Supercar-loving bungalow billionaire ‘is bankrupt owing £725million’ – six months after he boasted of his £1.9billion wealth at £10m mansion he shares with stunning fiancée
- Bob Bull previously went bankrupt in 2016, but rebuilt to be worth £1.9billion
A British businessman who claimed to be one of the UK’s richest people has reportedly gone bankrupt with debts totalling £725million – just six months after boasting of his wealth at the £10million mansion he shares with his fiancée.
Entrepreneur Bob Bull, who recently ranked 88th in the Sunday Times Rich List, had his wealth estimated at close to £2billion when he showed a journalist round his home, complete with a bowling alley and a £4million collection of 12 supercars.
The 46-year-old made his fortune by transforming static caravan parks into bungalow villages.
But lawyers in a bankruptcy petition against Mr Bull said his ‘claims to be very wealthy were wrong’, Bloomberg reports.
The huge debt follows the collapse of his company RoyaleLife, and is made up of 22 loan agreements for which the businessman made personal guarantees to a number of lenders. The company had been valued at £4billion.
He was declared bankrupt by a court on December 1, the paper reports.
Tycoon Robert Bull (pictured), 46, who is Chief Executive Officer at Royale, built up his fortune by transforming static caravan parks into bungalow villages
Twice-married father-of-two Mr Bull (pictured with new fiancée Ms Nilsen) told how he hauled himself out of the depths of despair
Mr Bull, who has been twice married and now lives with his Norwegian fiancée Sara Nilsen, 30, near Southampton, hopes to enter an arrangement to pay off his debts at just 0.25 percent, court papers show.
‘It is not a great return to the creditors, but it is a return,’ Ben Channer, a lawyer acting on behalf of Bull said.
According to Companies House, Mr Bull currently holds roles at 34 separate companies that are in administration.
It is not the first time the businessman has faced bankruptcy – in 2016, he fought his way back after owing £3.5million to creditors and spiralling into ‘a nasty depression’ which left him unable to work for three months.
It was reported in September that Mr Bull was engaged in a legal battle over more than £32million of unpaid debts, after he was sued by holiday park boss Tony Barney.
Mr Barney, 59, claimed Mr Bull owes two of his caravan companies – Nottingham based Baslow Parks and Baslow Holdings Developments – £32,290,532.
Earlier this year Mr Bull, 46, (pictured with fiancée Ms Nilsen in an Instagram post) came in at number 88 on the UK Rich List with his net worth estimated at nearly £2billion
He met Ms Nilsen (pictured) in a bar in Mayfair in 2019 and the couple now share their luxury home which has a pool, gym and sauna along with its own three-lane ten pin bowling alley
Mr Bull and Ms Nilsen also share a £1million house together in Ms Nilsen’s home town in Norway
Mr Bull said he turned his fortunes around after spotting a gaping hole in the housing market which led to him building bungalow villages for people who wanted to sell their homes and downsize. His company, which employed 2,000 workers, was said to be worth £4billion.
He now owns a £4million collection of 12 supercars and lives in a £10million mansion in Southampton with Norwegian fiancée Sara Nilsen, 30.
Mr Bull and Ms Nilsen also share a £1million house together in her home town in Norway.
But court documents show a number of insolvency claims have been filed against companies run by Mr Bull in recent months.
One of his companies, Time GB Group, is appointing administrators with a court hearing due for September 29.
And the new legal claim launched by fellow entrepreneur Mr Barney, who owns a string of residential and lodge parks ranging from Yorkshire to Norfolk, is said to be worth £125million.
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