08 March 2024 , 17:37
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A tycoon is locked in a bitter financial court battle over his £2.5million country mansion with his son - who claims he has been left in "financial ruin".
Multimillionaire Michael Parker is suing his youngest son Thomas Parker-Bowyer over the luxury seven-bed home with both insisting it belongs to them. The High Court battle follows the elder Parker's "ruinous" spending on £2million toxic divorce proceedings against his ex-wife.
Mr Parker previously lived at the sprawling home in Bourne End, Buckinghamshire, before 'gifting' it to Thomas in 2019 after running into financial problems post-divorce. Struggling to keep up with the mortgage repayments, Thomas claims he then stepped in to help, signing a new £1.2million loan and using £200,000 of his savings to stop it from being re-possessed.
Businessman Michael Parker made his millions in various ventures over the years, including a luxury towel firm (Suppled by Champion News)But now the 62-year-old claims the home, which is on the market for £2.5million, was only signed over on the condition of him having control over its use. The luxury towel magnate is refusing to throw in the towel just yet over the dispute, despite his son's claims it was driving him into 'financial ruin' while his father reportedly treated himself to a new Aston Martin.
The pair had previously worked alongside one another in Mr Parker's flotation therapy business before things became "guarded". The 32-year-old told MailOnline said the court battle had left him on the brink, and he no longer speaks to his father.
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"I never wanted any of this, but the house is rightfully mine. I have the title deeds and it is registered in my name," he said. "This has taken over my life. I had to take out a second mortgage to pay the legal bills and my repayments are now £11,000 a month. I am being driven into financial ruin and although the house is up for sale, I wonder who will want to buy it when they know there is a legal fight going on."
Mr Parker's barrister Gavin McLeod told the High Court hearing: “The idea was that legal title would go to his son but that Mr Parker would have continuing use and occupation of the property," adding that his client also wanted to reduce his inheritance tax liabilities. The son meanwhile insists he had simply agreed to buy his father out of the property as he was so heavily mortgaged, giving him the money in exchange for the remaining equity.
Now Thomas wants to sell the house complete with its own pool, cinema and surrounding two acres of land, leading to the sour battle in court as his lawyers apply to “strike out” his dad’s constructive trust claim. But after a three-hour hearing, Judge Deputy Master John Linwood refused to dismiss Mr Parker’s claim, directing that evidence on the issue should be heard at a full trial.
However, he went on to dismiss Mr Parker’s bid to have the property transfer “rectified” to exclude a stable from the land transferred to his son. Mr Parker was not in court for the ruling.
Michael Parker previously hit the headlines in relation to his £2million toxic divorce battle with ex-wife Barbara Cooke and over a controversial insurance claim, in which it was found he had arranged for an arson attack on Mrs Cooke’s former home in a failed insurance scam.
When the divorce case came before the High Court in 2018, Mr Justice Cohen said that Mr Parker had “wantonly blown” another £918,000 in legal costs on the fire damage claim. Mr Parker made his money starting out in property development and a surgical supply business before setting up the luxury towel business BC Softwear with his then-wife Mrs Cooke, supplying luxury towels from Turkey to top-range hotels.