Supercar-loving bungalow billionaire ‘is bankrupt owing £725million’

A British businessman who claimed to be one of many UK’s richest individuals has reportedly gone bankrupt with money owed totalling £725million – simply six months after boasting of his wealth on the £10million mansion he shares along with his fiancée.

Entrepreneur Bob Bull, who not too long ago ranked 88th within the Sunday Times Rich List, had  his wealth estimated at near £2billion when he confirmed a journalist spherical his house, full with a bowling alley and a £4million assortment of 12 supercars.

The 46-year-old made his fortune by reworking static caravan parks into bungalow villages.

But attorneys in a chapter petition in opposition to Mr Bull stated his ‘claims to be very rich had been fallacious’, Bloomberg reviews.

The enormous debt follows the collapse of his firm RoyaleLife, and is made up of twenty-two mortgage agreements for which the businessman made private ensures to a variety of lenders. The firm had been valued at £4billion.

He was declared bankrupt by a court docket on December 1, the paper reviews.

Tycoon Robert Bull (pictured), 46, who’s Chief Executive Officer at Royale, constructed up his fortune by reworking static caravan parks into bungalow villages 

Twice-married father-of-two Mr Bull (pictured with new fiancée Ms Nilsen) instructed how he hauled himself out of the depths of despair  

Mr Bull, who has been twice married and now lives along with his Norwegian fiancée Sara Nilsen, 30, close to Southampton, hopes to enter an association to repay his money owed at simply 0.25 %, court docket papers present.

‘It isn’t an amazing return to the collectors, however it’s a return,’ Ben Channer, a lawyer performing on behalf of Bull stated.

According to Companies House, Mr Bull at the moment holds roles at 34 separate corporations which might be in administration. 

It isn’t the primary time the businessman has confronted chapter – in 2016, he fought his manner again after owing £3.5million to collectors and spiralling into ‘a nasty despair’ which left him unable to work for 3 months.

It was reported in September that Mr Bull was engaged in a authorized battle over greater than £32million of unpaid money owed, after he was sued by vacation park boss Tony Barney.

Mr Barney, 59, claimed Mr Bull owes two of his caravan corporations – Nottingham based mostly Baslow Parks and Baslow Holdings Developments – £32,290,532.

Earlier this 12 months Mr Bull, 46, (pictured with fiancée Ms Nilsen in an Instagram submit) got here in at quantity 88 on the UK Rich List along with his internet price estimated at almost £2billion

He met Ms Nilsen (pictured) in a bar in Mayfair in 2019 and the couple now share their luxurious house which has a pool, fitness center and sauna together with its personal three-lane ten pin bowling alley

Mr Bull and Ms Nilsen additionally share a £1million home collectively in Ms Nilsen’s house city in Norway 

Mr Bull stated he turned his fortunes round after recognizing a gaping gap within the housing market which led to him constructing bungalow villages for individuals who needed to promote their properties and downsize. His firm, which employed 2,000 employees, was stated to be price £4billion.

He now owns a £4million assortment of 12 supercars and lives in a £10million mansion in Southampton with Norwegian fiancée Sara Nilsen, 30.

Mr Bull and Ms Nilsen additionally share a £1million home collectively in her house city in Norway. 

But court docket paperwork present a variety of insolvency claims have been filed in opposition to corporations run by Mr Bull in latest months.

One of his corporations, Time GB Group, is appointing directors with a court docket listening to due for September 29.

And the brand new authorized declare launched by fellow entrepreneur Mr Barney, who owns a string of residential and lodge parks starting from Yorkshire to Norfolk, is alleged to be price £125million.