Mansion put up for sale after businessman's nephew made him bankrupt in debt row
A businessman's £2million mansion is up for sale after his nephew made him bankrupt.
Hugh King's B-listed home in Whitecraigs, Glasgow, hit the market last week following a court case with Billy King Jr, who lent him more than £400,000 four years ago.
The 82-year-old man failed to repay the money by the agreed deadline, leading Billy, 59, to win a court action to sequestrate the pensioner for the outstanding sum of £448,251. Insolvency agents William Duncan were later appointed as trustees and have the power to sell off the older man's assets to repay the debt.
Now, the two-storey home is being marketed by estate agent Savills, who describe it as one of the finest family homes in Glasgow. Hugh Sr and his wife Deirdrie, 80, bought the house in 1994 for £475,000. The proceeds of the sale will pay off the debt owed to Billy and any other creditors.
The property includes four bedrooms, double garage, reception hall, paved terraces for outdoor dining, a viewing gallery, fireplaces and 2.3 acres of garden. The King family has business interests in gambling, pubs, clubs, property and finance across the country.
London flat for rent for £1,400 a month with bed tucked away in kitchen cupboard
During a bankruptcy hearing in January, Paisley Sheriff Court heard that Hugh had not repaid any of the loan since it was made in September 2019. His nephew had taken him to court with a "heavy heart". Sheriff officers once visited Hugh's home to try and retrieve the money, but their efforts were unsuccessful. At the same hearing, Billy's solicitor Angela McCracken described the property as a "palatial mansion".
Hugh's legal team argued that their client was cash-poor, despite coming from a wealthy family. Annette Menzies, of William Duncan, said: "I can confirm the property is being sold with the full co-operation of joint owner Mrs King. It is expected that the sale proceeds will pay all creditors in full."
The Kings are one of Scotland's most well-known and successful business families. Billy is a director of the family-run William King bookmakers, which has shops across Glasgow. This is the second time a prominent member of the King family has been declared bankrupt in the past six years, Glasgow Live reports.
Hugh's son Gregory went bust in 2017 - with estimated personal debts of about £120million - after the collapse of his hedge fund firm Heather Capital. The Sunday Mail revealed in January how insolvency experts Begbies Traynor seized a property, also in Whitecraigs, to repay creditors.
Adrian Hyde, of Begbies Traynor, said it also had an interest in the Hugh King sequestration and house sale. He added: "We are in discussion with his trustee in bankruptcy." Hyde, speaking about the Gregory King investigation, said: "There is going to be another payment to creditors before the end of the year and we are still very active in terms of actions that we are bringing."
* An AI tool was used to add an extra layer to the editing process for this story. You can report any errors to [email protected]
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