Champion Formula One driver Michael Schumacher is in the process of moving into a $47 million (AUD) mansion located in Majorca, Spain, nearly five years after he suffered a catastrophic brain injury due to a skiing accident.

Purchased by his wife Corinna, the mansion was previously owned by Real Madrid president Florentino Perez and is an estimated 161,000 square feet.

Schumacher, who has not been seen publicly since 2013, was in a medically induced coma for six months after his accident and has been incredibly private about his life since. It is said that he is receiving full-time care at his current home in Switzerland.

Schumacher’s lawyer told a court in 2013 that he “cannot walk” after a German magazine falsely claimed he could “walk again”. As a result, they were forced to pay Schumacher $78,000 dollars for invading his privacy.

Katia Rouarch, the mayor of Andratx (a municipality in Majorca), confirmed the Schumachers' purchase of the Spanish property to Swiss magazine L’Illustre.

“I can officially confirm Michael Schumacher is going to move into our municipality and that everything is being prepared to welcome him,” she said.

The mega mansion, which contains two swimming pools, a helipad and guest villa, is surrounded by scenic views and extravagant properties.

While it is not confirmed when the German racing legend will arrive, or how long he will stay, the location is memorable to the couple as Schumacher and his wife Corinna spent time on the island before his tragic accident.

German tabloid Bild claims that Corinna has bought the property in order to spend time with family and friends.

Real Madrid president Perez had bought the house for $39 million but decided to sell the property after the death of his wife Mari Angeles Sandoval.