in one day. My motto has always been to never give up. If you really want something, you have to work hard," he said, adding: "Everything I do has a business agenda."

His latest purchase on behalf of his company, Ultimate Lifestyle Group Incorporated, was a sound investment, he said.

He plans to turn the coastal town into a holiday resort for Brits. Property, he added, was good value and destined to boom in price with the country set to join the European Union in 2007.

"Bulgaria is definitely an up-and-coming country. I think there will be a massive property boom over there. It has golden beaches, the weather is hot between May and October, the food is fantastic, and cheap too.

"I'll be building apartments, hotels, casinos and a lifestyle centre. There will be a regeneration programme for the town itself. We will regenerate housing and build a hospital."

The rest of the land - along with the planning permission he has obtained - will be sold to other British companies for investment.

The locals, he says, could not be happier even with the name change. "They are quite excited by it. They are very keen on the business and responsive to change. They are very accommodating and pleasant," he said.

Mr Alexander - whose lifestyle will feature on the ITV documentary Britain's Biggest Spenders tonight - has no plans to settle into obscurity in his new home.

Future projects include a fitness DVD, and new cosmetic surgery techniques.

"What I earn at the moment isn't really important to me. Making money isn't the hard part. Keeping it is. I'm a millionaire at the age of 31 but I could be broke by the age of 41.

"But I guess I would say I would aim one day to reach the £100m point. When you get to that point I think you can start boasting."