Russian tycoon Mikhail Kravchenko, a close friend of Princess Michael of Kent, was found lying in a pool of blood and riddled with bullets in Moscow on Sunday.
The 67-year-old royal was said to be “very distressed” at the news of his murder, which appeared to be the work of professional hit men.
The 46-year-old, the owner of one of Europe’s biggest furniture companies, was driving his Mercedes in Peredelkino, an upmarket area of the capital, in the early hours when a car blocked his path.
His assailants shot him several times in the body then hauled him out of the car and shot him in the head, leaving him lying in the road, according to The Moscow Times.
The police said in a statement: “They fired at the man at least six times with pistols. He died from his injuries at the scene."
The killing took place just yards away from a home that Kravchenko had built for his parents, according to The Daily Mail.
It reports that his friends are shocked by the murder, insisting that he had no enemies, but there is speculation that the killing is the result of fraternisations with corrupt businessmen.
Close friends: Mr Kravchencko pictured holding hands with the princess in Venice in 2006
A source told the paper: “We cannot rule out the common scenario for such shootings – a debt he couldn’t repay or a dispute over ownership of a company or property.”
The tycoon was famously pictured holding hands with Princess Michael in 2006 in Venice.
It’s understood that she considered him a close friend.
A spokesman for the Kents said: “Prince and Princess Michael of Kent are very distressed to hear of this tragedy.”