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Published 15:29 15 Mar 2016 GMT
Updated 09:18 16 Mar 2016 GMT
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And on Tuesday, the forward revealed that he intends to bring the businessman to court for falsely spreading rumours about him.
"Following the issuing of a press release with false information about Cristiano Ronaldo, the player has decided to move forward with legal action against the misuse of his name," a spokesman said via Sky Sports.
"This time, the lie is about an alleged acquisition of land in Rio de Janeiro, Brazil.
"In the past, the same source had invented the buying of an apartment in New York, the participation on a Martin Scorsese movie and, recently, the investment in a hotel in Monte Carlo.
"Cristiano Ronaldo's name has been used by an alleged entrepreneur, known for inventing stories and spreading false information on public figures and organizations, who was reportedly sentenced to three years and 10 months in jail by an Italian court of law.
"The news about Cristiano Ronaldo's personal and professional life are released exclusively by official and reliable sources and media should refrain to publish rumours spread by a person who wants to deceive public opinion in its own benefit."
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