It is believed the prince will be lending the Leonardo to the museum in Abu Dhabi.
Bader bin Abdullah bin Mohammed bin Farhan al-Saud was recently discovered to be the buyer of da Vinci's painting "Salvator Mundi", The New York Timesreports.
Salvator Mundi is the most expensive painting ever traded.
"The word "masterpiece" barely begins to convey the rarity, importance and sublime beauty of Leonardo's painting", said Alan Wintermute from Christie's, the auction house that conducted the sale.
Leonardo da Vinci's "Salvator Mundi", or "Savior of the World", dating from around 1500.
The newspaper confirmed that the Prince Bader purchased the rare painting after citing documents it had reviewed while in the midst of an investigation into Saudi Arabia's elite class, including his family and associates.
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The Louvre Abu Dhabi, the first museum to bear the Louvre name outside France, has been billed as "the first universal museum in the Arab world" in a sign of the oil-rich emirate's global ambitions.
Abu Dhabi opened its Louvre last month, positioning itself as a city of cultural tourism with a display of hundreds of works that it hopes will draw visitors from around the world.
The Renaissance master's "La Belle Ferronniere", or Portrait of an Unknown Woman, done between 1495 and 1499 and recently restored, is on loan from the Musee du Louvre in Paris. By this time, its authorship by Leonardo, origins and illustrious royal history had been forgotten, and Christ's face and hair were overpainted.
The painting is one of the few last artworks created by da Vinci that is known to exist.
It had sold for a mere 45 British pounds in 1958, when the painting was thought to have been a copy, and was lost until it resurfaced at a regional auction in 2005.
Russian billionaire Dmitry E. Rybolovlev was the previous owner, who paid $127.5 million in 2013.
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